THORChain (RUNE) is emerging as a major contender for a big breakout. Rune has shown strength, recovering about 23% in the past week after recently falling to $3.10. Now at $4.22, the coin is attracting traders and analysts alike, with some even seeing a sustainable upside path.
Market Statistics and Growing Hope
With a market cap of $1.41 billion and a 24-hour trading volume of $207 million at the latest data, THORChain represents a 0.06% market dominance. Partly driven by the bullish phase in the Bitcoin market, the token’s recent 2.27% gain over the previous 24 hours shows good momentum.
The market has become more optimistic following Bitcoin’s latest rally above the important $65,000 level. Rune, like other cryptocurrencies, is benefiting from this surge in optimism as investors try to profit from the rising trend. Additionally, the upcoming Ethereum ETF launch on July 23 is expected to provide a boost to the market.
Technical inspection
Renowned crypto expert Jonathan Carter has highlighted THORChain’s potential for notable gains in his thorough research. Carter says that Rune could reach $7.40 if it can effectively bounce off the declining resistance barrier. For traders, this level would represent a strong return and a clear positive signal.
#RUNE
THORChain looks great on the weekly chart🤔
If it can bounce off the downward resistance, the next target is $7.40🎯
A break higher could lead to a move towards $20🚀 pic.twitter.com/7DMYarvIdD
— Jonathan Carter (@JohncyCrypto) July 16, 2024
A stronger breakout could push the token towards the $20 target. Such an action would mean a much more significant upside as THORChain could break through existing resistance and maintain its upward momentum. The Bitcoin community has taken notice of this positive outlook as many are closely monitoring RUNE for any signs of a breakout.
THORChain Price Prediction
The THORChain price is predicted to rise by 28.92% to reach $5.76 by August 17, 2024. Several technical indicators support this prediction: the Fear and Greed Index shows a score of 61 (Greed), while the current sentiment is neutral.
THORChain has recorded 16 of 30 so-called “green days” over the past month, with price volatility of 7.50%. These elements suggest that now may be a good time to buy THORChain.
Overall impact on the market and investor sentiment
Thanks in part to Bitcoin’s current performance, the positive phase of the larger cryptocurrency market is creating a favorable backdrop for altcoins like THORChain.
The upcoming Ethereum-based ETF is expected to spark more positive sentiment in the market, fueling a recovery and possibly a breakout for Rune.
According to historical trends, the launch of the Bitcoin ETF has had a noticeable positive impact on the market, pushing many cryptocurrencies to new all-time highs. With the launch of the Ethereum ETF, a similar trend is expected to create conditions suitable for THORChain to profit from these benefits.
The road ahead
The combination of technical indicators with broader market trends and THORChain’s recent performance paints a positive picture for the currency. Experts note that the potential to reach the $7.40 and $20 targets highlights Rune’s huge potential. Traders and investors should keep a close eye on THORChain as the combination of strong technical indicators and market indicators suggests that a big breakout may be imminent.
Main image from Mythology Vault, chart from TradingView
