coinjournal.net
- Maker (MKR) and THORChain ($RUNE) prices rose sharply as Bitcoin retested $27k.
- MKR could spike towards $2k while $RUNE eyes buy-side liquidity above $2.01
The cryptocurrency market flipped higher on Thursday, with gains for Bitcoin ($BTC) and most altcoins sending the total market cap up by 3.1% as at the time of writing. $BTC traded above $27k again, benefiting from overall positivity in risk asset markets.
With stocks also edging higher following a retreat for yields and oil, two notable performers in crypto were Maker (MKR) and THORChain ($RUNE).
Maker price breaks to highest level since May 2022
Maker (MKR) broke higher following this week’s impressive gains, trading to intraday highs of $1,542.90 on Coinbase. Bulls were looking for a fourth consecutive green candle on the daily chart, with 24-hour gains of 6% and weekly uptick of 16%. MKR price has jumped nearly 48% in the past 30 days.
Amid the gains is a surge in on-chain activity, particularly in active address count that stood at a 10-week high as of Thursday. Interest in MKR could see bulls seek out $2,000 – especially if the overall market picture supports further upside momentum.
THORChain ($RUNE) eyes breakout above $2
THORChain ($RUNE) price is one of outperformers today, with the altcoin’s value breaking beyond $1.9 as buying pressure mounted.
$RUNE got rejected at $1.98 on September 18, eventually slipping to lows of $1.65. Today’s gains sees the cryptocurrency pierce the resistance around $1.74, with the 20-day EMA acting as support near $1.72.
For $RUNE, there could be an urgency among buyers if price breaks above $2.01. If the expected buy-side liquidity plays out, we could see $RUNE/USD eye $3.
However, while bulls might eye a fresh break to $3.00, they face tough resistance at this week’s supply wall that’s part of a horizontal hurdle that also thwarted buyers in February. A pullback is therefore likely given potential profit taking, in which case the primary support could be in the region of $1.72 to $1.66.