bullish

Spike

THORChain

<p>THORChain price (<a href="https://www.thecoinrepublic.com/price-prediction/thorchain/">RUNE</a>) experienced broke out of a channel and retested the trendline support zone of $4. Since the beginning of August, the token has been accumulating, soaring more than 55%.</p> 
<p>After rising above the 20 and 50-day EMA marks, RUNE is primed for a launch in the form of a bullish reversal. It escaped the declining trendline barrier of $4, trapping sellers.</p> 
<p>As buyers are gaining traction, throughout last week, THORChain price remained above the 20 day EMA mark and displayed signs of strength. It has seen a major price increase during the past few trading sessions; its year to date (YTD) is 156%, indicating long term bullish energy.</p> 
<h2 class="wp-block-heading" id="h-rune-shows-bullish-cues-rally-imminent"><strong>RUNE Shows Bullish Cues, Rally Imminent?</strong></h2> 
<p>At press time, THORChain traded at $4.14 with an intraday rise of over 1.90%. An over 190% surge in its trading volume was spotted during the intraday session. As of now, the buying interest is solid.</p> 
<p>With a market cap of $1.24 Billion, the token ranks 53rd on CoinMarketCap (in terms of market cap). It has a volume-to-market cap ratio of 0.0891.</p> 
<p>On the daily chart, RUNE exhibited bullish favor as it came out of channel trajectory above the $4 mark. If the sentiment sustains, the token could skyrocket ahead.</p> <iframe loading="lazy" title="Santiment Chart: Price (RUNE), Volume (RUNE)" width="800" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2024-02-29T18%3A29%3A59.754Z&amp;dt=2024-08-29T18%3A29%3A59.754Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bthorchain%3BRUNE%5D%3B%5B1%3Bvolume_usd%3Bthorchain%3BRUNE%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>RUNE Price Volume Chart &nbsp; &nbsp; Source: Santiment</p> 
<p>The Relative Strength Index (RSI) shot up to 56, still, the overbought zone is yet to be reached, a strong positive indication. The Fibonnaci levels showed $4.50 and $5.20 mark were the next resistance levels to watch out.</p> 
<p>In a recent tweet by @iamjackis, he pointed out that the THORchain price displayed a strong chart structure and was primed for an upward move. He added that it is worth taking and giving opportunities to buy here.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I was a bit joking yday but also kinda not<br><br>I still stand by it. Generational buying opportunities right here, you'll tell your kids about. Totally worth the risk<br><br>Bought <a href="https://twitter.com/search?q=%24RUNE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$RUNE</a> today<br><br>History doesn't repeat but it often rhymes &amp; I have been here before. HTF will always beat LTF <a href="https://t.co/kvrdwfqMEj">https://t.co/kvrdwfqMEj</a> <a href="https://t.co/E9Lj5i3eQo">pic.twitter.com/E9Lj5i3eQo</a></p>— JACKIS (@i_am_jackis) <a href="https://twitter.com/i_am_jackis/status/1828758678360793148?ref_src=twsrc%5Etfw">August 28, 2024</a>
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<p>Tweet by @IamJackis &nbsp; Source: X</p> 
<p>A major upswing in the upcoming trading sessions is expected and the token might see a breakout rally soon.</p> 
<h2 class="wp-block-heading" id="h-development-activity-data-saw-a-massive-vertical-spike"><strong>Development Activity Data Saw a Massive Vertical Spike</strong></h2> 
<p>Followed by the significant price accumulation, the development activity of THORchain price witnessed a sharp uptick and rose to the upward region. This intense rise hints the developers and contributors pushed hard, underlined the positive updates.</p> <iframe loading="lazy" title="Santiment Chart: Social Dominance (RUNE), Development Activity (RUNE)" width="800" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2024-02-29T18%3A29%3A59.754Z&amp;dt=2024-08-29T18%3A29%3A59.754Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bthorchain%3BRUNE%5D%3B%5B1%3Bdev_activity%3Bthorchain%3BRUNE%5D&amp;wax=0%3B1&amp;wc=%23FFCB47%3B%23FF5B5B&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>Social Dominance Data &nbsp; &nbsp; Source: Santiment</p> 
<p>Social dominance data stayed flat near the bottom around 0.1%, which signifies a decrease in online discussion activity on the media platforms. The THORchain price action reflects that it has geared an up move and pushed its limits. </p> 
<p>Despite the choppy market movements, RUNE has uplifted by its half and saw a substantial price increase. The Open Interest (OI) began to climb along with the token price, rising over 1.49% to $48.28 Million. </p> 
<p>This was a sign of bullish conviction in the futures market, as traders are hoping for a price uptick. Above $4.50, the $5 and $5.90 levels are the next significant resistance levels. In particular, the $3.80 mark is the immediate support. Below it, the THORchain price can go toward the $3 mark in the coming sessions.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/30/thorchain-price-rune-can-it-hit-6-mark/">THORChain Price (RUNE): Can It Hit $6 Mark?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

THORChain Price (RUNE): Can It Hit $6 Mark?

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