In the crypto spotlight, thorchain's rune is riding high, hitting a year-high of $4.65, marking a 15.1% increase in the last 24 hours. this surge is buoyed by thorswap's impressive trading volumes, securing its position as the third-largest decentralized exchange (DEX).
In the recent days, THORChain (RUNE) has demonstrated strong performance, reaching its highest point in the past 12 months.
As per data from crypto price aggregator CoinGecko, THORChain's native cryptocurrency, RUNE, is presently at a year-high of $4.65, marking a 15.1% increase within the last 24 hours.
Earlier, it commenced the day with a negative trend, but a bullish market takeover propelled it to $4.00.
The positive trajectory follows THORChain's Q3 2023 report, revealing notable progress and achievements for the blockchain. During this period, THORChain observed a remarkable 114.4% surge in total trading volume, reaching $2.38 billion, while liquidity fees collected amounted to $3.38 million.
The report's release triggered an immediate market reaction, resulting in an 89% surge in the price of RUNE. It's essential to note that this surge aligns with a broader uptick in the global crypto market, partly driven by the anticipation of a Bitcoin (BTC) spot exchange-traded fund.
Since mid-October, RUNE has experienced substantial growth, surpassing 212%. Over the last two weeks, its price witnessed an 85.4% uptick, with a notable 37.2% increase in the past seven days.
Thorswap's substantial trading volumes have contributed to THORChain's recent rally, securing its position as the third-largest decentralized exchange (DEX). Additionally, THORChain's role as a liquidity layer for centralized exchanges (CEXs) has fueled its overall growth.
RUNE's upward trajectory initiated on October 21, following a two-month consolidation at a robust support zone, resulting in a breakout above the 20-day moving average (20 DMA). This support level has since sustained an impressive rally of +162% in the past month.
Indicators suggest an overbought condition for RUNE. According to Money Control, the RUNE RSI hovers around 80, and the MACD reflects a bullish level at 47.26, indicating the prevailing positive sentiment in the market.
