THORChain (RUNE) Hits Year-High, Spikes Over 15% in Last 24 Hours
If you’ve been keeping an eye on THORChain (RUNE), you may have noticed its strong performance recently, with the price of its native cryptocurrency reaching a year-high of $4.65, a 15.1% increase from just 24 hours ago. The day started off with negative momentum, but a bullish market takeover pushed it to $4.00.
Following THORChain’s third-quarter (Q3) 2023 report, which showcased significant progress and milestones for the blockchain, the token has been on the rise. The report revealed a 114.4% increase in total trading volume, hitting $2.38 billion, with liquidity fees collected reaching $3.38 million.
Notably, the release of the report triggered an immediate 89% surge in the price of RUNE. Since mid-October, RUNE has grown by more than 212%, with an 85.4% uptick in the last fortnight and a 37.2% increase over seven days.
Thorswap and Liquidity Layer Fuel THORChain’s Rally
The recent rally is also attributed to Thorswap’s remarkable trading volumes, securing its third-biggest DEX position and THORChain’s operations as a liquidity layer of last resort for centralized exchanges (CEXs).
RUNE’s journey began on Oct. 21 with a breakout above the 20 DMA after a two-month consolidation at a strong support zone, leading to an impressive +162% rally in the past month.
Indicators signal a strong overbought condition for RUNE with RSI hovering around 80 and MACD showing bullish levels at 47.26.
Hot Take
THORChain (RUNE) has been experiencing an impressive rally lately, hitting a year-high of $4.65 and spiking over 15% in the last 24 hours. The recent surge is fueled by significant progress and milestones for the blockchain as well as Thorswap’s remarkable trading volumes. With strong indicators signaling an overbought condition for RUNE, it will be interesting to see how this bullish momentum continues in the coming days.
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