THORchain (RUNE) is showing strength. After dropping to just over $3, it regained around 23% over the past week. At $4.45 right now, RUNE is attracting the attention of both analysts and traders, with many seeing an impending upswing.
According to CMC data, the RUNE token has a 24-hour trading volume of around $281 million and a market capitalization of $1.5 billion. Its success is partly due to the ongoing bull market.
The token shows good momentum, up 347% over the past year and a steady 27% over the past seven days.
Technical indicators
According to crypto expert Jonathan Carter, RUNE could reach as much as $7.40 if it can effectively bounce off the declining resistance barrier. This level would show traders a strong comeback of the RUNE token.
The market has become more hopeful after Bitcoin’s latest price movements. Three technical signals forecast a continuing rise: the broadening wedge, the three drives pattern, and the fact that Bitcoin is still above its 200-day moving average. This may mean Bitcoin will top $72,000 in the coming weeks.
Like most other cryptocurrencies, RUNE benefits from market optimism as investors try to profit from positive trends. The launch of spot ether ETFs on July 23 is also expected to boost the market.
THORchain started gaining traction after Multicoin Capital announced it had accumulated a prominent position in RUNE in February 2021. RUNE represented one of the corporation’s largest public positions at the time. Subsequently, RUNE reached an ATH of $20.87 on May 19, 2021.
What’s unique about THORchain?
THORchain’s cross-chain feature makes the ecosystem unique. It enables exchanging any asset, and users can create a pool around the asset. Nodes bond RUNE as collateral in a 2:1 bond-to-stake ratio. RUNE is not a governance token. It’s governed more like Bitcoin, where the nodes determine its direction. THORchain can also be used by node operators and liquidity providers.
