Ethereum Altcoin RUNE Surges 230% in 2 Months: Is a Record High Imminent?

• THORChain’s RUNE token surges 230% in 2 months, backed by crypto analyst Kaleo’s optimistic outlook.

• RUNE’s technical success against Bitcoin and Kaleo’s bullish stance highlight crypto’s evolving landscape.

Kaleo, a respected crypto analyst and trader, has recently shared his thoughts on the future of THORChain’s RUNE and the price trajectory of Bitcoin.

RUNE’s Meteoric Rise

THORChain’s RUNE token has witnessed a staggering 230% surge in the last two months in a remarkable turn of events. Kaleo, known for his uncanny ability to read the crypto market, is optimistic about the future of this groundbreaking decentralized cross-chain liquidity protocol. His bullish outlook hinges on a crucial technical factor: breaking the falling trend line on the daily chart. Should this resistance be conquered, Kaleo believes RUNE could revisit its previous all-time highs and potentially surpass them.

Bought the dip & started a position on $RUNE.

If there's anything I've learned over the past several months – it's don't fade momentum.

If this manages to break above HTF resistance, I could easily see it making a run to new ATHs.

Long it w/ me here https://t.co/32dHnZIFxS pic.twitter.com/T8K7s70gQP

— K A L E O (@CryptoKaleo) December 20, 2023

Kaleo’s faith in RUNE’s potential is more than mere speculation. He has backed his conviction by taking a position in RUNE, buying into the dip. This move aligns with his strategy of capturing momentum in the crypto market, a strategy that has served him well in recent months. His message is clear: the record-breaking potential is there if RUNE can breach the high-time-frame resistance.

RUNE’s Current Position

As of the latest data, RUNE occupies the 45th spot in the cryptocurrency market by market value, with a trading price of $5.17. This figure represents an astounding 231% increase from its recent low of $1.63 in October. For context, RUNE’s highest price to date was $21.28 in May 2021. The current surge has not gone unnoticed, and the crypto community is closely monitoring RUNE’s performance.

Turning to the technical aspect, Kaleo draws attention to the successful overcoming of high-time-frame resistance on the THORChain/Bitcoin (RUNE/BTC) pair’s daily chart in the previous month. This development coincided with the start of the ongoing rally, signaling a strong performance by RUNE. It’s worth noting that RUNE had already broken above high-time-frame resistance on the BTC pair in early November, marking the beginning of its impressive run.

While Kaleo is undoubtedly bullish on RUNE, he also has his sights set on Bitcoin (BTC), the largest cryptocurrency by market capitalization. His prediction is straightforward: he anticipates that Bitcoin will breach the $48,000 mark as the new year dawns. Bitcoin’s price movements significantly impact the crypto market, making this projection of keen interest to investors and enthusiasts alike.

Ethereum’s Noteworthy Performance

On a side note, Ethereum (ETH) has been making headlines with its recent price surge. ETH has recorded a 2% gain, trading at $2,285 at the time of writing. Technical analysis suggests that Ethereum may continue its upward trajectory if it can maintain momentum and close near the $2,400 mark. The $2,500-$2,700 zone is a potential target if buyers continue to hold the initiative.

Kaleo’s bullish stance on RUNE and his prediction of a Bitcoin breakthrough offer valuable insights into the crypto market’s potential trajectory. As the year comes to a close, the crypto community eagerly anticipates whether these forecasts will materialize and shape the future of digital currencies.