THORChain (RUNE) is emerging as the main competitor for the substantial breakthrough. Rune has shown strength, recovering about 23% in the previous week after recently dropping to $3.10. At its current price of $4.22, the coin is attracting both traders and analysts, with some even seeing a solid upside path.
Market Statistics and Growing Hope
With a market capitalization of $1.41 billion and a 24-hour trading volume of $207 million according to the latest data, THOR chain represents a market dominance of 0.06%. Partially fueled by the bullish phase in the bitcoin market, the token’s recent gain of 2.27% in the last 24 hours shows good momentum.
The market has become more hopeful following Bitcoin’s recent rally beyond the essential $65,000 level. Rune, like other cryptocurrencies, is benefiting from this surge in optimism as investors try to take advantage of the rising trend. Additionally, the upcoming release of Ethereum ETFs on July 23 is expected to boost the market.
Technical inspection
Renowned cryptocurrency expert Jonathan Carter has highlighted THORChain’s potential for significant returns in an in-depth study. Carter says that the Rune could reach $7.40 if it successfully breaks out of the falling resistance line. For traders, this level would signal a mighty pullback and a clear positive indication.
THORChain looks great on the weekly chart🤔
If it manages to bounce off falling resistance, the next target will be $7.40🎯
A breakout up could lead to a move towards $20🚀 photo:twitter.com/7DMYarvIdD
A better breakout could take the token close to the $20 target. Such action would indicate a much larger upside as THORChain could break through existing resistances and maintain its bullish momentum. The Bitcoin community has taken note of this positive outlook as many of them are closely watching RUNE for any signs of a breakout.
THORChain Price Forecast
Based on the forecast, the price of THORChain is It is expected to augment by 28.92% to reach $5.76 by August 17, 2024. Several technical indicators support this forecast; the Fear and Greed Index shows a score of 61 (Greed), while the current sentiment is neutral.
THORChain has recorded 16 of 30 green days in the past month, with price volatility of 7.50%. These elements mean that now could be a good time to acquire THORChain.
Overall impact on the market and investor sentiment
Thanks to the current condition of Bitcoin, the positive phase of the larger cryptocurrency market creates the right conditions for altcoins like THORChain to thrive.
The upcoming launch of Ethereum ETFs is expected to generate a more positive market sentiment, thus supporting Rune’s rebound and eventual breakout.
In keeping with historical trends, the introduction of the Bitcoin ETF has had a notably positive impact on the market, pushing many cryptocurrencies to modern all-time highs. With the introduction of the Ethereum ETF, a similar trajectory seems to be creating conditions favorable for THORChain to capitalize on these advantages.
The road ahead of us
The combination of technical data with broader market trends and THORChain’s recent performance paints a positive picture for the currency. Experts note that the potential to reach the $7.40 and $20 targets underscores the huge potential of Rune. Traders and investors should keep a close eye on THORChain as the combination of mighty technical signals and market data suggests that a breakout may be imminent.
Featured image from Mythology Vault, chart from TradingView
