First proposed in September 2023, the RUNE protocol has gained significant attention from the crypto industry following its launch. The new token is designed to streamline the fungible tokens on the Bitcoin blockchain.
The RUNES protocol minters have already spent more than 80 Bitcoins in fees to acquire these tokens. The RUNES protocol is assumed to benefit Bitcoin’s fee economy in the coming time significantly. Positively, the RUNE protocol has already achieved the 20,000 holders mark.
THORChain Price Sentiments:
The RUNE price has recorded a bullish reversal of approximately 20% within 24 hours, indicating increased buying pressure in the cryptocurrency industry. However, the price has recorded a correction of 5.36% within the past seven days and 30.75% over the past 30 days.
At the time of writing, the price of the RUNE token was $5.363 and Its Year-to-Date (YTD) stood at +3.47%. With the positive sentiment around the crypto space, the Simple Moving Average (SMA) displays a bullish convergence in the 1D time frame.
The technical indicator, MACD, displays a constant decline in the red histogram, indicating an increase, in the buying pressure within the crypto space. Moreover, the averages show a high possibility of a bullish convergence, suggesting a positive outlook for the altcoin in the coming time.
If the bulls continue to gain momentum, the RUNE price will prepare to test its upper resistance level of $7.355 during the upcoming weeks. However, a bearish trend reversal may pull the price toward its crucial support level of $3.710 this month.
Conclusion:
With the compilation of the 4th Bitcoin Halving on 20th April, and the rising bullish sentiment in the cryptocurrency industry, the market is prepared to record a new all-time high (ATH) during the upcoming months.
Note: The volatility in the crypto industry is on the path of reaching a new high. Make sure to DYOR research before making investments, in any digital asset, as the market may record massive price action within a short period.
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