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THORChain

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<p>The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/top-reasons-why-thorchain-rune-price-is-surging/">Top Reasons Why THORChain ($RUNE) Price Is Surging!</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The market has been trading sideways for a week now as the top cryptocurrencies have displayed a decline in price action. Further, THORChain price has claimed its spot as the best-performing token in the past 24 hours, as the coin has gained over 15% in value and added around 28% in the past week.</p> 
<p>Captain Faibik, a well-known crypto analyst with substantial followers of nearly 68K on the “X” platform, has recently spotted a potential break out for the RUNE price in the coming time.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24RUNE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RUNE</a> is approaching Major Trendline and Horizontal Resistance.<br><br> If it Successfully Breaks out, we might Expect a Significant Bullish Rally in the Midterm.<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/RUNE?src=hash&amp;ref_src=twsrc%5Etfw">#RUNE</a> <a href="https://twitter.com/hashtag/RUNEUSDT?src=hash&amp;ref_src=twsrc%5Etfw">#RUNEUSDT</a> <a href="https://t.co/efZR6e0rcM">pic.twitter.com/efZR6e0rcM</a></p>— Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1719203114346221698?ref_src=twsrc%5Etfw">October 31, 2023</a>
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<p>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.</p> 
<p>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.</p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="h-why-is-the-rune-price-rising">Why Is the RUNE Price Rising?</h2> 
<p>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.</p> 
<p>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.</p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="h-will-thorchain-recover">Will THORChain Recover?</h2> 
<p>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.</p> 
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 <img decoding="async" width="1024" height="549" src="https://image.coinpedia.org/wp-content/uploads/2023/10/31115952/image-113-1024x549.png" alt="RUNE Price Analysis" class="wp-image-240854" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/31115952/image-113-1024x549.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/31115952/image-113-300x161.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/31115952/image-113-768x411.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/31115952/image-113-150x80.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/31115952/image-113.png 1441w" sizes="(max-width: 1024px) 100vw, 1024px">
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  TradingView: RUNE/USDT
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<p>Further, if the bullish sentiments continue, RUNE price will prepare itself to test its next major resistance at $4 in the coming time.</p> 
<p>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.</p>

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

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