THORChain (RUNE) Poised to Explode 600% as It Sets Targets of $7.40 and $20

THORChain (RUNE) is showing strong signs of an imminent breakout, setting the stage for a significant upward climb.

Cryptocurrency prices have been on a roller coaster ride this year, and THORChain (RUNE) is no exception. After hitting a recent low of $3.11, RUNE has rebounded sharply, rising nearly 16% over the past week and setting its sights on a significant upward climb.

But what’s driving this rally, and what can we expect next for RUNE? Let’s take a closer look.

Rising From The Depths: THORChain (RUNE) Surges 2.27%

At the time of writing, THORChain is trading at $4.22 with a 24-hour trading volume of $207 million. In the past 24 hours alone, the price of RUNE has increased by 2.27%. This surge is part of a broader rally in the cryptocurrency market, driven by Bitcoin (BTC) surpassing the crucial $65,000 level.

The latest data shows that RUNE is up 2.27% over the past 24 hours. Its 24-hour high and low are $4.27 and $3.98, respectively. Meanwhile, RUNE is also up 16.03% over the past 7 days, and it has a circulating supply of 333.04 million.

With a market cap of $1.41 billion, RUNE is currently ranked 66th out of the 13,134 cryptocurrencies tracked by CoinMarketCap.

A Deeper Look At RUNE’s Rally And Upcoming Catalysts

This positive momentum is largely driven by the broader bullish phase in the cryptocurrency market. As Bitcoin continues to rally and approach new all-time highs, it is pulling various altcoins, including RUNE, up from their recent declines.

Moreover, the upcoming launch of Ethereum ETFs is also adding to the bullish sentiment. These ETFs, which are scheduled to hit the market on July 23rd, are expected to bring a highly bullish wave to the crypto market.

As a reminder, the launch of Bitcoin ETFs had a positive impact, helping the market enter a bullish phase and propelling several altcoins to new all-time highs.

Our TopTrending Analysis Picks For This Week: XRP, RUNE, SAND, XLM, VET

Prominent crypto analyst Jonathan Carter has shared his analysis on the price trajectory of THORChain (RUNE), which has garnered attention within the cryptocurrency community.

In his recent analysis, Carter points out some critical levels that traders should watch for RUNE, especially on the weekly chart. From the technical perspective, RUNE looks great on the weekly chart with critical levels that traders should keep an eye on.

If RUNE can bounce off the descending resistance line, the next target is $7.40. Potential RUNE breakout to $20 if THORChain can overcome current resistances and gather upward momentum.

With continued market recovery and the Ethereum ETF launch, there’s every reason to believe THORChain takes full advantage of these positive factors, setting the stage for a massive upside.