Can RUNE Crypto Price Reach $10 Next?

Thorchain is a network that enables and authorizes decentralized cross-chain exchange of various cryptocurrencies. 

Basically, this allows users to exchange digital assets across the horde of various blockchains without relying on centralized exchanges or intermediaries. 

Thorchain is a non-custodial platform. It means that users keep their assets in their wallets throughout the entire transaction process.The main purpose of Thorchain is to provide decentralized trading of different cryptocurrencies.

The platform provides liquidity to users by allowing them to exchange digital assets on a decentralized network without the need for intermediaries or centralized exchanges. 

Thorchain uses a special mechanism called “chaosnet” to ensure that transactions are completed quickly and efficiently with minimal slippage.Besides trading, Thorchain also lets users join liquidity pools, where they can earn rewards for providing liquidity to the platform. 

This encourages users to support the network and ensures that there is always enough liquidity for trading.RUNE is the token of Thorchain, used for exchange, network security, governance, decision-making, and liquidity provision rewards.

RUNE crypto optimized by 2.95% in market value and plummeted by 4.14% in trading volume in the last 24 hours, as per the CoinMarketCap, a crypto data analysis website. Its market value is $2,170,109,020 and its trading volume is $382,748,683. There are 337,662,031 RUNE in circulation.

The RUNE/USD crypto pair has a current market price of $6.429 with an intraday surge of 0.82%.

The RUNE cryptocurrency has shown significant growth over the past three months and six months, with its price rising by 323.37% and 441.65% respectively. 

Moreover, It rose 130.82% last month and 9.81% the previous week. This indicates that the RUNE cryptocurrency is in a strong upward trend and has great momentum.

It seems like the crypto is geared for another spectacular and remarkable uptrend rally. As it prepares to crack the resistance level and elevate to new altitudes from the current support level.

Therefore, if buyers sustain the pressure, RUNE price might rise strongly from the current level. 

The possible target for RUNE price is $7. On the contrary, if RUNE fails to hold its ground and slips past the $6 level, it may fall further.

The RUNE crypto price is trading higher than the 20-day and 50-day exponential moving averages. These are the measures of the average price of an asset over a certain span of time. 

The RUNE price is supported by the EMAs, which are below the price and assist it to stay above them. 

Furthermore, the EMAs act as dynamic support and resistance levels for an asset. This shows that both S&R levels can help the RUNE price to either bounce back or break through, depending on the direction of the trend.

This highlights that the EMAs are providing good support for the RUNE price, as they are below the price and preventing it from falling further. Hence, the RUNE price trend is positive.

Therefore, RUNE price prediction suggests that RUNE crypto price has the potential to advance if the buyers can maintain their momentum and demand.

The MACD line at 0.644 and the signal line at 6.59 is above the zero line. This shows that the short-term momentum is getting stronger and about to overpower long-term momentum (14SMA).

Moreover, these factors anticipate a bullish crossover in the MACD oscillator, which suggests that the RUNE price is likely to go up.

Technical Levels

Support Levels: $6

Resistance Levels: $7

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.