Here is why RUNE went up by 22% in the last 24 hours
RUNE is the best performer amongst the top 50 cryptocurrencies by market cap in the last 24 hours.
The cryptocurrency market has performed well over the past 24 hours. The total cryptocurrency market cap surged above the 42 trillion mark earlier today, with Bitcoin reaching the $45k level.
However, the market has slightly retreated, and Bitcoin is now trading around $44k per coin. Ether has maintained its price above $3,100.
RUNE, the native token of the THORChain ecosystem, is up by more than 22% in the last 24 hours, making it the best performer amongst the top 50 cryptocurrencies by market cap.
At press time, RUNE is trading at $9.8 per coin. The primary catalyst behind RUNE’s ongoing rally is the protocol upgrade by the development team.
The team announced a few hours ago that the active protocol version had been upgraded from 1.82.0 to 1.83.0. It added that all 101 active nodes on its blockchain now run on 1.83.0.
Key levels to watch
The RUNE/USD 4-hour chart is the most bullish amongst the top 50 cryptocurrencies by market cap. The technical indicators show that RUNE is performing excellently at the moment.
The MACD line has been above the neutral zone since the start of the week, indicating strong bullish momentum. The 14-day relative strength index of 80 shows that RUNE is currently in the overbought region.
If the rally continues, RUNE could trade above $10 for the first time this year. In the event of an extended bullish performance, RUNE could trade above the second major resistance level at $11.2.
However, the resistance level at $12 should limit further upward movement in the short term.