The Thorchain price popped sharply on Friday even as other cryptocurrencies pulled back. RUNE is trading at $10.30, which is about 62% above the lowest level this month. This performance brings its market capitalization to more than $2.3 billion, making it the 60th biggest cryptocurrency in the world.
What is RUNE?
Thorchain is a blockchain project that was built using Cosmos blockchain technology. It is a cross-chain decentralized exchange (DEX) that uses the automated market maker (AMM) model. The network allows traders to trade cryptocurrency assets. RUNE is the native currency for this ecosystem and is what powers the technology.
As the native currency for the Thorchain network, RUNE has five key roles. First, it provides liquidity for the network and helps to secure it as well. It is also a means of governance since Thorchain is based on a proof-of-stake technology. Also, it is used to pay rewards to members and to elevate assets.
Thorchain price prediction
The daily chart shows that the RUNE price found a strong support at $6.48 level this month. It struggled moving below this support several times before. Recently, the ThorChain price has made a spectacular rebound, which has helped it move above the 25-day and 50-day moving averages. The coin’s MACD has also moved above the neutral level.
RUNE is now approaching an important level of resistance at $12.6, which was the highest point in September. Therefore, a major bullish breakout will be confirmed if the coin manages to move above this resistance.
If this happens, bulls will start eying the next key resistance level at $22, which is its all-time high. This price is more than double the current level. However, a drop below the support at $8 will invalidate this view.