Thorchain (RUNE) Breaks $7 Barrier as Analysts Predict 125% Upside

Thorchain (RUNE) has surged 12% in the past 24 hours, reaching a 7-day high of $7.08 as bullish sentiment dominates.

Written by: Arslan Butt • Tuesday, December 17, 2024 • 1 min read

• Last updated: Tuesday, December 17, 2024

This rally follows a strong bounce from an intra-day low of $6.16, where buyers reversed negative momentum.

Trading volume jumped 142% to $583 million, signaling heightened market activity, while RUNE’s market capitalization climbed to $2.39 billion, a 12% increase.

Breaking the $6.50 resistance was pivotal, as RUNE formed an ascending triangle breakout on the 4-hour chart. This technical pattern often signals further upside potential. Analysts now forecast RUNE could climb to $15.75, representing a 125% rally, should current momentum hold.

RUNE’s technical indicators highlight

Key Indicators Confirm Bullish Momentum

a growing bullish trend:

MACD: The MACD line has crossed above the signal line, a clear upward signal. The histogram turning green further confirms buyer strength.
RSI: Currently at 62.03, RUNE sits firmly in bullish territory without being overbought, leaving room for further upside.
Open Interest: Futures open interest rose 16.19% to $114.97 million, indicating strong investor confidence in RUNE’s price trajectory.

Combined, these metrics point to sustained buying interest and renewed market optimism.

Analysts Predict $15.75 Target for RUNE

Cryptocurrency analyst Javon Marks believes RUNE’s strong fundamentals and technical breakout pave the way for a rally to $15.75, marking a 125% upside. The balance between technical strength and rising market participation suggests bulls remain in control.