THORChain Price: Can RUNE Price Thrust Above $4 And Go More?

THORChain Price: Can RUNE Price Thrust Above $4 And Go More?

  • 1 The THORChain price decreased by 26.15% over the last week and is trading below major EMAs.
  • 2 The price of the RUNE coin is trading at $1.50665195 and the 52-week trading range is between $078225520 – $17.28260364.

Rune is a token and NFT platform on Binance Smart Chain that lets players earn and create digital assets. RUNE is the token of THORChain, a protocol that enables cross-chain swaps. RuneCoins are a currency for buying cosmetic items in RuneScape, a popular online game.

The fully diluted valuation (FDV) of THORChain (RUNE) is the maximum market cap that it can have if all 500 Million RUNE tokens were circulating today. This would be $757,309,955. However, not all RUNE tokens are available yet.

The number of RUNE tokens that are released depends on how they are designed. Coingecko, a website that provides crypto data and information says that it might take a long time for the FDV to be achieved.

RUNE crypto plummeted by 8.92% in market value and surged by 263.51% in trading volume in the last 24 hours, as per Coinmarketcap which is a crypto data and information website. Its market value is $511,718,358 and its trading volume is $62,199,860. There are 338,341,320 RUNE in circulation.

THORChain (RUNE)’s open interest is $41.22 Million, as per Coinglass, which is a crypto analysis website. It rose by 4.91% in the previous session. The long versus short ratio for 24 hours is 0.9246. The total number of short positions added in the last 24 hours is $8,452.775 against longs of $373,217.313.

RUNE Coin Price Technical Analysis in the 1-Day Timeframe

RUNE performed well this month as its price increased by 15.11%, as compared to the previous month. However, it has not been very stable in the past six months as it has lost 9.57% of its value during that period.

The year-to-date return of RUNE price is also positive as it rose by 18.87% since the beginning of the year. This means that RUNE has been a profitable investment so far this year.

Therefore, RUNE price might keep going down and find new support levels at $1 and $0.5 if it cannot hold the current level.

On the other hand, if the RUNE price stays at the current level and breaks above the previous high, then it might reach and surpass the previous resistance levels of $2 and $2.5.

THORChain Price: Can RUNE Price Thrust Above $4 And Go More?

Source: RUNE/USD.1D.CRYPTO by TradingView

THORChain Price: Can RUNE Price Thrust Above $4 And Go More?

Source: RUNE/USD.1D.CRYPTO by TradingView

At the time of publishing, THORChain (RUNE) is trading below the 20 and 50-day EMAs (exponential moving averages).

The MACD line at 0.02083614 and the signal line at 0.03604299 are below the zero line both lines cross each other showing a bear crossover which is observed in the MACD oscillator, where the histogram width is broadening showing bearishness.

The current value of the RSI is 37.91 points and the 14-day SMA is above the median line at 53.75 points, showing the curve is taking resistance from 14 SMA.

Conclusion

RUNE price highlights the bearish sentiments and perspectives of investors and traders regarding the coin in the daily time frame. The technical parameters of the RUNE price suggest the continuation of the bearishness over the daily time frame chart. Moreover, RUNE price action highlights a bearish view at the time of publishing.

Technical Levels

  • Support levels: $1.0 and $0.5
  • Resistance levels: $2.0 and $2.5

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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