Thorchain Price Prediction as RUNE Explodes Higher

The Thorchain price has bounced back in the past few days as demand for the coin rises. RUNE, its native token, has risen by more than 25% in the past 24 hours according to data by CoinMarketCap. It is trading at $4.30, which is the highest it has been since February 17th this year. The price is also about 45% above the lowest level this year. 

Thorchain is a fast-growing blockchain platform that offers liquidity services across multiple chains. It works through a network of public THORNodes and ecosystem products. The project’s idea is relatively simple. Instead of trading chain-specific products in an exchange, users can trade multiple assets on different chains. RUNE is the native token for the ecosystem.

Thorchain price prediction

The four-hour chart shows that the RUNE price crashed to a year-to-date low of $3 in February this year. This price was about 68% below its all-time high. Now, the coin has bounced back and has risen by about 43% from its lowest level this year. 

The Thorchain price has also moved above the 25-day and 50-day moving averages and the descending trendline shown in black. It has also moved above the psychological level of $4. Oscillators like the Relative Strength Index and MACD are also pointing upwards. It has also formed a small inverted head and shoulders pattern.

Therefore, there is a likelihood that the Thorchain price will continue moving upwards as bulls target the next key resistance at $5. This view will be invalidated if the coin moves below the key support level at $3.50.