Maker (MKR), THORChain (RUNE) skyrocket; Bitcoin takes $27k again
- Maker (MKR) and THORChain (RUNE) prices rose sharply as Bitcoin retested $27k.
- MKR could spike towards $2k while RUNE eyes buy-side liquidity above $2.01
The cryptocurrency market flipped higher on Thursday, with gains for Bitcoin (BTC) and most altcoins sending the total market cap up by 3.1% as at the time of writing. BTC traded above $27k again, benefiting from overall positivity in risk asset markets.
With stocks also edging higher following a retreat for yields and oil, two notable performers in crypto were Maker (MKR) and THORChain (RUNE).
Maker price breaks to highest level since May 2022
Maker (MKR) broke higher following this week’s impressive gains, trading to intraday highs of $1,542.90 on Coinbase. Bulls were looking for a fourth consecutive green candle on the daily chart, with 24-hour gains of 6% and weekly uptick of 16%. MKR price has jumped nearly 48% in the past 30 days.
Amid the gains is a surge in on-chain activity, particularly in active address count that stood at a 10-week high as of Thursday. Interest in MKR could see bulls seek out $2,000 – especially if the overall market picture supports further upside momentum.
THORChain (RUNE) eyes breakout above $2
THORChain (RUNE) price is one of outperformers today, with the altcoin’s value breaking beyond $1.9 as buying pressure mounted.
RUNE got rejected at $1.98 on September 18, eventually slipping to lows of $1.65. Today’s gains sees the cryptocurrency pierce the resistance around $1.74, with the 20-day EMA acting as support near $1.72.
For RUNE, there could be an urgency among buyers if price breaks above $2.01. If the expected buy-side liquidity plays out, we could see RUNE/USD eye $3.
However, while bulls might eye a fresh break to $3.00, they face tough resistance at this week’s supply wall that’s part of a horizontal hurdle that also thwarted buyers in February. A pullback is therefore likely given potential profit taking, in which case the primary support could be in the region of $1.72 to $1.66.