Here’s why THORChain (RUNE) price is pumping

THORChain (RUNE) price has rallied for five straight months and is now hovering at its highest point since May 2022. It was trading at $6.80, which was about 805% above the lowest level in 2023. Its total market cap has jumped to over $2.3 billion, making it the 29th biggest cryptocurrency in the world.

Transaction volume spikes

THORChain has evolved from being a small cross-chain platform into one of the leading decentralised exchanges (DEX) in the world. Using its platform, users can swap, borrow, and earn returns on their tokens.

The most recent data by CoinMarketCap shows that THORChain has become the 5th biggest DEX in the world after dYdX, Uniswap, Vertex Protocol, Kine, and PancakeSwap. It handled over $158 million worth of tokens in the past 24 hours. The most popular tokens traded in its ecosystem are Ethereum, Bitcoin, Tether, and USDC.

Other metrics are also doing well. THORChain has over $1.1 billion in Total Value Locked (TVL) while the total liquidity in the ecosystem has soared to over $371 million. The number of unique swappers in the platform has jumped to over 100k in the past few months.

THORChain’s ecosystem is also doing well. THORWallet, a platform for trading tokens and NFTs, has seen its user base jump recently. On Friday, the developers said that the DEX had over 60k downloads and 10k new users in the past 30 days.

This explains why the TGT price has gone vertical in the past few days. It rose to an all-time high of $0.50 on Monday, 415% above its lowest point in September. THORChain was also integrated by Edge, a self-custody wallet.

RUNE price will likely continue doing well if the ongoing crypto rally intensifies. Bitcoin has already made a move above $41,000 while the total market cap of all digital currencies has soared to over $1.6 trillion. In most cases, DEX and CEX exchanges do well when cryptocurrencies are soaring.

RUNE price forecast

THORChain chart by TradingView

The daily chart shows that the THORChain price has been in a strong uptrend in the past few months. It jumped by over 805% from its lowest point in June to its highest level on Sunday, making it one of the best-performing cryptocurrencies in the market. Most recently, it flipped the key resistance at $6.67 (16th November high) into a support.

RUNE price has remained above the 50-day and 100-day Exponential Moving Averages (EMA). it has also retested the support at $6.67. A break and retest is one of the most popular signs of a bullish continuation.

Therefore, the outlook for RUNE price is still bullish, with the initial level to watch being at $7.2815. A break above that price will see it rise to the key resistance at $7.50.

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