The Thorchain price has bounced back in the past few days as demand for the coin rises. RUNE, its native token, has risen by more than 25% in the past 24 hours according to data by CoinMarketCap. It is trading at $4.30, which is the highest it has been since February 17th this year. The price is also about 45% above the lowest level this year.
Thorchain is a fast-growing blockchain platform that offers liquidity services across multiple chains. It works through a network of public THORNodes and ecosystem products. The project’s idea is relatively simple. Instead of trading chain-specific products in an exchange, users can trade multiple assets on different chains. RUNE is the native token for the ecosystem.
The four-hour chart shows that the RUNE price crashed to a year-to-date low of $3 in February this year. This price was about 68% below its all-time high. Now, the coin has bounced back and has risen by about 43% from its lowest level this year.
The Thorchain price has also moved above the 25-day and 50-day moving averages and the descending trendline shown in black. It has also moved above the psychological level of $4. Oscillators like the Relative Strength Index and MACD are also pointing upwards. It has also formed a small inverted head and shoulders pattern.
Therefore, there is a likelihood that the Thorchain price will continue moving upwards as bulls target the next key resistance at $5. This view will be invalidated if the coin moves below the key support level at $3.50.
This post was last modified on %s = human-readable time difference 11:29