- RUNE’s Social Dominance increased sharply, reflecting its popularity.
The token’s trading volume dropped along with its price in the past 24 hours.
As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of bull runs and bear markets. The past week has been quite interesting for THORChain [RUNE], to say the least. After an impressive double-digit price increase last week, it seems that bears have taken control in the last 24 hours.
Last week, THORChain’s [RUNE] token displayed exceptional growth, boosting its price by double digits. However, over the past 24 hours, the token’s graph has shifted to red, indicating a change in its performance.
Is this a short price correction, or will bears push the token’s price further down?
THORChain’s bullish week
According to data from CoinMarketCap, RUNE investors enjoyed substantial profits last week, with the token’s worth increasing over 25%.
However, bears gained control in the last 24 hours and pushed THORChain’s value down by over 2.5%.
Currently, the value of RUNE is being exchanged for approximately $3.91 each unit, and its total market capitalization exceeds $1.3 billion, thereby placing it among the top 52 cryptocurrencies in terms of size.
Due to the consistent increase in prices each week, there was an upward trend in RUNE‘s Social Influence, indicating a growing interest in it. Yet, after a significant surge on August 16th, the Weighted Public Opinion towards RUNE saw a decrease.
This suggested that bullish sentiment around the token was declining.
The recent price drop might just be short-lived, however, as the token was getting ready for a massive breakout. In fact, AMBCrypto reported earlier that RUNE might soon reach $5.
Known cryptocurrency analyst, World Of Charts, shared a tweet showcasing a descending triangle formation on the chart of THORChain, suggesting potential price movement.
The distinct pattern became apparent in November 2023, following which the value of RUNE has been confined within this pattern. As we speak, the token’s price is poised for a potential breakout from its current position.
According to the post on Twitter, if there’s a market surge (breakout), it’s possible that investors could see a significant increase (bull rally) of up to 200% in the token price within the next few weeks or months. This bull rally might push the token value up to around $10.
What metrics suggest
It’s encouraging to note that although THORChain’s price decreased over the past 24 hours, its trading activity followed suit, dropping by 32%. This kind of situation can be a sign that a change in trend might be on the horizon.
Our look at Coinglass’ data revealed that RUNE’s Open Interest also declined. Generally, a drop in Open Interest also suggests that the chances of the current price trend changing are high.
Read THORChain [RUNE] Price Prediction 2024-25
As a crypto investor, I’ve noticed an interesting development. The Moving Average Convergence Divergence (MACD) showed a bullish crossover, which is typically a positive sign. Additionally, the Chaikin Money Flow (CMF) has surged, indicating that RUNE might be heading towards reclaiming its $5 price point in the near future.
As a researcher examining the market trends, I noticed a subtle dip in the Relative Strength Index (RSI) of RUNE, signaling a potential approach towards the neutral zone. This downturn in the RSI may imply that the current price decrease could persist, potentially driving the value of RUNE down to approximately $2.9.
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2024-08-19 12:08