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Cryptocurrency News Articles
RUNE Price Analysis: THORChain (RUNE) Shows Remarkable Growth and Resilience in the Crypto Market
Sep 25, 2024 at 08:13 pm
THORChain (RUNE) price’s recent performance showcased remarkable growth and resilience in the crypto market. The token has a solid security score and has experienced a significant rise in its trading volume.
Cryptocurrency price movements can be influenced by a wide range of factors, and it's important to consider the overall market conditions, technical analysis, and news when attempting to gauge future price direction.
With that in mind, let's delve into the recent performance of THORChain (RUNE) and explore where the crypto could be headed after experiencing a breakout from a higher-level resistance.
RUNE Price Shows Resilience, poised For Potential Reversals
According to Certik Skynet's assessment, RUNE crypto boasts a robust security score of 89.75, placing it in the AA tier for token protocol strength. This score also ranks the token 114th globally in terms of security.
Notably, RUNE has experienced remarkable growth since hitting an all-time low of $0.007939 five years ago. This all-time low price now marks a 62,200% increase in value from current levels.
Despite this impressive rise, the token still trades 76% below its all-time high. Moreover, liquidity has remained strong for RUNE, with 14.4% of its market cap being traded within 24 hours. Additionally, the supply inflation for RUNE is minimal at -0.02%.
At the time of writing, RUNE is the 51st largest cryptocurrency in the world, boasting a market capitalization of $1.649 Billion.
The demand for the token has surged, with a 45.8% increase in traded volume over the past 24 hours. This high demand is evident in the rising price, which has seen a 7.7% volatility. However, despite this volatility, RUNE's market cap dominance remains at 0.07%.
After enduring a five-month downtrend, the THORChain token has finally breached key resistance levels, signaling a potential reversal in its price movement.
What Do Derivatives Of RUNE Crypto Indicate?
Interestingly, there have been increased short liquidations for RUNE, indicating growing buyer dominance in the token's price movement. This shift suggests that sellers are losing ground as buyers gain confidence, pushing the RUNE price in a favorable direction.
In the derivatives market, the THORChain price has seen a substantial 73% surge in trading volume within 24 hours, indicating rising demand for the token.
This activity has resulted in a total traded value of $172.20 Million, while the open interest has also climbed by 11.3%, further underscoring heightened market engagement.
Over the same period, short positions valued at $173.32K were liquidated, compared to only $24.83K in long liquidations.
This imbalance led to a long/short ratio of 1.0547, showcasing the growing strength of long positions relative to short ones and further reinforcing the buyers' upper hand in the market.
RUNE Price Continues To Surge After Experiencing a Significant Breakout
The RUNE price has undergone an extended downtrend, consistently declining over a prolonged period. However, between October 2023 and March 2024, the market experienced a remarkable shift in momentum. RUNE surged by over 600% during this time, notching a significant rally.
This price surge led RUNE to a swing high of $11.46 on March 13, 2024. Despite this impressive rise, the token soon encountered downward pressure, resulting in a steep 75% decline from its peak.
During this downturn, the price action formed a falling wedge pattern, which is often indicative of a potential reversal in the market.
Recently, RUNE has successfully broken out of this falling wedge pattern, offering a promising recovery signal. However, a crucial resistance level remains at $4.50.
Breaking above this barrier will be essential for unlocking further upside potential. For RUNE to sustain its upward trajectory, overcoming this key resistance will be critical.
The support levels for the RUNE price are $1.50 and $2.70, followed by the resistance levels of $7.30 and $9.50.
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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