In this THORChain (RUNE) price prediction 2023, 2024-2030, we will analyze the price patterns of RUNE by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
THORChain (RUNE) Current Market Status
What is THORChain (RUNE)
THORChain (RUNE) is the native utility token of the THORChain platform. THORChain is a cross-chain decentralized liquidity protocol. The project was born out of a hackathon that commenced in 2018. Its native token, RUNE, was first launched as a BEP-2 token and then later on as an ERC-20 token in 2019.
THORChain is built on Cosmos SDK and Tendermint protocol and uses a proof-of-stake (PoS) consensus mechanism. It also includes its native decentralized exchange (DEX) that enables users to swap tokens across different blockchains. THORChain DEX aids the inclusion of automated market makers (AMMs).
THORChain (RUNE) is used in staking, trading, security, and governance and is provided as reward to users.
THORChain 24H Technicals
(Source: TradingView)
THORChain (RUNE) Price Prediction 2023
THORChain (RUNE) ranks 30th on CoinMarketCap in terms of its market capitalization. The overview of the THORChain price prediction for 2023 is explained below with a daily time frame.
RUNE/USDT Horizontal Channel Pattern (Source: TradingView)
In the above chart, THORChain (RUNE) laid out the horizontal channel pattern. A horizontal channel or sideways trend has the appearance of a rectangle pattern. It consists of at least four contract points. This is because it needs at least two lows to connect, as well as two highs. Horizontal channels provide a clear and systematic way to trade by providing buy and sell points. The longer the horizontal channel, the stronger the exit movement will be. There is frequently a price on the channel after exit. the exit often occurs at the fourth contact point on one of the horizontal channel’s lines.
At the time of analysis, the price of THORChain (RUNE) was recorded at $6.42. If the pattern trend continues, then the price of RUNE might reach the resistance levels of $6.582, and $9.203. If the trend reverses, then the price of RUNE may fall to the support of $5.554, and $4.712.
THORChain (RUNE) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of THORChain (RUNE) in 2023.
RUNE/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of THORChain (RUNE) for 2023.
RUNE Resistance & Support Levels
THORChain (RUNE) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of THORChain (RUNE) are shown in the chart below.
RUNE/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current THORChain (RUNE) market in 2023.
THORChain (RUNE) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of THORChain (RUNE) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
RUNE/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of THORChain (RUNE).
Comparison of RUNE with BTC, ETH
Let us now compare the price movements of THORChain (RUNE) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs RUNE Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of RUNE is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of RUNE also increases or decreases respectively.
THORChain (RUNE) Price Prediction 2024, 2025 – 2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of THORChain (RUNE) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
Conclusion
If THORChain (RUNE) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish THORChain (RUNE) price prediction for 2023 is $13.013. Comparatively, the bearish THORChain (RUNE) price prediction for 2023 is $1.471.
If there is a positive elevation in the market momentum and investors’ sentiment, then THORChain (RUNE) might hit $15. Furthermore, with future upgrades and advancements in the THORChain ecosystem, RUNE might surpass its current all-time high (ATH) of $21.26 and mark its new ATH.
This content was originally published by our partners at The News Crypto.