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Why is RUNE up almost 20% today?

 


RUNE is one of the best performers among the top 50 cryptocurrencies by market cap.


The broader cryptocurrency market continues its recovery, increasing in value by more than 2% in the last 24 hours.


Thanks to the positive development, the total cryptocurrency market cap has surpassed the $1.9 trillion mark again and could reach $2 trillion soon.


Bitcoin is up more than 3% in the last 24 hours and is now trading above $41,000 per coin. If the positive momentum holds, bitcoin could soon surpass the USD 43,000 resistance level.


However, RUNE, the native token of the THORChain ecosystem, is the best performer among the top 50 cryptocurrencies by market cap. RUNE is up 19% in the last 24 hours, outperforming the other major cryptocurrencies.


The main catalyst behind RUNE's continued rally is the latest report from Delphi Digital, which highlights the growth of the THORChain network over the past few months.


According to the report , trading volume and total locked value (TVL) in decentralized finance (DeFi) projects on THORChain reached $162 million and $549 million, respectively, in March.


The numbers were both all-time highs, indicating blockchain growth over the past few weeks.

The RUNE/USDT 4 hour chart is one of the most bullish among the top 50 cryptocurrencies by market cap. Technical indicators are showing that RUNE could see more gains in the coming hours.


The 14-day relative strength index of 59 shows RUNE moving towards the overbought territory. The MACD line is above the neutral zone, indicating bullish momentum.


At the time of writing, RUNE is trading at $9.1 per coin. If the bulls remain in power, RUNE could surpass the first major resistance level at $10.795 before the end of the day.


However, it would need support from the broader cryptocurrency market to trade above $12 for the first time since March.


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