THORchain Price Prediction: RUNE Gains 1% – What's Driving This Rally?

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Over the last month, THORchain (RUNE) has experienced a surge in its price, drawing substantial investments from the investor community.

As of 1:54 a.m. EST, the token’s price is $1.72, marking a 1.4% rise in the last 24 hours.

Moreover, it has registered 11.6% and 73.1% weekly and monthly gains, respectively. So, what’s fueling this surge?

RUNE Price Breaks Above Falling Wedge

RUNE/USDT Chart Analysis. Source: Tradingview.com — RUNEUSDT Chart Analysis. Source: Tradingview.com

According to the chart above, the bulls have encountered difficulties driving the price upwards, restricted within the confines of a falling wedge pattern.

However, they have quickly found a footing, helping them to gain ground, as the RUNE price shows a robust recovery from the $0.78 support level located at the lower boundary of the falling wedge.

The breakout above the upper boundary of the wedge further highlights this recovery.

This bullish sentiment is reinforced by the presence of strongly optimistic price indicators.

As of the time of writing, the price stands above both the 50 and 200 simple moving averages, validating the existence of bullish momentum.

The averages trade at $1.11 for the 50 SMA and $1.29 for the 200 SMA.

Furthermore, the 50 SMA is progressively nearing a potential crossover with the 200 SMA. Similarly, the relative strength index is currently trending at 80, surpassing the overbought threshold of 70.

This serves to validate the presence of bullish momentum in RUNE’s price.

Prediction

The price outlook for RUNE is mainly positive, with critical resistance points set at $2.22 and $3.02.

However, if the price encounters resistance at $2.22, we might see a retracement to $1.72, potentially followed by a bullish rebound.

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Wall Street Memes (WSM) – LAST CHANCE TO BUY

Wall Street Memes (WSM), the new token gaining traction, is on the brink of listing on several tier-one crypto exchanges in September as it approaches the conclusion of its presale phase.

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It effectively showcases community enthusiasm and innovation while navigating the challenges prevalent in the market.

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— Wall Street Memes (@wallstmemes) August 20, 2023

What sets Wall Street Memes apart from the many cryptocurrency presales is its scale and emphasis on fairness and strategic value.

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Wall Street Memes (WSM) Raise $25 Million in Presale Funding

The Wall Street Memes (WSM) token project is nearing its final presale stage as it secures over $25 million in funding, positioning it as one of the most rapidly advancing cryptocurrency presales in 2023.

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Projections from crypto experts underscore an astonishing 1000x growth potential for the project within this year.

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— Wall Street Memes (@wallstmemes) August 17, 2023

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