Thorchain (RUNE) Price Jumps 10% Defying Broader Market Slump, Here’s Why !

#SHIB #altcoins #BlackRock #CryptoWatchMay2024 #BTC RUNE, the native cryptocurrency of the decentralized liquidity protocol THORChain, surged by 10% in the last 24 hour moving against the broader market tide. As of press time, the THORchain (RUNE) price is trading at $5.92 with a market cap of just under $2 billion. Also, the daily trading volumes for RUNE have surged by a staggering 100% all the way to over $600 million.Will ThorChain (RUNE) Price Rally Continue?Over the last week, the THORchain (RUNE) price has surged by 21% despite the crypto market volatility. When the Bitcoin price surged to its all-time high of $74,000 in March, the RUNE price surged all the way to $10.3 back then.Following a rejection above its resistance level of $9.950, the bulls lost momentum, leading to a correction of 30.97% in THORChain’s portfolio. Subsequently, the RUNE token traded sideways for a period. However, increasing volatility hindered the bulls from maintaining support above $7.335.

Consequently, the altcoin experienced a 35.37% decline in valuation. Currently, the price fluctuates between $4.740 and $6.130, with an uncertain outlook as it approaches its resistance level. Additionally, the EMA 50-day serves as resistance, indicating a prevailing bearish sentiment.

Should the market propel the RUNE price above $6.130, bullish momentum may persist, targeting the upper resistance level of $7.335. Sustaining this level could pave the way for testing the higher high of $8.725.Conversely, a reversal in the bearish trend could lead to a loss of momentum, potentially driving the RUNE token towards its crucial support at $4.740 in the near future.Future Projections By CEO.In a thread, THORChain’s CEO emphasized the importance of providing a secure and yielding environment for assets to enhance Total Value Locked (TVL). Addressing user experience (UX) issues related to liquidity provision was also highlighted as a priority.