{"id":431921,"date":"2023-08-22T11:09:09","date_gmt":"2023-08-22T11:09:09","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=431921"},"modified":"2023-08-22T11:09:09","modified_gmt":"2023-08-22T11:09:09","slug":"thorchain-price-prediction-rune-gains-1-whats-driving-this-rally","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/thorchain-price-prediction-rune-gains-1-whats-driving-this-rally","title":{"rendered":"THORchain Price Prediction: RUNE Gains 1% \u2013 What’s Driving This Rally?"},"content":{"rendered":"

Over the last month, THORchain (RUNE) has experienced a surge in its price, drawing substantial investments from the investor community.<\/span><\/p>\n

As of 1:54 a.m. EST, <\/span>the token’s price is $1.72<\/span><\/a>, marking a 1.4% rise in the last 24 hours. <\/span><\/p>\n

Moreover, it has registered 11.6% and 73.1% weekly and monthly gains, respectively. So, what’s fueling this surge?<\/span><\/p>\n

RUNE Price Breaks Above Falling Wedge<\/span><\/h2>\n
\"RUNE\/USDT
RUNEUSDT Chart Analysis. Source: Tradingview.com<\/figcaption><\/figure>\n

According to the chart above, the bulls have encountered difficulties driving the price upwards, restricted within the confines of a falling wedge pattern. <\/span><\/p>\n

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. <\/span><\/p>\n

The breakout above the upper boundary of the wedge further highlights this recovery.<\/span><\/p>\n

This bullish sentiment is reinforced by the presence of strongly optimistic price indicators. <\/span><\/p>\n

As of the time of writing, the price stands above both the 50 and 200 simple moving averages, validating the existence of bullish momentum. <\/span><\/p>\n

The averages trade at $1.11 for the 50 SMA and $1.29 for the 200 SMA. <\/span><\/p>\n

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. <\/span><\/p>\n

This serves to validate the presence of bullish momentum in RUNE’s price.<\/span><\/p>\n

Prediction<\/b><\/p>\n

The price outlook for RUNE is mainly positive, with critical resistance points set at $2.22 and $3.02. <\/span><\/p>\n

However, if the price encounters resistance at $2.22, we might see a retracement to $1.72, potentially followed by a bullish rebound.<\/span><\/p>\n

For those who might have missed the bullish rally of RUNE, Wall Street Memes (WSM) presents a compelling chance for investors. <\/span><\/p>\n

The offering comes at a low price in its ongoing presale phase, indicating the potential for substantial returns at the end of the presale.<\/span><\/p>\n

Wall Street Memes (WSM) – LAST CHANCE TO BUY<\/span><\/h2>\n

Wall Street Memes (WSM),<\/span><\/a> 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. <\/span><\/p>\n

This strategic maneuver strategically situates the project for substantial growth within the crypto landscape. <\/span><\/p>\n

It effectively showcases community enthusiasm and innovation while navigating the challenges prevalent in the market.<\/span><\/p>\n

\n

Facts pic.twitter.com\/zuDZeFF7ZP<\/a><\/p>\n

— Wall Street Memes (@wallstmemes) August 20, 2023<\/a><\/p><\/blockquote>\n