📈 **ThorChain (RUNE) Daily Price Chart - A Top 5 Crypto Asset**

🚀 **Overview:**

ThorChain (RUNE) has emerged as a standout performer in 2023, defying the bear market's impact on many cryptocurrencies. With an impressive growth from $0.8 to a new yearly high of $6.6, marking a remarkable 500%+ price rally, ThorChain has garnered attention for its high trading volume on decentralized exchanges (DEX), particularly the ThorSwap DEX facilitating Bitcoin to Ethereum conversions on the ThorChain network.

📊 **On-Chain Activities and Price Rally:**

On-chain data highlights ThorChain's robust trading volume on various DEX, outpacing DeFi activities on platforms like Curve Finance. The positive on-chain activities have significantly influenced the price of RUNE/USDT over the past 30 days.

📈 **Price Movement and Bullish Momentum:**

The price of RUNE/USDT surged from $1.5 to a yearly high of $6.6, showcasing bullish dominance and increased activities on the ThorChain protocol. Continued yield generation through on-chain activities could potentially propel RUNE/USDT to break the resistance at $8.

📉 **Potential Breakout Scenario:**

A successful break and close above $8 might pave the way for a further rally to $14, establishing a new yearly high. Currently facing a minor price rejection, the support zone lies around $5, slightly above the 61.8% Fibonacci Retracement value. Trading above the 50-day Exponential Moving Average (EMA) would be a favorable position for bulls, while a break below this level could pose challenges.

📊 **Key Levels:**

- **Support:** $5

- **Resistance:** $8

📉 **Indicators:**

- **MACD Trend:** Bullish

🚀 **Conclusion:**

ThorChain (RUNE) exhibits strong bullish momentum, backed by its impressive on-chain activities and price rally. Maintaining support above $5 is crucial, and a successful breach of the $8 resistance could lead to further highs.

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