In the past week, most top cryptocurrencies have been trading sideways, experiencing a downtrend. However, THORChain stands out as a top performer, with a notable 5% increase in the last day and an impressive 34% gain over the week.
The RUNE token in THORChain has experienced a remarkable rise. It began at around $0.80 on June 14 and has now reached a high of $2.90, marking an impressive 270% increase.
This surge was triggered by a reversal from a descending triangle pattern that became significant around August 15. Despite some fluctuations until October 20th, the token managed to gain an additional 80%.
The remarkable rise in the value of THORChain’s RUNE token demonstrates its strength. This increase is not only due to its impressive price momentum but also because of a noticeable surge in trading activity. RUNE has come a long way from its lowest point this year, making it one of the best-performing cryptocurrencies globally.
RUNE market cap currently at $980 million. Chart: TradingView.com
THORChain: Anticipated Breakout and $10 Price Target
The increased trading activity not only confirms the upward trend but also shows growing confidence among buyers, highlighting a shared belief in driving the coin to higher levels.
A well-known cryptocurrency analyst named Captain Faibik, who has a significant following, recently made an interesting observation. They suggested that a price breakout for RUNE might be on the horizon, indicating the potential for significant movement in the near future.
$RUNE is approaching Major Trendline and Horizontal Resistance.
If it Successfully Breaks out, we might Expect a Significant Bullish Rally in the Midterm.#Crypto #RUNE #RUNEUSDT pic.twitter.com/efZR6e0rcM
— Captain Faibik (@CryptoFaibik) October 31, 2023
According to this analyst’s breakout scenario, a substantial bullish upswing could occur if the RUNE price breaks through its current support level. This could lead THORChain to a significant milestone, with a target of reaching $10 in the near term.
RUNE: Overcoming Resistance Toward a $3 Billion Milestone
Reaching the $3 billion mark in on-chain trade volume on major decentralized exchanges (DEXs) is a significant milestone that’s driving the price higher, along with various other factors.
This remarkable growth prompts questions about whether the rally can continue. Can the price surpass $3 and continue to increase, or is it reaching its limit?
https://twitter.com/THORmaximalist/status/1719023020499419570?ref_src=twsrc%5Etfw
In the current month, the network handled more than $3 billion in on-chain transactions, setting new records. This is important because the network had a considerable volume of $2.3 billion in just the third quarter.
During this time, it collected a total of $3.38 million in fees. This suggests that THORChain is gaining more popularity and attracting a growing number of users.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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