Will RUNE Price Hit $10 Soon?

• THORChain (RUNE) price prediction ranges from $1.056 to $3.6
• The RUNE bearish market price prediction for 2023 is $1.292
• The analyst predicted RUNE to hit $10 and the token traverses the path as predicted.

THORChain seeks to facilitate the non-custodial trade of assets between several blockchains and serve as the backend for numerous user interfaces. The value of a pegged cryptocurrency is related to another medium of exchange, such as gold or another currency.

If you are interested in the future of RUNE and want to know its predicted value for 2023, 2024, 2025, and 2030, keep reading!

THORChain (RUNE) Market Overview

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What Is THORChain (RUNE)?

THORChain is a decentralized liquidity protocol, that enables its users to effortlessly trade Bitcoin assets across many networks without giving up control of their funds. Furthermore, users of THORChain can instantly exchange one asset for another in a permissionless system, without resorting to checking order books to find buyers and sellers. Instead, asset ratios in a pool are used to stabilize market prices.

THORChain’s native utility token, RUNE, is named after the Norse god of Thor. Due to the fact that every THORChain node must stake at least 1 million to 300,000 RUNE in order to take part in the network’s revolving consensus mechanism, this serves as the ecosystem’s primary currency in addition to being used for platform governance and security.

THORChain was funded with an initial DEX offering (IDO) on the Binance DEX in July 2019. Its single-chain chaosnet went online in April 2021, its multi-chain upgrade went live in April 2021, and its Mainnet is now operational as of June 2022.

THORChain uses a unique system to help mitigate the issue of “impermanent losses” — or the often temporary losses that a liquidity provider can experience when contributing to liquidity pools. It achieves this by using a slip-based fee to help ensure liquidity stays where it is needed. 

THORChain integrates a number of innovative technologies, such as on-way state pegs, a state machine, the Bifrost Signer Module, and a TSS protocol, to smoothly support permissionless cross-chain token swaps. All of this is hidden from view, making the platform accessible to even novice traders.

The THORChain network is protected using Proof of Stake and Tendermint, a form of BFT. The network is constructed using the Tendermint-based Cosmos SDK. Tendermint protects the cross-chain bridges by verifying the integrity of Nodes and other network operations.

THORChain (RUNE) Current Market Status

According to CoinMarketCap, THORChain (RUNE) is currently trading at $1.69 with 327,056,566 RUNE coins in circulation, as of press time.  RUNE has a 24-hour trading volume of $28,789,986, and during the previous 24 hours, the price of RUNE has increased by 5.75%.

At the moment, the most popular crypto exchanges to trade THORChain (RUNE) are Binance, Deepcoin, Bybit, MEXC, and CoinTiger. Let’s continue with our RUNE price research for 2023.

THORChain (RUNE) Price Analysis 2023

Currently, RUNE ranks 84th on CoinMarketCap’s list of the biggest cryptocurrencies by market capitalization. Will THORChain’s most recent improvements, additions, and modifications help its price rise? Let’s focus on the charts in this article’s RUNE price forecast first.

THORChain (RUNE) Price Analysis – Keltner Channel

The Keltner channel is a technical indicator introduced by American grain trader, Chester W. Keltner to gauge the volatility of the market. For this purpose, it has three bands; the Upper band, Middle band (EMA), and lower band. 

The upper band is calculated by adding twice the Average True Range (ATR) to the EMA (middle band), while the lower band is calculated by subtracting twice the ATR from the EMA. Moreover, the Keltner bands could also be used to determine the direction of the price movement. 

The chart above shows two red rectangles that denote the expansion and contraction of the Keltner channels. When the bands widen it means that there is going to be more volatility. Or in other words, the prices could drastically drop or increase. When the bands squeeze, there could be less volatility. This is because the range of fluctuation would be restricted and the prices will be constrained to move sideways. 

Additionally, when the price of a cryptocurrency continuously touches the upper or lower band and thereafter touches the opposite band, (which is, if a cryptocurrency continuously touches the upper band and finally touches the lower band, then we could determine that the bullish trend has faded.) This applies vice-versa as well. This behavior could be seen inside the green rectangle. 

Currently, RUNE is fluctuating in the top half of the Keltner channel. It tested the upper band and the prices fell back. It may test the upper band a few more times before the trend reverses, hence traders should be vigilant. 

THORChain (RUNE) Price Analysis – Bollinger Bands 

The Bollinger bands are a type of price envelope developed by John Bollinger. It gives a range with an upper and lower limit for the price to fluctuate. The Bollinger bands work on the principle of standard deviation and period (time). The upper band as shown in the chart is calculated by adding two times the standard deviation to the Simple Moving Average while the lower band is calculated by subtracting two times the standard deviation from the Simple Moving Average.

When this setup is used in a cryptocurrency chart, we could expect the price of the cryptocurrency to abide within the upper and lower bounds of the Bollinger bands 95% of the time. 

The above thesis is derived from an Empirical law also known as the three-sigma rule or the 68-95-99.7 which states that almost all observed data for a normal distribution will fall within three standard deviations. 

As such for a data set that follows a normal distribution, 68% of data will fall within 1 standard deviation of the mean, while 95% of data for the normal distribution will fall within 2 standard deviations of the mean and 99.7% of data will fall within 3 standard deviations of the mean. 

Hence, as the Bollinger bands are calculated using two standard deviations, we could expect RUNE to abide within the Bollinger bands 95% of the time. (i.e whenever the cryptocurrency touched the upper band, the chances of it coming down are 95%.). This concept applies vice-versa as well. 

Moreover, the sections highlighted by red rectangles show how the bands expand and contract. When the bands widen, we could expect more volatility, and when the bands contract, it denotes less volatility. Currently, the bands are squeezing, hence, RUNE could consolidate.  

However, each consolidation phase has been followed by expanding Bollinger bands, hence this could be the calm before the storm. As such traders should be vigilant in order to make hay while the sun shines. 

Notably, the Bollinger Band behaves very closely with the Keltner channel. For instance, if you were to use both the Bollinger bands and Keltner channel indicators for a cryptocurrency, you would see that almost most of the time both indicators overlap. However, the only difference between with Bollinger band and the Keltner channel is that the Bollinger bands use Standard Deviation while the Keltner channel uses Average True Range for calculating its bands which are the top and bottom limits.

THORChain (RUNE) Price Analysis – Relative Strength Index

The Relative Strength Index is an indicator that is used to find out whether the price of a security is overvalued or undervalued. As per its name, RSI indicators help determine how the security is doing at present, relative to its previous price. 

Moreover, it has a signal line which is a Simple Moving Average (SMA) that acts as a yardstick or reference to the RSI line. Hence, whenever the RSI line is above the SMA it is considered bullish and if it’s below the SMA then it is bearish. 

When considering the first green rectangle from the left of the chart below we can see that the RSI line (purple) is above the Signal line (yellow). As such, RUNE is bullish or gaining value as its making higher highs. The second green rectangle shows that the RSI is below the signal. Hence, it is bearish as it is making lower lows.

Currently, the RSI is rebounding on the Signal. Since both the RSI and SMA are tilted upwards we could expect the RUNE price to increase.

If the answer is less than 30, then we call that the price of the security is in the oversold region. This means that many are selling the security in the market, and as such the security is undervalued.  Moreover, as per the Supply-demand curve theory, the price is supposed to drop when there is an increase in supply. 

If the answer is more than 70 then the security is overbought as many are buying. Since many want to buy the security the demand increases which intuitively increases the prices.

Additionally, the RSI could be used to determine how strong a trend is. For instance, when a cryptocurrency is bullish or reaching higher highs, then the RSI line also should be making higher highs in unison. If not it means that although the cryptocurrency is on a bullish trend it is losing value and hence a trend reversal could be lurking around the corner.

However, the RSI could also give false alarms for breakouts. Although we may expect, the prices to retrace if it goes to the oversold or overbought region, the prices also can stay in the oversold or overbought region for an extended period. As such, traders should be wary of it and let the market saturate before making vital decisions.

THORChain (RUNE) Price Analysis – Moving Average

The Exponential Moving averages are quite similar to the simple moving averages (SMA). However, the SMA equally distributes down all values whereas the Exponential Moving Average gives more weightage to the current prices. Since SMA undermines the weightage of the present price, the EMA is used.

Whenever the price of cryptocurrency is above the 50-day or 200-day MA, or above both we may say that the coin is bullish (Green triangle section). Contrastingly, if the token is below the 50-day or 200-day, or below both, then we could call it bearish.  

When looking at the grey highlighted section in the above chart, we can see that RUNE was rebounding on the 50-day MA. Currently, after being below both Moving Averages RUNE seems to have gained momentum and is rebounding on the 50-day and 200-day MA which have overlapped each other.

THORChain (RUNE) Price Prediction 2023

When looking at the chart above, we could see that RUNE seems to be forming the Adam and Eve pattern. If RUNE continues forming this pattern, we may see it surge to Resistance 3 at ≈ $3.040 as shown by the green arrow. Moreover, this thesis can be proved as the Bollinger bands are tilting upwards. However, note that if RUNE is forming a typical Adam and Eve pattern, then, we might expect it to retest Resistance 3 even after it breaks above it.

As such, traders should be vigilant during this phase, as that retracement could provide an excellent entry point for those taking a long position. 

Nevertheless, the Resistance 1 level at ≈ $2.00 seems to be a hard nut to crack. Hence, if by any chance RUNE is rejected at Resistance 1, then it might land on Support 1 at ≈ $1.292. But if the bears are too strong and break open Support 1, then it might tank to Support 2 at ≈ $1.056. 

However, Support 2 is not the lowest Support for RUNE. Hence, if the bulls don’t interject the bears at Support 2, then the fall with be fatal.

THORChain (RUNE) Price Prediction – Resistance and Support Levels

When looking at the chart above we could see how RUNE has been following a pattern. The left-most circle shows a high of RUNE (0), which then was followed by a lower higher (1), followed by another higher high (2). And higher high (2) was followed by a lower high (3). So technically it should have formed a higher high at (4). But this trend looks like it has been broken.   

We can also notice another pattern as shown by the trend line where RUNE has been making lower highs. When considering a high at (0), RUNE made a lower high at (2) and then another at (3), has this pattern followed then the next should have been formed at the circle at end of a trend line. However, that pattern too seems to have been broken. So the only thought that comes to our mind is RUNE reciprocating its fluctuating early stages fluctuation pattern just before 2021. If that is the case then it could form a big spike in the near future. 

THORChain (RUNE) Price Prediction 2024 

THORChain (RUNE) price can rise to incredible heights, peaking at $7.362. This is only feasible if the market continues its upward path and only if THORChain breaks through the past psychological resistance levels.

THORChain (RUNE) Price Prediction 2025

RUNE price might grow to $9.199 during the next three years. Furthermore, hitting this level may not be so tough for RUNE because the new medium, short-term and long-term price objectives for purchase or sell orders, may be discovered. 

THORChain (RUNE) Price Prediction 2026

RUNE price might grow to $11.0369 during the next four years. Furthermore, hitting this level may not be so tough for RUNE because the new medium, short-term and long-term price objectives for purchase or sell orders, may be discovered. 

THORChain (RUNE) Price Prediction 2027

RUNE price might soar to $13.652 in the next five years. Furthermore, hitting this level may not be so difficult for RUNE as other mediums, short-term and long-term price objectives for purchase or sell orders, may be discovered.

THORChain (RUNE) Price Prediction 2028

In the next six years, RUNE price could rise to $16.984. More so, reaching this level might be easy for RUNE as additional medium, short-term and long-term price targets, could be found to purchase or sell orders.

THORChain (RUNE) Price Prediction 2029

In the next seven years, RUNE price could rise to $26.606. More so, reaching this level could not be so difficult for RUNE as additional medium, short-term and long-term price targets, could be found to purchase or sell orders. According to the forecast, RUNE has a strong chance of reaching the previous ATH.

THORChain (RUNE) Price Prediction 2030

In the next eight years, RUNE price could rise to $42.176. More so, reaching this level could not be so difficult for RUNE as additional medium, short-term and long-term price targets, could be found to purchase or sell orders. According to the forecast, RUNE has a strong chance of reaching the previous ATH.

THORChain (RUNE) Price Prediction 2040

According to our long-term RUNE price estimate, RUNE prices could reach a new high. If the current growth rate continues, we could anticipate an average price of $85 by 2040. If the market turns bullish, the price of RUNE could go up beyond what we predicted for 2040.

THORChain (RUNE) Price Prediction 2050

According to our THORChain forecast, the average price of RUNE in 2050 might be $135. If more investors are drawn to RUNE between these years, the price of RUNE in 2050 could be far higher than our projection.

Conclusion

As said above, it may even reach above $10 if investors have decided that RUNE is a good investment along with mainstream cryptocurrencies. 

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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