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According to crypto price tracker CoinGecko, the price of the THORChain native token, RUNE, has reached a new high of $4.95, marking the first time this year. The token has seen a 26.5% price increase over the last 24 hours. This position shift began when the token started the day at $4.00 and turned bullish after initially showing a negative trend.
This upward price movement follows the publication of the THORChain Q3 2023 report, which indicated a major milestone for the blockchain. The report revealed a substantial 114.4% increase in total trading volume, reaching $2.38 billion, with liquidity fees collected amounting to $3.38 million
The market responded promptly to the Q3 report, resulting in an 89% surge in RUNE’s price. The anticipation of Bitcoin spot ETFs also played a role in this surge.
Since mid-October 2023, RUNE has seen remarkable growth, exceeding 212%. In the past two weeks alone, its price increased by 85.4%, and over the last seven days, it went up by 37.2%. These robust trading volumes contributed significantly to this rally, securing its position as the third-largest decentralized exchange (DEX).
Additionally, THORChain’s role as a liquidity layer for centralized exchanges (CEXs) also contributed to its growth. The token’s upward movement began on October 21, breaking out above the 20-day moving average after consolidating for two months at a strong support zone. This support level has driven an impressive +162% rally in the past month.
Market indicators suggest a strong overbought condition for RUNE, with the RUNE RSI around 80 and the MACD reflecting a bullish level at 47.26, indicating the prevailing positive sentiment in the market.
Also Read: Crypto Market Has ‘Huge’ Growth Ahead: Dan Gambardello
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