THORChain’s RUNE Soars 212% in 12 Weeks

In the past few days, THORChain (RUNE) has demonstrated strong performance en route to attaining its highest point in the past twelve months.

As per the crypto price aggregator, RUNE, the native cryptocurrency of THORChain, is presently trading at its highest level in over a year, at $4.65. 24 hours ago, the price was 15.1% higher than it is now.

It had negative momentum at the start of that trading day until a bull seizure of the market propelled it to $4.00.

Since THORChain’s third-quarter (Q3) 2023 report confirmed substantial advancements and significant milestones for the blockchain, the token has been appreciating.

THORChain’s total trading volume increased by 114.4% during the period, reaching $2.38 billion, while liquidity fees collected totaled $3.38 million.

The market reacted swiftly to the report’s release, which precipitated an 89% increase in the price of RUNE.

Notably, the global cryptocurrency market also gained impetus around this time, with the forthcoming Bitcoin (BTC) spot exchange-traded fund serving as a significant positive driver.

Over the past twelve weeks, RUNE has increased in value by over 212%. In the previous two weeks, its price increased by 85.4%, and in seven days, it rose by 37.2%.

In addition to THORChain’s recent surge, Thorswap’s extraordinary trading volumes have propelled it to the third-largest DEX position.

Additionally, the network’s expansion has been supported by its function as a liquidity layer of last resort for centralized exchanges (CEXs).

The ascent of RUNE commenced on October 21, when it underwent a two-month consolidation at a zone of substantial support, culminating in a breach above the 20 DMA. Over the past month, this support level has sustained a remarkable +162% increase in value.

RUNE is in a severely overbought condition, as indicated by indicators. As per Money Control, the RUNE RSI is currently hovering near 80, and the MACD indicates a favorable threshold at 47.26, which reflects the current market sentiment.