RUNE is likely one of the greatest performers amongst the highest 50 cryptocurrencies by market cap.
The broader cryptocurrency market continues its restoration, including greater than 2% to its worth within the final 24 hours.
Due to the constructive efficiency, the overall cryptocurrency market cap has surpassed the $1.9 trillion mark once more and will quickly attain $2 trillion.
Bitcoin is up by greater than 3% within the final 24 hours and now trades above $41k per coin. If the constructive momentum persists, Bitcoin might surpass the $43k resistance stage quickly.
Nevertheless, RUNE, the native token of the THORChain ecosystem, is the perfect performer amongst the highest 50 cryptocurrencies by market cap. RUNE is up by 19% within the final 24 hours, outperforming the opposite main cryptocurrencies.
The first catalyst behind RUNE’s ongoing rally is the current report by Delphi Digital highlighting the expansion of the THORChain community over the previous few months.
According to the report, the buying and selling quantity and whole worth locked (TVL) on decentralised finance (DeFi) tasks on THORChain reached $162M and $549M, respectively in March.
The figures had been each all-time highs, indicating the expansion of the blockchain in current weeks.
Key ranges to observe
The RUNE/USDT 4-hour chart is likely one of the most bullish amongst the highest 50 cryptocurrencies by market cap. The technical indicators present that RUNE might expertise additional positive factors within the coming hours.
The 14-day relative power index of 59 reveals that RUNE is transferring in direction of the overbought territory. The MACD line is above the impartial zone, indicating bullish momentum.
At press time, RUNE is buying and selling at $9.1 per coin. If the bulls stay in cost, RUNE might surpass the primary main resistance stage at $10.795 earlier than the tip of the day.
Nevertheless, it will want the assist of the broader cryptocurrency market to commerce above $12 for the primary time since March.