- RUNE’s social dominance increased dramatically as its popularity grew.
- The token’s trading volume has also decreased along with its price over the past 24 hours.
Thor Chain (Rune) Last week saw a remarkable performance with double-digit price gains. However, the scenario changed in the last 24 hours as the token chart turned red.
Is this a short term price correction or will the token price fall further due to the downtrend?
THORChain’s bullish week
CoinMarketCap’s data It turns out that RUNE investors had a profitable week, as the token’s value soared by more than 25% during that period.
However, a downward trend has been observed over the past 24 hours, with THORChain’s value dropping by more than 2.5%.
At the time of writing, RUNE was trading at $3.91 and had a market cap of over $1.3 billion, making it the 52nd largest cryptocurrency.
The weekly price increase has led to a surge in RUNE’s social dominance, reflecting its growing popularity. However, after a significant rise on August 16, RUNE’s weighted sentiment has declined.
This suggested that bullish sentiment towards the token was weakening.
Source: Santiment
The recent price drop may be temporary as the token is preparing for a huge breakthrough. In fact, AMBCrypto Reported I’ve said before that RUNE will soon hit $5.
Popular cryptocurrency analyst World Of Charts recently wrote: tweet A descending wedge pattern has emerged on the THORChain chart.
This pattern appeared in November 2023, and since then the price of RUNE has been consolidating within it. At the time of writing, the price of the token was on the verge of a breakout.
According to the tweet, if a breakout occurs, investors could witness a 200% rally in the coming weeks or months. Thanks to the bullish run, the token could even reach $10.
Source: X
What the metrics say
The good news is that while the price of THORChain has dropped over the past 24 hours, the trading volume has also decreased by 32%. Such events often signal a trend reversal.
Looking at data from Coinglass, RUNE’s open interest has also decreased. Generally, a decrease in open interest suggests that the current price trend is likely to change.
Source: Coinglass
read THORChain (RUNE) Price Prediction 2024-25
The MACD also showed a bullish crossover. Likewise, the Chaikin Money Flow (CMF) has also shown an uptrend, which suggests that RUNE will recover $5 in the coming days.
However, the Relative Strength Index (RSI) was slightly down and heading towards the neutral mark, indicating that the continued price decline could continue, which could take RUNE to $2.9.
Source: TradingView