RUNE Token Rockets 11.94% in One Day: Is a Bullish Rally on the Horizon?

Bits Logics Team . 13th Oct 2023
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  • Priced at $1.66, RUNE experienced a notable surge of 11.94% within a single day.
  • Over the past seven days, however, RUNE faced a slight setback, witnessing a 6.99% dip. 
  • RSI bands are currently pointing towards the middle section, indicating a consolidation phase.

RUNE, the native utility token of THORChain, has showcased remarkable resilience. Priced at $1.66, RUNE experienced a notable surge of 11.94% within a single day, capturing the attention of traders and investors alike.

Over the past seven days, however, RUNE faced a slight setback, witnessing a 6.99% dip. Despite this temporary decline, the cryptocurrency community remains optimistic, pointing towards the token’s potential for a swift recovery.

The token’s market capitalization currently stands at an impressive $561,097,774, underlining its significance in the market. Furthermore, trading activity surrounding RUNE has witnessed a significant spike, with a trading volume of $123,776,161 – marking a substantial increase of 90.54%. This surge in trading volume hints at renewed investor interest, potentially fueling an upward momentum.

RUNE/USDT 3-Hour Chart (Source: TradingView)

Analyzing the technical indicators, the RSI bands are currently pointing towards the middle section, indicating a consolidation phase. This suggests a period of stability and balanced trading activity, providing a foundation for potential future growth.

A noteworthy observation lies in the candlestick pattern. During the downtrend, the candlesticks were hugging the lower band, signifying a bearish market sentiment. However, a significant shift occurred as the candlesticks started climbing, indicating a potential uptrend in the market. 

This change in pattern has intrigued traders, prompting discussions about the emergence of a bullish trend. The sudden increase observed in the one-day trading could last for the week, hence, traders need to be careful while entering the market.

Disclaimer: The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by Bits Logics are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.