Recent price movements in the altcoin market show a promising turnaround after an overnight 3% increase in Bitcoin. Among the rising altcoins, the price of Thorchain (RUNE) has been steadily recovering this week.

Starting at $4.79, the value of the Thorchain token has climbed to nearly $6.50 in just 10 days, indicating a bullish trend that could continue moving upwards. The question now arises whether the price of RUNE will reach $100 by 2024, for detailed predictions visit our Thorchain price prediction page.

Thorchain Price Analysis

With a market cap of $2.18 billion, Thorchain is on track to become one of the top 50 cryptocurrencies in the market. Currently trading at $6.50, the RUNE price has seen an intraday growth of 3.38% after crossing above the 50-day EMA.

The recent bullish momentum in Thorchain has resulted in a 35% increase over the past ten days, with a confirmed breakout from a double bottom pattern. This development has prevented the formation of a death cross on the daily chart, indicating a positive trend for now.

Breaking through the resistance levels at $5.65 and the 23.60% Fibonacci retracement level, the price of RUNE is seeing its third consecutive day of gains. Supported by increasing trading volumes, the bullish momentum is likely to continue in the near future.

Technical Analysis:

• RSI Indicator: The daily RSI line is approaching the overbought region, signaling a significant increase in momentum.
• EMAs: The price has crossed above the 50-day EMA, suggesting strong bullish sentiment. The EMAs are expected to provide dynamic support as the price continues to rise.

Potential for $10 Price Target

As the altcoin market gains momentum alongside Bitcoin's positive price action, the overall demand for cryptocurrencies is on the rise. Given the current trend in Thorchain price, it is possible that the $10 milestone could be a realistic target in the near future.

However, based on Fibonacci levels, the $7.67 mark may act as a short-term resistance before the price can reach the $10 goal.