- THORChain (RUNE) has surged by 11.5% in the last 24 hours and 15.6% over the past month.
- THORChain’s price could potentially reach the $1.97 level.
In the midst of recent market turbulence, THORChain (RUNE) has captured the attention of crypto enthusiasts with a significant rally. The altcoin’s journey to recovery has seen it surge by an impressive 11.5% over the last 24 hours and 15.6% over the past month. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) have struggled to maintain gains, showing red in their daily performances.
Following a quick correction after surging to an intra-day high of $2.04 on October 6, THORChain found strong support at the $1.33 level. This price action resulted in a new trading range for RUNE, with upper and lower bounds established at $1.72 and $1.39, respectively.
Analyzing THORChain (RUNE) 24-H Price Changes
On October 12th, RUNE experienced a 24% price drop, sliding from $1.94 to $1.47. However, the crypto asset not only recovered swiftly but also managed to surpass its previous high-water mark.
According to the daily price chart, if current market dynamics persist, THORChain’s price may have the potential to peak at around $1.97 or even extend further to $2.23. On the flip side, if bearish sentiment reemerges, THORChain’s price could experience a decline, with potential support levels around $1.52 and even further down to $1.358.
The Relative Strength Index (RSI) is still in the oversold territory, indicating potential for further gains. The RSI is a technical indicator used to assess the momentum of an asset, and an oversold condition often suggests that there may be more room for an upward price move.
At the time of writing, THORChain is actively trading at $1.71, boasting a substantial daily trading volume of $111 million. This surge represents a 95.88% increase in trading activity over the past 24 hours, indicating a mounting enthusiasm among investors for the prospects of RUNE.