THORChain (RUNE) Price Prediction 2022: Can the Bulls Reclaim the Narrative?

THORChain [RUNE] recently underwent a major hard fork, one that brought new changes to the blockchain. However, the hard fork wasn't enough to stir up bullish

THORChain’s [RUNE] recent hard fork brought several new changes to the blockchain. However, the token failed to register any major gains despite the upgrade. In fact, RUNE’s price dropped by 11% over the last seven days.

Here’s a closer look at what went down with RUNE, and what to expect next.

THORChain’s latest hard fork was pushed by developers on 4 September. The upgrade brought several new updates to the blockchain, including the removal of obsolete legacy code, an upgrade to the Cosmos SDK version, trimming of node states for faster sync, and the addition of support for Bitcoin Taproot addresses.

Despite the hard fork introducing several key changes, it failed to invite the market bulls. This was especially surprising considering the token’s price dropped by 70% over the last 6 months. In fact, the token dropped by double digits over the last seven days alone.

According to CoinMarketCap, RUNE’s price fell by 11% in just one week. At the last glance, it was trading at $3.54 with a market capitalization of over $1.18 billion.

The bad news was that while the token’s price dropped, its trading volume increased. Usually, a rise in volume amidst a price decline acts as the foundation for a bear rally. However, it was interesting to note that despite the price decline, RUNE’s weighted sentiment hiked. This pointed to some semblance of bullish sentiment too.

Its social volume also spiked, reflecting the token’s popularity in the crypto space.

Apart from that, AMBCrypto’s assessment of Coinglass data revealed yet another bullish signal. As per our analysis, RUNE’s long/short ratio rose. This indicated that there were more long positions in the market than short positions.

What to expect from RUNE?

AMBCrypto then checked the token’s daily chart to find out whether the bulls can take over in the coming days. As per our analysis, RUNE’s price has been consolidating inside a parallel channel. However, there was better news.

The token’s price touched the lower limit of the Bollinger Bands, which often results in price upticks. On top of that, its Relative Strength Index (RSI) also registered an uptick, hinting at a bullish trend reversal soon.

Finally, AMBCrypto’s analysis of Hyblock Capital’s data revealed the altcoin’s upcoming targets.

As suggested by the technical indicators, if the bulls take control, then investors might witness RUNE reclaiming $4.22 in the coming days. However, in the event of a sustained price drop, it might plummet to $2.9.

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