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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.

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.

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.

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

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).

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.

THORChain price
TradingView: RUNE/USDT 1-day chart

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.

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