RUNE, the native coin of the Thorchain network, has surged past the $1.5 psychological level and could be set to rally higher soon.
RUNE, the native coin of the Thorchain network, is one of the best performers amongst the top 100 cryptocurrencies by market cap. RUNE has added more than 8% to its value in the last 24 hours, outperforming the broader market.
The rally comes as the broader crypto market recovers from its poor performance on Monday. The total crypto market cap is closing in on $950 billion after surging by more than 2% in the last few hours.
Bitcoin, the world’s leading cryptocurrency, is currently trading at $19,626, up by 2.7% in the last 24 hours. Meanwhile, Ether is up by more than 3% so far today and is trading above $1,300 for the first time in nearly a week.
RUNE is outperforming the broader market after adding more than 8% to its value today. There is no apparent catalyst behind RUNE’s ongoing rally.
Key levels to watch
The RUNE/USD 4-hour chart is bullish as Thorchain has been performing well over the last 24 hours. The technical indicators show that RUNE is recovering from its recent dip and could surge higher if the bulls sustain the current momentum.
The MACD line crossed into the positive zone a few hours ago, indicating that the bulls have gained control of the market.
The 14-day relative strength index of 68 shows that RUNE could soon enter the overbought region if the bulls continue to control the market.
At press time, RUNE is trading at $1.647 per coin. RUNE could surge past the first major resistance level at $1.820 before the end of the day.
However, it would need the support of the broader crypto market to trade above $2 for the first time this month.
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