• THORChain’s RUNE rallied by 22% in the last week, making it the asset with the biggest price uptick during that period.
• This surge has been due to the introduction of Streaming Swaps and its expansion to multiple major networks.
• An assessment of price movements on a D1 chart revealed the presence of significantly bullish sentiments amongst daily traders.
RUNE’s Recent Surge
THORChain’s native token RUNE ended last week’s trading session as the cryptocurrency asset with the most gains, rising by almost 30%. This surge can be partly attributed to its low positive correlation with BTC, whose value declined by 11% within the same period. Additionally, activity around THORChain increased and this could have contributed to its rise in value.
An assessment of price movements on a D1 chart revealed bullish sentiments amongst daily traders. The current RUNE market has been in a bull phase since 8 August and this is further supported by its Moving Average Convergence/Divergence indicator (MACD). The positive directional index (green) at 36.75 is positioned above the negative directional index (red) at 5.09 which is also another strong bullish signal.
Risk Of Overbuying
However, as accumulation pushes its way into overbought territory, some are concerned about whether this token is at risk or not? In futures markets, traders have continued to open short positions suggesting that they are hedging their bets against any potential downfall in price due to an over buying situation being present.
Price Prediction for 2023/2024
At press time, RUNE traded at $1.69 and there are many predictions for what may happen moving forward with this coin’s future worth. Read more about RUNE’s price prediction for 2023/2024 here .
In conclusion, despite some concerns surrounding an over buying situation present within RUNE’s current market conditions there still remains significant signs of upward momentum which could result in a continued rally if all continues going well long term!