thenewscrypto.com
- THORChain’s native token, RUNE, surged over 13% in the past 24 hours to $6.11.
- If THORChain keeps rising, RUNE might reach $6.50.
While the global crypto market is experiencing a decline, THORChain, the liquidity protocol native token RUNE, surged over 13% in the past 24 hours, rising from $5.35 to $6.11 and claiming a top spot among gainers.
The token had been relatively stable, trading within the range of $4.95 to $5.54 throughout the week. As crypto market volatility heightened and large-cap altcoins grabbed with the downtrend, RUNE’s bulls regained momentum, propelling its price by 21% in the following seven days.
Will RUNE Continue its Bull Rally?
Despite a brief setback after failing to breach the $7.23 resistance level, which resulted in a 39% correction to $4.39, RUNE managed to stabilize for a period. However, with increasing volatility, it struggled to maintain above its key support level of $4.85.
Following that, RUNE swings between $4.87 and $5.76, on the brink of testing its resistance level. At the time of writing, THORChain traded at $5.93 with a market cap of $1.98 billion. Additionally, the daily trading volume of RUNE soared over 74% to $593 million.
However, if THORChain continues its bullish rally RUNE will reach the $6.50 resistance. A successful breakthrough above $6.55 could pave the way for further gains toward $6.81, which could trigger more gains to $7.34.
Conversely, a reversal in the bearish trend could see RUNE losing momentum and descending towards its crucial support level of $4.24 shortly.