THORChain (RUNE) Price Prediction – When will RUNE hit $20?

THORChain is a decentralized liquidity exchange, functioning as a platform on which individuals can create liquidity pools for decentralized exchanges (DEXs). This enables users to list tokens on DEXs even if the tokens do not reside on the native blockchain of the platform.

The primary objective of THORChain, which was founded in 2019 by an anonymous developer group, is to make it easier for DEXs to diversify their offerings by implementing a wider variety of coins and tokens for their users.

THORChain's operational architecture is supported by a Proof-of-Stake (PoS) consensus mechanism. In this configuration, individuals are selected to append blocks to the blockchain and validate transactions based on their RUNE holdings.

Additionally, those who possess RUNE tokens have the ability to vote on THORChain network modifications. To participate in network operations, individuals must stake their RUNE tokens, allowing them to administer the network's computers, known as nodes, effectively.

Currently, there are 340,360,949 RUNE in circulation, 68% of the 500,000,000 max supply. THORChain price today has a market cap of $390,779,420, where the trading volume for the last 24 hours was $60,980,857.

Let’s see the Thorchain price Forecast from the THORChain (RUNE) Price Prediction:

RUNE/USDT Trades Below The Critical Supply Area

In the RUNE Price forecast, the recent bullish recovery from the 0.777 swing low came with a V-shape recovery, a sign of a strong bullish reversal. On the other hand, a downside correction and an additional bullish rejection from the 0.904 support level increased the possibility of a bullish trend continuation for this instrument.

According to the volume structure, the highest trading volume level since 14 June 2023 is at 1.008, which is below the current price. Moreover, the 20-day Exponential Moving average works as confluence support at the daily high volume area, where the Relative Strength Index (RSI) aims for the overbought 70% level. The 20 EMA has yet to move above the 100-day SMA level, indicating that bulls have not done with the price. 

Based on the current THORChain Price Prediction, any bearish correction in this pair could increase the buying possibility, depending on how the price shows a bullish rejection. The aggressive approach is to wait for the price to come to the dynamic support and form a bullish daily candle. However, a new swing low formation with a D1 close below the 0.904 support level could offer a conservative short approach.

The alternative idea is to wait for a bullish break above the 1.191 level, which could initiate an immediate bullish trend continuation towards the 1.1600 level. 

RUNE/USD Ichimoku Cloud Analysis

The buying pressure in the RUNE/USD H4 chart is solid as the current price shows a strong higher high formation above the dynamic Kumo Cloud support. The Senkou Span B is sloping higher, whereas the Senkou Span A is above B, indicating short-term buyers' presence in the market. However, the price is overextended from the current support zone, which is a sign of a pending downside correction as a mean reversion.

The challenge for bulls is overbought MACD EMA’s that have reached the upper boundary. As the price is ready to trade 23% higher from the latest swing low, a bearish correction may come towards the near-term demand zone.

Based on the H4 RUNE Coin Price Prediction, the buying pressure is still solid as long as it trades above the 1.000 key psychological support level. However, a downside correction is pending, where the main aim is to test the 1.045 to 0.991 demand zone.

The alternative trading approach is to find a strong bearish H4 candle below the 1.109 level, which will increase the possibility of a short-term bearish possibility, targeting the Ichimoku Cloud zone.

RUNE/USD Intraday Price Action Analysis

The bullish possibility in the intraday price chart of RUNE/USD is solid as the visible range high volume level is below the price, working as a support level. However, the gap between the current price level and the high volume area has widened, increasing the possibility of a bearish mean reversion.

The indicator window shows the same story: the current TDI line rebounded from the overbought area and reached the 50% neutral level.

Based on the H1 RUNE Price Prediction, THORChain price is more likely to show a downside before extending the bullish trend. A Bearish H1 candle below the 20 EMA could lower the price towards the 1.000 key psychological area.

On the other hand, the long-term direction is bullish, and any sign of a bullish rejection from the dynamic support could resume the existing trend.

Is RUNE/USDT A Buy?

Based on the current THORChain Price Prediction today, RUNE/USD is more likely to increase higher in the coming days. However, investors should closely monitor the daily chart as a sufficient downside correction is pending before forming another bullish leg.

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