THORChain [RUNE] Price Prediction: Bulls and Bears Battle It Out as Bitcoin [BTC] Makes a New ATH

THORChain [RUNE] was up by 17.15% in 24 hours and bullish belief has swept the crypto sphere after Bitcoin [BTC] made a new all-time high against the U.S. Dollar, reaching $75.4k.

THORChain’s native token, RUNE, has seen a 17.15% increase in 24 hours. This bullish sentiment follows Bitcoin’s new all-time high against the U.S. Dollar, reaching $75.4k.

After an intense bearish reaction from the market on Monday, the bulls quickly quelled fears of a bearish reversal. The price was above the $4.76 level, indicating a positive short-term sign.

Bearish market structure break for THORChain

Source: RUNE/USDT on TradingView

On the daily timeframe, RUNE has been on a steady uptrend since the sharp losses in August. It maintained a bullish market structure until the 4th of November.

Bitcoin faced some turbulence, dropping to $66.8k after being rejected at $73.6k six days prior. This rejection led to heavy selling pressure on RUNE, driving prices down from June’s bearish order block at $6.3 to $4.22 in a week.

This 33.3% drawdown flipped the market structure bearishly.

Even more concerning was the breach of the base of support that THORChain has been building over the past month at the $4.5 region.

However, one mitigating factor was that the OBV was stuck within a miniature range. This indicated that RUNE is more likely to trade within $4.5-$6.3 as long as the OBV remains within the outlined range.

More signs of a range formation

Source: Coinglass

The liquidation heatmap showed that the cluster of liquidity that had been building up around $4.5 was swept during the recent pullback.

The sharp rebound from this region suggested that the move was likely driven by liquidity and not by a wave of high selling volume in the spot market.

Read THORChain’s [RUNE] Price Prediction 2024-25

At present, there was not a clear liquidity pool that could attract RUNE. The $5.8-$6.2 region was of interest and could pull prices higher, but likely not immediately.

It appeared more likely that RUNE would consolidate below $6, allowing time for short liquidations to build up, before climbing higher to hunt them.

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