Summary
TLDR: The THORChain (RUNE) price has risen by nearly 50% in the last 48 hours, causing losses for short traders and liquidating nearly $1 million in short contracts. The Open Interest volume is high, indicating bullish sentiment, but the MVRV Z-Score suggests potential selling. If the price can breach key levels, it may reach $10, but a drop to $6.5 is possible if the bullish thesis is invalidated.
Key Points
1. The THORChain (RUNE) price has risen by nearly 50% in the last 48 hours, causing considerable losses for short traders and leading to the highest shorts liquidation since November 2023.
2. The Open Interest volume for RUNE is at $121 million, the third highest over 24 months, suggesting that investors are still holding significant Futures contracts favoring a bullish outcome.
3. The RUNE price has breached key Fibonacci Retracement levels, potentially heading towards $10, but the MVRV Z-Score indicates overvaluation and possible profit-taking, which could lead to corrections and a fall to $6.5 or $4.0.