Market Analysts Bullish On THORChain (RUNE), Predicting $20 Target In Impending Surge

THORChain (RUNE) appears poised for a breakout, showing strong upward momentum after reaching a recent low of $3.11. Over the past week, it has surged nearly 16%.

Currently, THORChain is trading at $4.22 with a 24-hour trading volume of $207 million. Its market cap is $1.41 billion, reflecting a market dominance of 0.06%. In the last 24 hours, the price of RUNE has risen by 2.27%.

However, The current upswing stems from a broader bullish trend in the cryptocurrency market, driven by Bitcoin (BTC) surpassing the crucial $65,000 mark. However, This surge has instilled optimism, helping altcoins like RUNE recover from recent downturns.

Further boosting sentiment is the imminent launch of Ethereum ETFs on July 23rd. This launch is anticipated to bring a strong bullish wave, mirroring historical patterns where Bitcoin ETF introductions catalyzed market optimism, pushing numerous altcoins to record highs.

RUNE Price Forecast: $7.40 Target & Potential Surge To $20

In a recent analysis drawing attention from the cryptocurrency community, Jonathan Carter, a well-known crypto analyst, shared an optimistic view on THORChain (RUNE)’s price trajectory. On the weekly chart, THORChain shows strong potential, with key levels for traders to monitor closely.

RUNE stands poised for substantial gains pending a successful rebound from the descending resistance line that has been a major hurdle. However, Should it bounce effectively, the next target lies at $7.40, signaling a significant recovery and a bullish indication for traders.

Further upside potential for RUNE is considerable. A breakout above current levels could propel it towards $20, highlighting substantial gains if THORChain manages to surpass existing resistances and build upward momentum.

Given ongoing market recovery and the launch of the Ethereum ETF, conditions appear favorable for THORChain to capitalize on these positive developments, potentially setting the stage for significant upside.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.