THORChain coin (Rune) price today - Chart, prediction & analysis

With a fresh breakout above a key trendline and a dance around critical support levels, RUNE is at a crossroads that has traders buzzing. Could this be the turning point that RUNE hodlers have been waiting for, or is it just another false dawn?

In this analysis, we'll dissect RUNE's recent price action, identifying the crucial levels that could make or break its recovery. We'll also tackle the burning question: Is RUNE ready to reclaim its former glory, or are there better opportunities in the current market landscape?

• The last few months of price action have been pretty poor; however, RUNE doesn't look as bad here as it has for the last few months.
• RUNE has broken out of its main downtrend line, which is positive.
• In the short term, it has found resistance at the horizontal level of $4.78, which we have long identified as a key level.
• Currently, though, RUNE does sit on top of local support at $4.30, so it may be able to bounce from here and retest $4.78 if the wider market holds up.
• If RUNE can break above $4.78, the next target is $6.08.
• THORChain possibly re-visits the $3.38 horizontal support, but we think this can be a local bottom area.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. These are not signals, and they are not financial advice.

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Cryptonary's take

Overall, the setup is less bearish than what RUNE has been in recent months, so that's more positive for RUNE. However, just because RUNE looks less bearish than it in the recent past doesn't mean it's the opportunity to go for. We do see better opportunities in the majors and also the bluechip memes (WIF and POPCAT). Therefore, our focus has been there rather than laggards such as RUNE. And with the price action we've seen, we've been proven right.

RUNE USDT price chart showing key support and resistance levels with recent price trends and RSI indicator

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What is RUNE crypto?

Rune (RUNE) is the native token of the Thorchain network, a decentralized liquidity protocol. It is used for governance, bonding, and as a base pair in the network's liquidity pools. As a governance and utility token, RUNE plays a crucial role in maintaining the network's operations and incentivizing liquidity provision.

How to buy RUNE

Via Centralized Exchanges (CEX):

1. Choose a CEX that lists RUNE, like Binance, ByBit, or Kraken.
2. Create and verify your account.
3. Deposit funds.
4. Go to the RUNE/USDT trading pair and purchase RUNE.