THORChain (RUNE) Primed For Big Gains, Analyst Eyes $20 Milestone
July 18 2024 - 11:00AM
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Rising as a major competitor for a big breakthrough is THORChain
(RUNE). Rune has showed strength, recovering by around 23% during
the previous week following a recent fall to $3.10. At $4.22 right
now, the coin is attracting both traders and analysts, with some
even seeing a solid upward path. Related Reading: $174 In Sight:
Analyst Projects Major Surge For Solana (SOL) Market Statistics And
Growing Hope With a market capitalization of $1.41 billion and a
24-hour trading volume of $207 million as of the most recent
figures, THORChain represents a 0.06% market domination. Driven
partly by the bullish phase in the bitcoin market, the token’s
recent 2.27% growth in the previous 24 hours shows a good momentum.
The market has become more hopeful after Bitcoin’s latest climb
beyond the important $65,000 level. Rune like other
cryptocurrencies is profiting from this surge of optimism as
investors try to profit from the increasing trend. Furthermore
predicted to boost the market is the forthcoming release of
Ethereum ETFs on July 23rd. Technical Examination Renowned crypto
expert Jonathan Carter has underlined in a thorough study
THORChain’s potential for notable returns. Carter says that Rune
could hit $7.40 if it can effectively bounce off the barrier of
declining resistance line. For traders, this level would show a
strong comeback and a clear positive indication. #RUNE THORChain is
looking great on weekly chart🤔 If it can bounce from the descending
resistance, the next target is $7.40🎯 A breakout higher could lead
to a move towards $20🚀 pic.twitter.com/7DMYarvIdD — Jonathan Carter
(@JohncyCrypto) July 16, 2024 A better breakout may drive the token
near the $20 target. Such an action would indicate a much more
significant upside since THORChain can surpass existing resistances
and sustain its upward momentum. The bitcoin community has taken
notice of this positive view as many of them keep a careful eye on
RUNE in search of any indication of a breakout. THORChain Price
Prediction Based on forecast, THORChain’s price is predicted to
climb by 28.92% and reach $5.76 by August 17, 2024. Several
technical indicators corroborate this projection; the Fear &
Greed Index shows a 61 (Greed) score while the present mood is
neutral. THORChain has registered 16 out of 30 so-called “green
days” during the previous month, with a 7.50% price volatility.
These elements imply that right now may be a good time to acquire
THORChain. General Market Impact And Investor Mood Thanks in part
to Bitcoin’s current performance, the positive phase of the larger
cryptocurrency market is giving altcoins like THORChain a suitable
backdrop. The forthcoming release of Ethereum ETFs is expected to
generate more positive attitude into the market, therefore
supporting Rune’s rebound and maybe breakout. According to
historical trends, the launch of Bitcoin ETFs had a notable
favorable effect on the market, pushing many cryptocurrencies to
fresh all-time highs. With the rollout of Ethereum ETFs, a similar
trajectory is seen to create conditions fit for THORChain to profit
from these advantages. Related Reading: Dogecoin Big Rally Ahead:
Analyst Sees ‘Most Beautiful’ Chart Pattern The Road Ahead Mixing
technical figures with broader market trends and THORChain’s recent
performance paints a positive picture of the currency. Experts note
that the potential to hit targets of $7.40 and $20 highlights
Rune’s enormous potential. Traders and investors should keep a
careful eye on THORChain as a combination of strong technical signs
and market figures suggest that a big breakthrough may be imminent.
Featured image from Mythology Vault, chart from TradingView
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