- The ThorChain crypto price increased by over 8% during the weekly trading session.
- The all-time high price of RUNE cryptocurrency stands at the $21.26 level.
- 24-hour trading volume reached $278 million while observing a decline of 5.31%.
ThorChain (RUNE) is a liquidity protocol that allows users to exchange crypto assets across decentralized networks. The users can swap one asset for another in a permissionless setting without losing custody of their assets. The multi-chain upgrade of ThorChain launched in April 2021, and the mainnet has been live since then. RUNE is a utility token native to the ThorChain protocol used as the base currency and network governance.
RUNE 2024, Quarterly Performance, Supply Changes, & Valuation
ThorChain crypto price has started this year opening under a bullish correction period. The price recorded a 9.75% decline in January 2024 with an over 25% bearish rally. In contrast, the cryptocurrency reached the $4.15 key support level, which intrigued many buyers to take long positions.
As a result, the market sentiments have shifted toward bullishness in February 2024. With the closing price above the previous month’s opening, the price recorded 23.42% positive returns. March 2024 also followed the same upsurges, with over 50% positive returns and almost 100% bullish rally.
500 million coins are coded to exist in the lifetime of RUNE cryptocurrency, of which 414 million are currently created. Three hundred thirty-five million RUNE tokens are circulating in the market, holding a market capitalization of $1.88 billion. The total diluted valuation of the protocol is estimated at around $2.32 billion.
Technical Analysis of the ThorChain (RUNE) Price
The long-term outlook lies above the key exponential moving averages on the bullish side. The current price bounced back between the 200-day and 50-day EMAs, indicating a reversal. A bullish trend continuation can be expected if the price rebounds the 50-day EMA.
The RUNE price faced strong resistance from the $11.50 level, which resulted in a breakdown of the $7.21 support level. The price fell to the $4.47 demand zone and formed multiple bullish candles in the recent sessions. If the current price has a closing above $7.21, it will likely reach the $9.54 level. Additionally, a noticeable fall in RUNE price is possible below the $3.78 key support level.
The relative strength index (RSI) shows strong positive momentum from the oversold region. The RSI line and the signal line had a golden crossover, indicating a shift in strength. It is moving at 41.03 above the signal line.
Summary
ThorChain crypto has reflected a nice bullish trend since August 2023. The cryptocurrency managed to deliver positive returns during the time of negative market sentiments. The RUNE price is currently trading at $5.58. It can attain the $9.54 mark if it closes above $7.21. On the flip side, a noticeable fall in the price is possible below the $3.78 key support level.
Technical Levels
- Resistance Levels: $7.21 and $9.86
- Support Levels: $3.78 and $2.27
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.