RUNE’s Bullish Momentum Could Continue In Next 24-48 Hours

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RUNE's Bullish Momentum Could Continue In Next 24-48 Hours
  • Yesterday it was announced that MetaMask added support for THORChain, which allows users to engage in self-custody swaps.
  • This had a positive effect on RUNE’s price as it jumped by more than 9% over the past 24 hours, which left it trading at $1.89.
  • At press time, the altcoin was attempting to break out above the consolidation channel it has been trading in for two weeks.

Cryptocurrency ambassador, Joel Valenzuela, shared on X yesterday that MetaMask added support for THORChain (RUNE) over the past few days. The integration with THORChain could potentially revolutionize the protocol. This is because it provides a fresh opportunity for MetaMask users to engage in self-custody swaps.

The announcement appears to have further boosted the previous upward trend of THORChian’s native cryptocurrency, RUNE. This indicates that bullish investors have gained increased confidence due to Thorchain’s newfound accessibility through Metamask.

CoinMarketCap indicated that RUNE saw its price surge by more than 9% throughout the past 24 hours. As a result, RUNE was trading at  $1.89 at press time, which was right below its daily peak of $1.92.

Additionally, RUNE’s 24 hour trading volume stood at $113,964,160, which was a more than 48% increase from the previous day. The cryptocurrency was also able to strengthen against the market leader, Bitcoin (BTC), by about 9.21% over the past day of trading.

The positive news surrounding RUNE and MetaMask also had a favorable impact on the token’s performance over the past seven days as it was able to climb by 19.95% over this period. Meanwhile, its market cap of $636,588,998 meant that RUNE was ranked as the 52nd largest cryptocurrency.

Daily chart for RUNE/USDT (Source: TradingView)
Daily chart for RUNE/USDT (Source: TradingView)

Technically, RUNE’s price had been trading in a consolidation channel between $1.345 and $2.050 over the past 2 weeks. At press time, however, the altcoin was attempting to break out above this channel. If RUNE is able to close a daily candle above $2.050, then it may continue to rise to $3.010.

However, if RUNE faces rejection from this price point, then it could correct down to the lower level of the price channel at $1.345. Thereafter, continued sell pressure may lead to it breaking below this support to the next significant price point at $1.080.

Investors and traders will want to take note of the fact that the daily MACD line crossed below the MACD Signal line over the past 48 hours. This is a significant bullish technical flag which indicated that RUNE’s trend has recently reversed from bearish to bullish.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.