End of Correction Jump In RUNE Price Eyes 60% Upside

Published by

Sohrab Khawas

May 10, 2024

RUNE Price Analysis As Demand Overloads, Will RUNE Hit $2

With an overnight jump of 3% in Bitcoin, altcoins are making a turnaround move, boosted by sentiments. Amidst the rising altcoins, RUNE price displays a significant and consistent recovery this week.

Starting from the baseline of $4.79, the Thorchain token’s value is close to $6.50 within 10 days. This bullish turnaround in the altcoin increases the possibility of an uptrend continuation. But, will this uptrend hit $100 in 2024? To answer such queries, read our RUNE price prediction now.

Thorchain Price Performance

With a $2.18B market cap, Thorchain is poised to join the list of the top 50 coins in the crypto world. Crossing above the 50D EMA, the RUNE price trades at $6.50 with an intraday growth of 3.38%.

The bullish turnaround in Thorchain accounts for an almost 35% rise in ten days, with a double bottom breakout. Further, this defuses the possibility of a death cross in the 1D chart, for now.

Crossing the neckline at $5.65 and the 23.60% Fibonacci retracement level, the RUNE price is marking the third positive day. As the uptrend gains momentum with rising volumes, the bull run is expected to soar high in the coming days.

Technical indicators:

RSI Indicator: The daily RSI line rises almost to the overbought boundary in an almost straight line, reflecting a boost in momentum.

EMAs: With the RUNE price crossing above 50D EMA, an uptick in the crucial EMAs aims to head higher. Thus, reflecting an uptrend and being ready to provide dynamic support, if needed.

Will RUNE Price Shoot To $10?

With the altcoin sector on the rise, as Bitcoin makes a bullish engulfing candle, the overall demand in the market is increasing. Hence, as per the domino effect and the trend reversal in the RUNE price project the $10 milestone is a potential target.

However, as per the Fibonacci levels, the $7.67 could pose as a resistance in short-term.

Also Check Out : What’s Next for Injective (INJ), Arbitrum (ARB), & AIOZ Network (AIOZ) Price: Will These Altcoins Rebound & Reach Upper Targets?

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.