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The THORChain price surged 31% in the last 24 hours to trade at $7.2241 as of 00:31 a.m. EST on trading volume that rose 194% to $1 billion.
This comes following the burning of a record amount of more than 50 million RUNE. The burning mechanism contributes to the scarcity of RUNE tokens, which, in turn, stimulates demand and potentially leads to an increase in its price.
🥂 @THORChain has hit a new milestone!
RUNE burnt is now over 50M ᚱ (63,046,772 ᚱ)!
Previous milestone was 2M ᚱ (3 months 22 days ago) pic.twitter.com/RbbE4aVScy— THOR InfoBot (@THOR_InfoBot) March 7, 2024
THORChain Price Bulls Sustain The Bullish Stance
The THORChain price has continued to rise and recorded massive gains since mid-October, last year. However, the stance by the bulls faced some rejection at $7.36, allowing the price to trend back through a retrace.
The price movements allowed the price to form a cup and handle pattern, as the bulls continue to show resilience to push the price even higher.
RUNE is trading well above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the sustained bullish momentum.
The Relative Strength Index (RSI) is also trending upward within the overbought region at 72, which is a signal of investor optimism as they take more buying positions.
Moreover, the Moving Average Convergence Divergence (MACD) is also bullish, as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. Investors often use a bullish crossover as a signal to make more buys.
Additionally, the green bars on the histogram are starting to form over the neutral line, which shows that the current momentum is positive. The Stochastic Oscillator 14 3 3 line (green) crosses above the trigger line (orange), which is a confirmation of a bullish moving average crossover, indicating an incoming bullish trend.
THORChain Price Prediction
The THORChain price long-term price analysis indicates that the price is currently on a strong bullish trend, as it breaks over the cup and handle pattern. Additionally, the MACD, RSI, and Stochastic Oscillator provide a bullish outlook for optimistic investors.
The 50-day SMA crosses above the 200-day SMA, forming a golden cross at $1.29, which encourages the bulls to rally the price, with the next target set at $8.44, a 16.38% increase from the current price.
However, the RSI and the Stochastic Oscillator indicate that the asset has already entered the overbought levels, suggesting an incoming price correction. In such a scenario, 5.06, coinciding with the 50-day SMA, would act as the next support zone.
As the RUNE price soars, investors are also looking at eTukTuk, a compelling eco-friendly crypto that investors say has what it takes to soar 10X on launch.
Best Eco-Friendly Crypto To Invest In Trending Crypto Presale, Get 10X Gains
The eTukTuk (TUK) presale continues to amass a huge following and has garnered $1.8 million in early funding as it closes in on its target of $1.82 million.
eTukTuk combines the capabilities of artificial intelligence (AI) and blockchain technology with the aim of transforming transportation in developing countries via the introduction of electric Tuk Tuk’s and a network of charging stations.
7/
eTukTuk stands as a beacon for change
By creating a sustainable transport infrastructure powered by electricity, we're contributing to mitigating air pollution.
— eTukTuk (@eTukTukio) March 6, 2024
Buy And Stake $TUK For 137% Annual Rewards
eTukTuk allows investors to earn passively by buying and staking $TUK tokens for a 137% annual percentage yield (APY).
Introducing Buy and Stake mechanism, get $TUK tokens and instantly stake them, initiating a dynamic APY.
Early stakers enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair, enticing incentive structure for all. 💫 pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
You also have an opportunity to earn from their play-to-earn (P2E) game that is set to launch soon, Crazy Taxi, where you will earn $TUK tokens by ferrying passengers to different locations on the busy streets of Sri Lanka.
Jacob Bury, a crypto analyst and YouTuber, says that eTukTuk has the potential to soar 10X on launch.
You can participate in the presale by purchasing $TUK at $0.02775 per token, before the price increases in less than six days.
You can buy $TUK tokens today by visiting the official eTukTuk website. Swap BNB or USDT for $TUK tokens or buy directly using your bank card.
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