THORChain (RUNE) Price Jumps 50%: Impact of Bears on Bullish Momentum
RUNE Price Rise Hurts Bears
THORChain (RUNE) has experienced a remarkable 50% price surge over the past two days, resulting in substantial losses for short traders. This surge has led to the liquidation of nearly $1 million worth of shorts contracts, marking a four-month high in shorts liquidation.
RUNE Liquidation
The Open Interest volume is currently at $121 million, the third highest in the past 24 months. The prevailing optimism among investors, combined with a positive funding rate, indicates a strong preference for a bullish outcome.
RUNE Price Prediction: Future Outlook
Analysis of the 3-day chart suggests that the RUNE price has breached key Fibonacci retracement levels and is on the verge of establishing vital support levels. Maintaining the current momentum could lead to a price target of $10, but the MVRV Z-Score indicates a potential overvaluation that might trigger profit-taking and corrections.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.