THORChain Price Prediction: RUNE Rises Again For A 33% Weekly Gain As This Presale Closes On $3 Million Raised

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The THORChain price, currently $2.942, is up 3% in the last 24 hours, putting RUNE among the top weekly gainers with a 33% jump despite a 30% drop in trading volume.

Top 10 #CRYPTO Performers in past (7) Days within Top 200 Marketcap #COINS :

1. $ARK 114.46%
2. $SNT 87.88%
3. $POLY 46.48%
4. $RUNE 33.48%
5. $OSMO 25.56%
6. $QTUM 24.90%
7. $AR 23.33%
8. $STSOL 21.43%
9. $MSOL 21.24%
10. $SOL 20.59%

— LλURA-VΞRSΞ (@Laura__crypto) November 1, 2023

Experts associate the pump in THORChain price to the broader market rally, led by Bitcoin (BTC). One analyst says, “If BTC rises, THORChain could go nuts,” with the optimism sprouting from key milestones, relating to liquidity and affiliate fees, block rewards, node operation, RUNE token burning, and user engagement.

Keep a close watch on #Thorchain 👀

In just 7 days:
– 100 nodes securing $179m
– $271m in swaps by 4840 users
– $75k in affiliate fees
– Liquidity fees > block rewards
– 1.36m RUNE burned

Keep an eye on $RUNE. If BTC rise, Thorchain could go nuts. #NFA pic.twitter.com/3eUAw4KcmT

— LaCryptoLycus🐺 (@CryptoLycus) October 28, 2023

As regards token burning, the network is actively burning RUNE tokens to reduce their circulating supply. With this fundamental, the demand-to-supply ratio adjusts in favor of demand, causing a value surge for RUNE.

Meanwhile, some users anticipate a test of the $3.000 psychological level, rallying up fellow RUNE community members to accumulate.

Unpopular opinion (or maybe gut feeling)$RUNE is gonna hit $3 today, then takes a breather while it gains strength to break through 3.10-3.25 HTF resistance

Could be a nice chance to load up on some more if you have space left in your bag 😉

— Kaj (@cajum1990) November 1, 2023

According to CoinGecko, THORChain was the largest gainer in the third quarter (Q3) of 2023, with volume climbing 113% or $1.27 billion.

THORChain so good.$RUNE https://t.co/ze8gaufwAY

— Kadesh⚡💊⚒️👾🎈🗽🎭🍫 (@Kadesh_bull) November 1, 2023

The RUNE token continues to trend, starting the month with the best foot forward as perpetual traders still show optimism for the cryptocurrency, alongside BTC and Injective (INJ).

📈 $101K $RUNE LONGED @$2.9512 MEXC FUTURES 📈

Sentiment:
1H: 📈Bullish
6H: 📈Bullish
24H: 📈Bullish

For live Whale Trade Flow, check – https://t.co/qEq8YmxOMM

— TheCoinMonitor (@TheCoinMonitor_) November 1, 2023

THORChain Price Outlook

THORChain price is testing the $2.984 resistance level after a cumulative 33% surge in the month. However, based on the Relative Strength Index (RSI), RUNE is massively overbought, with the RSI at 82. However, the altcoin is still not ripe for selling, as the upside potential remains plausible.

This is indicated by the overall upward inclination of the RSI, showing momentum is still rising. Similarly, the Awesome Oscillator (AO) is recording large volumes of green histogram bars while moving in the positive territory. This shows the bulls are heading the market.

Increased buying pressure above current levels could see THORChain price breach the immediate barricade at $2.984, potentially extending higher. Such a move could see RUNE market value hit the $2.985 range high, or in a highly bullish case, extrapolate to the $3.408 resistance levels. Such a move would constitute a 15% climb above current levels.

However, investors should remain wary of market manipulators, who make a profit by pumping an asset price only to catch unsuspecting longs off guard by triggering a sell-off.

If THORChain price faces a rejection from the $2.984, the ensuing selling pressure could see RUNE value drop towards the $2.505 level. In the dire case, it could confirm a downtrend and therefore correction by breaking and closing below the mean threshold of the supply zone, now turned bullish breaker. A break and close below the $2.036 level would clear the clog for a continued slump.

If push comes to shove, traders can expect THORChain price to dip into the demand zone, extending from $1.588 to $1.495. A solid move below this order block would render it a bearish breaker, with RUNE likely to revisit the August to September lows of around $1.384.

Those looking for diversification may consider BTCMTX. Many traders are flocking to it and some prominent analysts speculate that it has 10X growth potential.

THORChain Alternative

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At #BitcoinMinetrix, we're making mining accessible and secure for everyone through innovative cloud mining and staking methods. pic.twitter.com/memJbYnqle

— Bitcoinminetrix (@bitcoinminetrix) October 29, 2023

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Understanding #CloudMining for $BTC ⛏️💻

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— Bitcoinminetrix (@bitcoinminetrix) October 29, 2023

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This is a matter of urgency for anyone looking to buy BTCMTX at the current rate of $0.0113 because the price will increase in the next stage. Thus far, presale sales have raised $2.967 million, out of the $3.385 million target. Do not miss out on Stage 4 rates.

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