THORChain (RUNE) is showing strong signs of an imminent breakout, setting the stage for a significant upward climb. After hitting a recent low of $3.11, RUNE has rebounded sharply, rising nearly 16% over the past week.
As of the latest data, THORChain is trading at $4.22 with a 24-hour trading volume of $207 million. Its market cap stands at $1.41 billion, giving it a market dominance of 0.06%. The price of RUNE has increased by 2.27% in the last 24 hours alone.
This positive momentum is largely driven by the broader bullish phase in the cryptocurrency market, with Bitcoin (BTC) surpassing the crucial $65,000 level. This surge has injected a wave of optimism into the market, aiding the recovery of various altcoins, including RUNE, from their recent declines.
Adding to the bullish sentiment is the upcoming launch of Ethereum ETFs, scheduled for July 23rd. This significant development is expected to bring a highly bullish wave to the market. Historical trends show that the introduction of Bitcoin ETFs had a positive impact, propelling the market into a bullish phase and driving several altcoins to new all-time highs.
RUNE Targets $7.40 with Potential Breakout to $20
In a recent analysis that has caught the attention of the cryptocurrency community, renowned crypto analyst Jonathan Carter shared his optimistic outlook on the price trajectory of THORChain (RUNE). THORChain is looking great on the weekly chart, with critical levels that traders should watch closely.
RUNE is poised to make significant gains if it can successfully bounce off the descending resistance line that has been acting as a barrier. If RUNE can bounce from the descending resistance, the next target is $7.40. This would represent a notable recovery and a clear bullish signal for traders.
The potential for RUNE extends even further. A higher breakout could lead to a move toward $20, indicating a much more significant upside if THORChain can overcome current resistances and gather upward momentum.
With continued market recovery and the Ethereum ETF launch, there’s every reason to believe THORChain takes full advantage of these positive factors, thereby providing a setting that can easily translate into a huge upside.
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