THORChain’s mindshare sees uptick: Can RUNE’s price follow suit?

• RUNE and DeSci battling with DeFi for third highest mindshare.
• RUNE appeared to have found a bottom at $5.

The DeFi sector maintained a steady hold with a 6.59% mindshare, reflecting its established position in crypto.

However, the emerging DeSci sector, with a 6.43% mindshare, showed a rise in activity, suggesting a new wave of interest and potential growth.

This shift indicated a dynamic realignment within crypto markets, as sectors like RUNE and DeSci not only challenged the dominance of DeFi, but also created new opportunities for innovation and investment.

Source: Kaito AI

As these sectors continue to evolve, they offer fresh avenues for those looking to diversify their portfolios and engage with the cutting-edge of blockchain technology.

RUNE 4-hour chart

Analysis of THORChain’s token price action, RUNE/USDT on the 4-hour time frame, noted its striking resemblance to Bitcoin’s behavior back in September.

Like BTC, RUNE’s movements have shown somewhat irregular impulse sequences, challenging typical pattern measurements and suggesting deeper complexities in market sentiment and dynamics.

RUNE appeared to be navigating a running flat ABC correction, which suggested the $5 level could be the bottom.

Source: TradingView

This phase suggested a brief pullback before a potential advance. The $4.116 level is crucial, marking a possible trend shift if breached.

Market analysts believe RUNE is gearing up for an ascent, possibly entering wave 2 of its cycle.

The next phase will reveal if RUNE keeps recovering or adapts to shifting market dynamics, reflecting the volatile yet rewarding crypto environment.

Also, the recent uptick in trading volume for RUNE affirmed the growing investor confidence and interest.

Read THORChain’s [RUNE] Price Prediction 2024–2025

This surge in activity aligned with broader trends, where lower market cap collections are beginning to regain momentum.

Overall, THORChain’s RUNE token is poised to solidify its position as a pivotal asset in the DeFi space, reflecting its potential to offer high liquidity and become an indispensable token.