According to coinmarketcap, the maximum supply of RUNE is around 461M RUNE and the circulating supply is around 258M RUNE. RUNE holds the 61st rank according to market cap and has the market dominance of 0.11%.
At the time of writing RUNE is being traded at the price of $11.27 with an increase of almost 8.01% in the last 24 hours. RUNE is bullish for the long term. The maximum and minimum today are $11.97 and $10.39 respectively. The daily trading volume has also increased by almost 111.65%. RUNE had created its ATH in May 2021 and reached a price of almost $21.280. During the crash, the price of RUNE dropped down to a level of $3.010. The price is trying to regain its momentum and cross the all-time high but it can drop for some time.
Technical Analysis – THORChain (RUNE)
Even though we can see that Rune is going to drop but it doesn’t mean that the higher time frames (monthly and weekly) are showing the same. The price is quite bullish and we can expect it to go higher in the long run but currently, the price may retrace back a little.
The price broke structure and started moving upwards and this was done with strong momentum. This did create an order block but was invalidated when the price created the second order block after it started to drop. It created a head and shoulder pattern which resulted in the price dropping down (this created the new order block). Now the price has broken structure. We can expect that it will move upwards to the order block and if a clean break is observed from this level, we can expect the price to move up again.
If the price shows any kind of reaction, we can expect that it would result in a drop to the unmitigated order block which was created by the first impulsive move. The presence of the inefficient price movement is also a confluence for the price to a dropdown.
Price Prediction – THORChain (RUNE)
In the long run, RUNE is a good opportunity. According to the wallet investor, the price of Rune is to reach a value of $11.531 in a year. For a five-year plan, the price will reach a value of $59.536. But the investors are even more bullish on the value and they think that it will reach even more.
