Crypto News – On the path to hitting its highest point of the preceding 12 months, THORChain (RUNE) has demonstrated strong performance in the past few days.
THORChain Crypto is Heading for a Record: RUNE Token Could Hit $6
The native cryptocurrency of THORChain, RUNE, is presently trading at $5.10, according to CoinMarketCap. In the last 24 hours, the price has increased by 23.23%. However, the highest price of the year is $5,361, as seen earlier in today’s trading session. Since then, there has been a slight decline in the token price.
The third-quarter (Q3) 2023 report from THORChain confirmed notable advancements with milestones for the blockchain, and since then, the token has been rising. Over that time, THORChain saw a 192.69% rise in overall trading volume, totaling $2.38 billion, and $3.38 million in liquidity fees were earned.
The market responded swiftly to the report’s release, sending RUNE’s price plunging 89% higher. It is noteworthy that the global cryptocurrency market was also experiencing growth at this time, with the upcoming Bitcoin (BTC) spot exchange-traded fund serving as a major catalyst for this growth.
THORChain’s Unstoppable Rise Process
Thorswap’s incredible trading volumes, which have secured its third-biggest DEX position, have also contributed to THORChain’s recent surge. The network’s expansion has also been supported by its functions as centralized exchanges’ (CEXs) liquidity layer of last resort.
On October 21, RUNE’s upward trajectory started when it saw a breakout above the 20 DMA after a two-month consolidation at a strong support zone. Since then, this support level has maintained a strong +162% increase over the previous month. The indicators for RUNE indicate strong overbought conditions. According to Money Control, the MACD is positive at 47.26, indicating the present market sentiment and the RUNE RSI is circling about 80.