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- THORChain (RUNE) has increased by 11.5% in the last 24 hours and 15.6% over the past month.
- THORChain’s price may potentially reach the $1.97 mark.
Amid recent market fluctuations, THORChain (RUNE) has drawn the interest of cryptocurrency followers with a notable rally. The altcoin’s recovery has resulted in a remarkable 11.5% rise in the last 24 hours and a 15.6% increase over the past month. In contrast, Bitcoin (BTC) and Ethereum (ETH) have faced challenges in sustaining their gains, showing declines in their daily performances.
After a brief correction following a peak of $2.04 on October 6, THORChain found robust support at the $1.33 level. This price movement established a new trading range for RUNE, with upper and lower limits set at $1.72 and $1.39, respectively.
Examining THORChain (RUNE) 24-H Price Movements
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On October 12th, RUNE faced a 24% price decline, dropping from $1.94 to $1.47. Nevertheless, the cryptocurrency not only rebounded quickly but also exceeded its prior peak.
Based on the daily price chart, if the current market conditions continue, THORChain’s price could potentially reach around $1.97 or even extend to $2.23. Conversely, if bearish sentiment resurfaces, THORChain’s price might decline, with possible support levels near $1.52 and further down to $1.358.
The Relative Strength Index (RSI) remains in the oversold zone, suggesting the possibility of further gains. The RSI is a technical tool used to evaluate an asset’s momentum, and an oversold condition typically indicates that there may be additional potential for an upward price movement.
THORChain (RUNE) Price Chart (Source: CoinMarketCap)
As of the latest update, THORChain is trading at $1.71, with a significant daily trading volume of $111 million. This increase reflects a 95.88% rise in trading activity over the past 24 hours, demonstrating growing interest among investors regarding the future of RUNE.
