THORChain price estimate – RUNE has increased by 50%
RUNE could be considered one of the fastest-growing coins recently. The chart shows a significant rise in the last few days.
The Relative Strength Index (RSI) of the coin (purple) surged to 90 yesterday, but instead of dropping when the coin became overbought, it remained above 70. This signal suggests a relatively strong and sustainable upward trend. This can be seen when looking at the 30-day moving average (yellow), which is sharply rising above the 200-day average (blue).
This indicator signals a decisive move for RUNE towards a new long-term ascent. Considering its distance from the existing support line (green), we might also anticipate the token to consolidate at higher levels after the current mini bull run concludes.
However, it's also possible that this rise will persist for several days or even weeks. The fact that the recent performance started with the release of positive growth data for this decentralized exchange and liquidity protocol adds to this argument.
Nearly every indicator now points to the growth of THORChain. In particular, the TVL (Total Value Locked), transaction volume, and number of swaps of this cross-chain protocol are increasing day by day.
And it's clear that as THORChain grows, the demand for RUNE tokens will also rise.
Especially as the THORChain liquidity pool grows, more RUNE is correspondingly required. This token is held beyond any individual cryptocurrency listed and locked on the platform. Simply put, THORChain uses RUNE as additional collateral in every pool. So, the bigger the pool, the more RUNE needs to be locked.
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