Top Reasons Why THORChain ($RUNE) Price Is Surging!

The post Top Reasons Why THORChain ($RUNE) Price Is Surging! appeared first on Coinpedia Fintech News

The market has been trading sideways for a week now as the top cryptocurrencies have displayed a decline in price action. Further, THORChain price has claimed its spot as the best-performing token in the past 24 hours, as the coin has gained over 15% in value and added around 28% in the past week.

Captain Faibik, a well-known crypto analyst with substantial followers of nearly 68K on the “X” platform, has recently spotted a potential break out for the RUNE price in the coming time.

The analyst suggests that if the RUNE price successfully breaks out of its horizontal resistance level, the price may experience a significant bullish rally in the coming time, which could result in the THORChain price attempting to achieve its $10 mark during the surge.

The RUNE coin price formed a cross-resistance/support trend during 2021 and has been trading within the range ever since. Following the market crash in 2022, the coin broke down its crucial support level at around $3.30, after which the THORChain price lost momentum and has been constantly trading below it.

The coin made multiple attempts to break down its support trendline, but the bulls managed to hold the price within the range, after which the price was seen trading sideways.

Why Is the RUNE Price Rising?

With the new THORchain lending protocol and partnerships, additional listings on exchanges, and investor’s reaction to this new, the price regained momentum and ran toward its major resistance level at $3.30.

Further, the recent market pump helped the price experience an extra push in its value, resulting in the price trading close to both its major resistance level and cross-resistance level, indicating a possibility of a break out soon.

Looking at the technical indicator, the MACD displays a rising green histogram in its chart, indicating a massive ongoing buying and selling pressure for the coin. Further, the averages show a constant rise, suggesting the price to continue gaining value in the coming days.

Will THORChain Recover?

If the bulls continue to gain momentum and the price breaks its resistance level at $3, the price will gain massive momentum and make a run to test its major resistance of $3.30 soon.

Further, if the bullish sentiments continue, RUNE price will prepare itself to test its next major resistance at $4 in the coming time.

Conversely, if the bears overpower the bulls and a trend reversal occurs, the RUNE price will lose momentum and fall to test its support level at $2.41 soon. Moreover, if the bears continue to dominate the market, it will experience a bearish influence on its price and test its lower support level of $2 in the coming week.