- In the last six months alone, the price of RUNE has fallen by 70%
- Most technical indicators pointed to a trend reversal
THORChain [RUNE] recently underwent a major hard fork, one that brought new changes to the blockchain. However, the hard fork was not enough to fuel bullish sentiment in the market as the token soon registered a double-digit decline. That’s why it’s worth taking a closer look at what’s going on with RUNE.
THORChain’s newest hard fork
THORChain developers pushed their latest hard fork on September 4. The upgrade brought several new updates to the blockchain, such as removing outdated legacy code, upgrading the Cosmos SDK version, shortening node states for faster syncing, and adding support for Bitcoin Taproot addresses.
Although this hard fork brought some important changes, it failed to invite the market bulls. This is because the price of the token has fallen by 70% in the last six months. In the last seven days alone, the price of RUNE has fallen by double digits.
According to CoinMarketCapthe price of RUNE fell by 11% in just one week. At the time of writing, it was trading at $3.54 with a market cap of over $1.18 billion.
The bad news was that while the price of the token fell, trading volume increased. Typically, an increase in volume during a price decline acts as the basis for a bear rally. However, it was interesting to note that despite the price drop, RUNE’s weighted sentiment increased. This also indicated some semblance of bullish sentiment.
Source: Santiment
Social volume also increased, reflecting the token’s popularity in the crypto space.
Apart from that, AMBCrypto’s review of Coinglass data revealed yet another bullish signal. According to our analysis, RUNE’s long/short ratio increased. This indicated that there were more long positions in the market than short positions.
Source: Glassnode
What can you expect from RUNE?
AMBCrypto then checked the token’s daily chart to find out if the bulls can take over in the coming days. According to our analysis, RUNE’s price is consolidating within a parallel channel. However, there was better news.
The price of the token reached the lower limit of the Bollinger Bands, which often results in price increases. Moreover, the Relative Strength Index (RSI) also registered an upswing, indicating a soon bullish trend reversal.
Source: TradingView
Read THORChain [RUNE] Price prediction 2024-25
Finally, AMBCrypto’s analysis of Hyblock Capital’s data revealed the altcoin’s upcoming targets.
As suggested by the technical indicators, if the bulls take control, investors could witness RUNE reclaim $4.22 in the coming days. However, if the price continues to fall, the price could drop to $2.9.
Source: Hyblock Capital