THORChain (RUNE) has been making its mark as a major player in the cryptocurrency market, showing strength with a 23% recovery in the past week after a recent drop to $3.10. Priced at $4.22 currently, the coin is gaining attention from both traders and analysts, with some predicting a strong upward trajectory.
With a market capitalization of $1.41 billion and a 24-hour trading volume of $207 million, THORChain represents a 0.06% market dominance. The recent 2.27% growth in the token’s value in the previous 24 hours is seen as a positive momentum, partly driven by the bullish phase in the bitcoin market. Investors are optimistic as Bitcoin surpasses the $65,000 level, with the upcoming release of Ethereum ETFs on July 23rd expected to further boost the market, benefiting coins like Rune.
Renowned crypto expert Jonathan Carter has conducted a comprehensive study highlighting THORChain’s potential for significant returns. Carter believes that if Rune can successfully bounce off the declining resistance line, it could reach $7.40, indicating a strong comeback and positive signal for traders. A breakout beyond this level could propel the token towards the $20 target, showing a significant upside potential.
Based on forecasts, THORChain’s price is expected to increase by 28.92% and reach $5.76 by August 17, 2024. Technical indicators support this projection, with the Fear & Greed Index scoring 61 (Greed) and the current market sentiment being neutral. With 16 out of 30 “green days” in the previous month and a 7.50% price volatility, now may be a favorable time to consider investing in THORChain.
The positive performance of Bitcoin has had a ripple effect on the broader cryptocurrency market, creating a conducive environment for altcoins like THORChain to thrive. The impending release of Ethereum ETFs is anticipated to inject more positivity into the market, potentially supporting Rune’s continued rebound and potential breakout. Historical data suggests that the launch of Bitcoin ETFs resulted in many cryptocurrencies reaching new all-time highs, indicating a similar trend with the rollout of Ethereum ETFs.
By combining technical analysis with market trends and THORChain’s recent performance, experts believe that the currency has significant potential to achieve targets of $7.40 and even $20. Traders and investors are advised to closely monitor THORChain as strong technical signals and market conditions point towards a potential major breakthrough on the horizon.
