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Thorchain Dominates Cross-Chain Trading Volume: What’s Next for RUNE?

Thorchain, a cross-chain liquidity network, has emerged as a frontrunner in cross-chain transfers, surpassing its competitors in volume and transaction activity, on-chain data shows. 

Thorchain Trading Volume Expands As Prominence Increases

Citing Galaxy Research data, a user on X, Bullion, noted that Thorchain processed $4.82 billion in cross-chain transactions over the past 30 days, while Cosmos’ Inter-Blockchain Communication (IBC) protocol handled $3.35 billion worth of transactions during the same period.

Among layer-2 bridges, Arbitrum Bridge led the pack with $1.21 billion in cross-chain volume. Others, like Polygon POS and Stargate, processed $564 million and $694 million, respectively.

Cross-chain transfer volume comparison | Source: Galaxy Research via Bullion on X

The spike in Thorchain’s trading volume and liquidity indicates the protocol’s increasing significance in the broader decentralized finance (DeFi) landscape. The protocol’s unique features and innovative solutions have made it a preferred destination for cross-chain asset transfers. 

At the heart of Thorchain is its ability to facilitate cross-chain asset swapping in a trustless and non-custodial manner. In this arrangement, and like popular decentralized exchanges like Uniswap, Thorchain allows users to retain control of their funds without depending on intermediaries. 

The stream swaps technology seems to be drawing user attention to Thorchain. This feature allows users to swap with near-slippage free even without high liquidity. Technically, and as expected in decentralized exchanges, the lower the liquidity, the higher the slippage. The offer for low or zero slippage gives Thorchain a significant advantage over other cross-chain swaps.

Beyond trading, Thorchain has incorporated other defi solutions, including lending. In this arrangement, Thorchain now supports the trustless lending of assets without liquidity risk or interest, a deviation from traditional lending protocols, including Aave. 

As DeFi TVL Recovers, Will RUNE Break To New 2024 Highs?

Together, these features have contributed to Thorchain’s growing trading volume, further cementing its position in the recovering DeFi scene. According to DeFiLlama, Thorchain has a total value locked (TVL) of around $322 million.

Meanwhile, Thorchain claims to have over 91,000 swappers. Cumulatively, the protocol has processed over $61 billion in trading volume.

Network statistics: Source: Thorchain

As DeFi expands from 2022 pits, RUNE, the platform’s native token, has also benefited. Looking at the RUNE daily chart, it is up roughly 5X from 2023 lows.

Thorchain price trending upward on the daily chart | Source: RUNEUSDT on Binance, TradingView

Despite the re-pricing of asset prices on January 3, RUNE remains resilient. Prices are trending inside a bull flag. Any breakout above $6.5 and local resistances could catalyze demand, lifting the coin above $7.3 to new 2024 highs.

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Crypto Analyst Reveals 10 Top Altcoins To Watch This Week

The altcoins market has recently witnessed a resurgence of interest and confidence, primarily driven by the largest cryptocurrency, Bitcoin (BTC). This renewed enthusiasm has resulted in a bull uptrend, with most of the top 100 cryptocurrencies benefiting from Bitcoin’s resurgence. 

However, the market is currently experiencing a correction as Bitcoin and Ethereum (ETH) face pullbacks after failed attempts to breach upper resistance lines. Despite this correction, crypto analyst Miles Deutscher shares insights and highlights several altcoins with potentially significant gains.

SOL Emerges As Safe Haven In Crypto Market Correction

Solana has exhibited remarkable growth, even as the broader market experiences a correction. With a 0.5% gain in the past 24 hours, SOL’s potential for further upside cannot be ignored. 

Deutscher suggests that SOL may continue to benefit from the ongoing rotation of investments from other Layer-1 solutions like Avalanche (AVAX) and Fantom (FTM).

Altcoins

Thorchain (RUNE) has been on an impressive upward trajectory, prompting investors to consider buying on deep corrections and wicks. The primary decentralized exchange (DEX) on Thorchain, THOR, has also shown positive movement, further bolstering the growth potential.

Polygon (MATIC) has recently shown signs of strength and has generated whispers within the crypto community about a potential zero-knowledge (ZK) narrative. If this narrative materializes, MATIC, a leader in the space, could attract significant positive flows. 

Within the ZK narrative, altcoins like Dusk Network (DUSK), Loopring (LRC), and Mina Protocol (MINA) are poised to benefit. Deutscher believes that each altcoin offers unique strengths and value propositions, and their performance will depend on the strength of the emerging ZK narrative.

Soteria (SEI) has gained attention as it enters the top 10 for volume traded by pairs on Upbit. Considered a “new coin,” SEI exhibits fundamentals similar to the next altcoin on the watchlist.

Tidal Finance (TIA) is a relatively new token similar to the early days of Aptos (APT). The market tends to favor new and innovative tokens, and although TIA’s rally may have started to cool off, it still holds explosive potential. With a current market capitalization of $700 million, TIA remains an intriguing opportunity for investors.

DEX And Gaming Altcoins Poised To Thrive

In addition to altcoins, perp decentralized exchange (DEX) tokens like GMX, DYDX, and Gnosis (GNS) are positioned to benefit from market volatility.

According to Deutscher, these tokens have shown a correlation between price movements and fundamental factors. If volatility persists, these tokens could present favorable medium-term investment opportunities.

Altcoins

Yield Guild Games (YGG) and Gamestarter (GMT), gaming tokens with initial upward movements, are expected to continue outperforming the broader market. These gaming tokens could witness sustained growth with the YGG conference scheduled for November 18.

While the current correction in the cryptocurrency market has led to pullbacks in Bitcoin and Ethereum, the altcoin landscape still offers potential opportunities for investors. 

Solana’s continued uptrend, along with the prospects of altcoins like Thorchain, Polygon, and those associated with the ZK narrative, suggest possible avenues for growth. Additionally, emerging tokens like Soteria and Tidal Finance, perp DEX tokens, and gaming tokens may also provide favorable investment prospects. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock, chart from TradingView.com 

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THORChain (RUNE) Notches 31.5% Gain To Attain New Yearly Peak

RUNE, native token of the cross-chain decentralized exchange THORChain, is currently one of the best-performing cryptocurrencies in the market, boasting of a 31.5 % price increase in the last 24 hours. 

Based on data from Coingecko, this price gain only underlines the remarkable bullish form of RUNE in the past few weeks, as the token is up by 115.0% and 212.3% on the 14-day and 30-day charts, respectively. 

Interestingly, this sustained bullish pressure in the RUNE market has resulted in the DeFi coin attaining a new yearly high of $5.31 and a peak daily trading volume of $1.28 billion.

Behind THORChain (RUNE) Rise

In analyzing RUNE’s meteoric rise in the past few weeks, several analysts have given credit to the newly introduced features on the THORChain platform. 

For context, in the THORChain Q3 2023 Ecosystem Report, the DEX’s development team announced the implementation of new features such as lending, streaming swaps, streaming loans, and savers for stablecoins, among others. 

In an X post on Saturday, a crypto analyst with the username The Wolf of DeFi provided some insight into how one of these features has spurred RUNE to new heights. The analyst attributed most of RUNE gains to the streaming swaps feature, which is designed to allow large swap requests to be automatically divided into smaller requests that are processed over time. 

The Wolf of DeFi explains the introduction of this update has triggered an increase in the platform’s swap volume and the annual percentage rate (APRs) being offered to liquidity providers.

As expected, higher APRs will attract more liquidity providers who have to invest in RUNE, which serves as the base asset of every liquidity pool on THORChain, creating a cycle named the liquidity flywheel.

Furthermore, The Wolf of DeFi stated that every dollar worth of non-RUNE assets deposited in a THORChain liquidity pool is matched with its equivalent in RUNE by the network nodes. 

Thus, if an LP deposits $100 consisting of $50 BTC and $50 RUNE into BTC/RUNE, nodes will balance this transaction with an additional $50 RUNE, which adds to the buying pressure in the market, allowing the token to maintain its upward trajectory. 

RUNE Price Prediction

Looking at RUNE’s daily chart, the relative strength index (RSI) stands at 87.24, which indicates the token is well in the overbought zone. Thus, investors are advised to be on alert for a possible price pullback.

On the other hand, RUNE may continue to sustain its bullish momentum, especially as the team behind THORChain looks to introduce more attractive features, including order book trading.

At the time of writing, RUNE is currently valued at $5.10, with a 3.2% gain in the last hour. Meanwhile, the token’s market cap stands at $1.58 billion, allowing it to rank as the 41st largest cryptocurrency in the market.

THORChain

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RUNE Solid 100% Rally Hits Barrier: THORChain Price Nears Key Resistance

THORChain’s price has been up by over 100% since the last week of October, hitting levels not seen since May 2022. This is an amazing increment in price. But caution is advised since RUNE, an altcoin, seems overbought, possibly signaling a 20% drop in the near future.

At the time of writing, RUNE was trading at $3.42, climbing over 15% in the last 24 hours, and registering an impressive 37% rally in the last seven days, figures by CoinMarketCap shows.

RUNE: Potential To Reverse Bearish Trajectory

If RUNE closes above the psychological $3.500 mark, it could negate the present downturn and cause the bearish attitude to change. The significance of RUNE closing above the critical $3.500 mark lies in its potential to reverse the prevailing bearish trend and trigger a shift in market sentiment.

Achieving this milestone could signify a break in the current downtrend, potentially instigating a more positive outlook among investors and traders.

THORChain underwent a notable phase of consolidation, a period marked by relatively stable prices and limited fluctuations. Following this consolidation, the market witnessed a substantial surge, propelling THORChain’s price upwards by over 40%.

However, in the aftermath of this surge, the price has demonstrated a consistent stability, remaining within a relatively similar range. This stability has coincided with a broader downturn in market dynamics, where fluctuations and overall activity have shown a decrease across the market.

Despite the prior surge, THORChain’s price has maintained a consistent level, reflecting a degree of resilience amid the current market trends.

The RUNE token holds a substantial long-term liquidation value surpassing $70 million, signifying a considerable reserve or potential value inherent in the token’s existence. However, a cautionary note emerges from the chart analysis, which reveals a prominent positive deviation highlighted in green.

This deviation might signify an impending decrease in price in the near future, suggesting a potential shift or correction in the market valuation of the token. This could prompt investors to stay vigilant and consider potential fluctuations in the token’s value in their future investment decisions.

The price of RUNE garnered significant attention subsequent to a substantial market surge, as the cryptocurrency experienced a portfolio increase of more than 40% inside that period.

Signs Of Market Correction For RUNE?

Analyzing the technical indicators, THORChain reveals an RSI figure of 72.24, typically signaling overbought conditions when surpassing 70. This situation hints at the possibility of profit-taking or a slight downturn in the coming days.

Despite indicating a robust bullish sentiment with an RSI above 50, THORChain might be treading into overextended territory, potentially requiring cautious observation for signs of a market correction or adjustment.

Meanwhile, according to Santiment’s research, there is a decline in the social dominance of the RUNE cryptocurrency, which means there is less of a presence and conversation on social media. When conversations do happen, they usually center on the altcoin’s remarkable rise, which may allude to investor anticipation of an upcoming fall.

In line with this reality is the rising open interest, which is the sum of all long and short positions in the market. After such a meteoric increase of 120%, short sellers should outnumber long sellers for RUNE among traders.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Frank Cone/Pexels

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THORChain Beats Rivals In Top 100 Coin Rankings With 34% Rally – How RUNE Did It

Over the past week, the market has exhibited a pattern of lateral movement, particularly noticeable in the top cryptocurrencies which have shown a downtrend in their pricing. Notably, THORChain has emerged as the standout performer, demonstrating significant strength by surging over 5% in value within the last day, and an impressive 34% increase over the course of the week.

RUNE Soars Over 270%: A Thrilling Journey Of Value Surge

Recently, the RUNE token on THORChain has seen a tremendous ascent. It started off on a fantastic trajectory, rising from a low of just under $0.80 on June 14 to a solid high of $2.90 today—a phenomenal 270% gain.

A reversal from a descending triangle, which gained significant traction around August 15, was the catalyst for this advance. Despite some ups and downs coming up to October 20th, the token managed to gain another 80%.

This surge in value stands as a testament to the robustness of THORChain’s RUNE token, buoyed not only by the impressive price momentum but also by an evident surge in trading volume. RUNE has advanced from its lowest level this year, making the token among the top-performing cryptocurrencies in the world.

THORChain: Impending Breakout And The $10 Target

This increased trading activity not only substantiates the upward trend but also underscores a burgeoning confidence among buyers, emphasizing a collective belief in driving the coin towards even greater heights.

Captain Faibik, a well-known analyst in the cryptocurrency space with an impressive following of almost 68,000 on the X platform, recently made an observation that caught our attention: there may be an impending breakout in the price of RUNE, indicating the possibility of substantial movement in the near future.

Based on the analyst’s possible breakout scenario, a big bullish upswing could happen if the RUNE price breaks through its current horizontal support level. The possible rise in price of THORChain could push it toward a major milestone, with a goal of reaching $10 during the rush.

RUNE: Breaking Resistance And The $3 Billion Milestone

Breaking through this resistance level is a key turning point that could cause prices to rise by a huge amount, indicating a bullish trend that could push THORChain’s price close to a major threshold.

The achievement of $3 billion in on-chain trade volume on major decentralized exchanges (DEXs) is one noteworthy milestone that is contributing to the price increase, along with several other basic variables.

This significant growth raises questions about the rally’s sustainability. Could the price go through $3 and rise even farther, or is it already at its breaking point?

Meanwhile, the network processed over $3 billion in on-chain transactions this month, setting new records. This holds significance due to the network’s substantial volume of $2.3 billion only in the third quarter.

During this period, it generated a total of $3.38 million in fees. This indicates that THORChain is experiencing an increasing level of popularity and adoption among its user base.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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RUNE Beyond Swaps: THORChain Introduces New Lending Protocol

In a recent development, THORChain (RUNE), the liquidity network, has unveiled its lending feature, enabling users to leverage their native Layer-1 (L1) assets, such as Bitcoin (BTC) and Ethereum (ETH), to secure loans denominated in TOR, a USD equivalent stablecoin. 

According to the announcement, this move opens up new avenues for financial participation, allowing users to borrow funds without the “burdens” of interest, liquidations, or expiration.

THORChain Introduces Interest-Free Loans

The lending process is designed to be user-friendly and “straightforward,” focusing on minimizing cognitive burden. 

Depending on prevailing market conditions, borrowers can collateralize their assets within a range of collateralization ratios (CR), ranging from 200% to 500%. The CR determines the amount of debt borrowers can receive in proportion to their collateral.

One of the critical advantages of THORChain’s lending protocol is the absence of interest charges. By eliminating interest, the protocol encourages borrowers to hold onto their loans for extended periods, thereby increasing the equity value of the protocol. 

This approach aims to align the interests of borrowers with the protocol itself, fostering a mutually beneficial ecosystem.

Furthermore, THORChain’s lending system does not involve liquidations. In traditional lending models, borrowers risk having their collateral forcibly sold if its value falls below a certain threshold. However, THORChain’s design eliminates this risk by treating the collateral as equity (RUNE IOU). 

Consequently, if the collateral falls below the debt value, it does not pose a problem, as the stored equity acts as the liability. Per the report, this approach ensures a more user-friendly experience and eliminates the need for borrowers to monitor asset prices constantly.

The loans issued through THORChain’s lending feature have a minimum period of 30 days, providing borrowers with flexibility. 

Repayment can occur anytime after the initial 30-day period, allowing borrowers to manage their debt according to their circumstances. Partial repayments are also possible, although the collateral is not released until the debt is fully repaid.

THORChain’s Circuit Breaker System

To enhance security and protect against inflation, THORChain has implemented a circuit breaker mechanism. 

In the event of a drastic drop in RUNE’s price-native token of the THORchain network- against collateral assets such as BTC and ETH, which could lead to net inflation of RUNE, the system will pause new loans and disable the lending feature. 

At this point, no further inflation of RUNE can occur, and the protocol’s reserve will cover the remaining collateral payouts.

Initially, the lending feature will support BTC and ETH collateral, with plans to expand to other Layer 1 gas assets, including Binance Coin (BNB), Litecoin (LTC), Avalanche (AVAX), and DOGE. 

According to the announcement, this expansion will further diversify borrowing options, accommodating a broader range of users and assets.

Overall, with the introduction of the lending feature, THORChain takes a significant step toward expanding financial opportunities within its liquidity network.

THORchain

As of the latest update, THORChain’s native token, RUNE, has experienced a decline of nearly 8% within the past 24 hours, currently trading at $1.694, despite the anticipation surrounding the announcement of the new lending protocol.

Nevertheless, the token has successfully maintained substantial gains of 20% and 80% over the past seven and fourteen days, respectively, attributed to a simultaneous increase in the social volume of the THORChain cryptocurrency.

Featured image from iStock, chart from TradingView.com

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Riding The Storm: THORChain 50% Rally Shines As Top 100 Coins Falter

Within the dynamic cryptocurrency environment, THORChain (RUNE) has emerged as a notable altcoin, capturing the interest of investors who are actively pursuing methods to augment the diversification of their investment portfolios.

In conjunction with the established entities such as Bitcoin and Ethereum, the cryptocurrency market has experienced significant growth with a diverse range of alternative coins, each presenting unique attributes and prospective prospects.

Altcoins, which comprise a diverse array of technological advancements, application cases, and governance frameworks, provide investors a wide range of options to consider.

THORChain Emits Force In The Weekly Chart

THORChain (RUNE), renowned for its cross-chain liquidity mechanism, has garnered significant attention this week due to a different factor.

According to statistics from Coingecko, THORChain is currently priced at $1.54, reflecting an increase of 50% over the past seven days. However, it has had a decline of 3.7% within the last 24 hours.

The boost in price can be attributed to a concurrent rise in the social volume of the THORChain cryptocurrency. According to data from Coincodex, there was a significant increase in social volume, exceeding 4,300%, during the period from August 7 to 13.

The price of RUNE has exhibited a bullish trend since the middle of June. However, this upward movement was interrupted when the price above the $1 threshold and subsequently began to undergo a retracement.

The price of the cryptocurrency established a support level at $0.92 following a significant decline, then initiating a bullish recovery to surpass the prominent psychological threshold of $1.

In the preceding month, the cryptocurrency had a notable increase of 30%, while also exhibiting a 5% rise since the commencement of the year 2023. Nevertheless, the performance of the subject over an extended period of time presents a more pessimistic portrayal.

Over the course of the previous four quarters, there was a significant decline of around 50% in the value of the coin, suggesting the presence of inherent instability.

Moreover, the cryptocurrency has experienced a significant decline of 94% from its peak value of $20.87 in May 2021, highlighting the fundamental instability of the cryptocurrency market.

RUNE Faces Resistance At $1.55

Although there have been recent positive developments that may be encouraging for investors with short-term goals, the overall trend indicates that there have been challenges over longer time periods.

The significant declines observed in the past year, as well as from the highest point, underscore the precarious nature of cryptocurrency investments. This necessitates a careful evaluation of their long-term viability within a dynamic market environment.

At present, the RUNE token is undergoing a phase of surpassing the significant resistance level of $1.55, which has persisted for an extended period of time. This particular domain holds significant importance as it has alternately functioned as both a point of opposition and reinforcement from the onset of the year 2021.

Hence, the act of closing above it will serve as a significant indication of a positive trend, thereby reinforcing the bullish readings observed on the daily timescale.

As the liquidity mechanism for THORChain may develop over the next few months, cryptocurrency experts anticipate even further price hikes for the platform. Additionally, 14 new nodes are prepared to join the THORChain network, according to CoinCodex.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Asia Crypto Today

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Crypto Thunderstruck: THORChain (RUNE) 21% Charge Emerges As Top Weekly Gainer

The dynamic world of cryptocurrencies has once again witnessed a fascinating turn of events, this time with THORChain (RUNE) taking center stage. Over the past seven days, THORChain has experienced a substantial surge in its price, marking an impressive increase of 20.19%. This resurgence has sparked intrigue and excitement among crypto enthusiasts and investors, prompting a closer examination of the factors contributing to this rapid upward movement.

THORChain (RUNE) Has experienced a significant spike in the past week: Source @Tradingview

The Catalysts Behind The Surge

RUNE has made a resurgence in recent months from its lows in June to its recent highs gaining 40% during this period. However, its price is still 10% down from the start of the year and there are expectations that this could be an extended bullrun. 

Related Reading: Shiba Inu Keeps Energy Alive, Snags 26% Gain – Here’s The Inside Scoop

The surge in THORChain’s price invites a deeper investigation into the underlying dynamics and catalysts that have propelled this substantial price rally. While a myriad of factors often influences the cryptocurrency market, several key drivers may have played a role in THORChain’s recent surge:

Substantial progress in THORChain’s underlying technology, protocol enhancements, and ecosystem expansion has triggered renewed interest and investment. Positive fundamental developments often align with price surges as investors anticipate potential long-term growth prospects. Cryptocurrency markets are renowned for their inherent volatility. While volatility can create risks, it allows traders to capitalize on price swings. The recent surge in THORChain’s price may be driven, in part, by heightened market volatility.

THORChain (RUNE): Forecasting Future Trajectories

Considering THORChain’s recent surge, attention naturally turns to the future prospects of this cryptocurrency. Various experts and analysts have offered their insights into THORChain’s potential trajectory.

Related Reading: GMX Drops 24% in 1 Month, Whales Rapidly Selling: What’s Going On?

According to short-term prediction, THORChain’s price could experience a minor retracement to $1.02 by August 16, followed by a recovery to $1.24 by September 9. This prediction underscores the inherent volatility of short-term price movements.

Looking ahead to 2023, divergent forecasts paint a range of possibilities. CaptainAltCoin suggests a potential dip to $0.6726 by October, with the year closing at $0.8817. However, if the bull run continues to persist there could be a spike to $2.12 by the year’s end. 

Navigating The Unpredictable Path Ahead

As THORChain continues its remarkable surge, the crypto community remains captivated by its price movement. The convergence of various factors, including market sentiment, technical indicators, fundamental developments, and overall market volatility, has likely contributed to this recent rally. However, the cryptocurrency landscape is known for its unpredictability, and the path ahead for THORChain remains uncertain.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock, chart from TradingView

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THORChain (RUNE) Ready For 20% Climb Before Next Correction

Cross-chain exchange THORChain (RUNE) price registers a gain of 8.12% seen in the past two days. Amazingly, RUNE price maintains its bullish streak as it sprints above the rising parallel channel pattern.  More so, a reversal seen at the support trendline may also ignite a bull run as it hammers through the resistance trendline.

On the other hand, referring to the technical analysis, this particular pattern may trigger a price correction following a breach from the bottom trendline. EMAs are seen at $2.5 showing strong resistance on the downside. Thorchain’s 24-hour trading volume registered a loss of 44.6% or $291.6 million.

THORChain To Breach Resistance Trendline

The RUNE/USDT pair is seen to recover on June 18 when it was able to rebound from its low of $1.45. RUNE price has set an ATH of $3.04 or a growth of 108% in the past six weeks ever since it bottomed out.

More so, the massive sell-off which happened over the weekend also prompted a minor correct in the pattern. The confluence support served as a buffer which pumped up RUNE price by 5.66%.

According to CoinMarketCap, RUNE currently trades at $2.69 or a decline of 1.70% as of this writing. However, with the channel pattern, the coin should spike by 22% to punch through the overhead line.

In the most favorable conditions, RUNE price may be able to break through the resistance line and speed up the bullish movement. But, theoretically, the rising channel pattern most likely points to a bearish momentum especially once RUNE breaks through the support line. With that in mind, the RUNE price is prone to more correction if in case it breaches the lower trendline.

The two RSI peaks show some slowdown in bullish perspective.  In any case, when the divergence intensifies, traders may have better validation of an impending correction. Judging by the 20- and 50-day EMAs shooting for a crossover spotted at $2.5, increasing chances of recovery above the resistance line is expected.

DeFi Tokens Like RUNE On Revival

DeFi tokens like RUNE, SNX, and LDO are in a point of revival. RUNE registered an 11.51% spike on August 3. Although they have not drifted above the red lines, RUNE as well as other DeFi protocols has made a significant leap so far.

In other news, THORChain has recently flipped trip switch that will kill the support of both the RUNE BEP-2- and ERC-20-based variants. The IOU tokens are now being swapped for the native RUNE token following THORChain’s mainnet that happened last month. 

The old tokens will lose its value in the next 12 months so these tokens will be automatically upgraded to the native RUNE. This move was initiated to further decentralize the network.

RUNE total market cap at $885 million on the weekly chart | Source: TradingView.com

Featured image from Coinpedia, chart from TradingView.com

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TA: Rune Could Be Set For A Rally As Buyers Step In

Rune could be set for a relief bounce despite having difficulty breaking the daily resistance.

The crypto market saw a setback in price after Bitcoin (BTC) saw a retracement back to a key support area leading to a drawback to the likes of Rune, but the market state indicates Rune could be set for a rally.

Rune Weekly Chart Analysis

The price of Rune has seen a continuous downtrend from a high of $12 to a low of $1.6 in weeks for what seems to be more than an 80% decline.

After finding a low at $1.58, it has started making a move with buyers stepping in; Rune has formed strong support at $1.6 with a weekly resistance of $3.7

Major resistance on the weekly chart – $3.7

Major support on the weekly chart – $1.6

Rune Daily Chart Analysis

 

Rune Price Analysis On The Daily Chart | Source: RUNEUSDT On Tradingbiew.com

The daily chart for Rune price shows a rising trend after falling to $1.58.

Haven struggled for days to reclaim important support on the daily chart; Rune is finally showing relief as it aims to reclaim significant support just above the 50 exponential moving average (EMA). 

Although Rune still trades below the 200 exponential moving average (EMA), it gives a sense of relief that on the low timeframe, Rune is doing well. A reclaim above the 200 EMA could send Rune higher.

Rune has resistance at $2.85; a breakout and close above this region could send Rune to a region of $3.3, should there be a pullback for the price of Rune, we would see a retest of the daily support at $2.45.

Daily resistance – $2.85.

Daily support – $2.45.

Rune Price Analysis On The 4H Chart
Rune Price Analysis On The 4H Chart | Source: RUNEUSDT On Tradingview.com

The price of Rune on the 4H chart shows the price has reclaimed both the 50 & 200 EMA, indicating an upward trend if all market conditions remain favorable.

Rune has a resistance of $2.85 on the 4H chart for it to trade higher. A break and close of this region would be good for Rune holders.

The volume of Rune shows buyers are stepping into the market after a series of panic sales due to market decline.

Rune has a relative strength Index above the 50 mark showing good signs of buy orders in the market.

If Rune fails to go higher in the price above $2.85, a pullback is expected to the support that corresponds with the 50 EMA with another key support on the 200 EMA.

Resistance on the 4H chart – $2.85.

Support on the 4H chart – $2.6, $2.4.

Rune 1H Chart Analysis

Rune on the 1H chart shows a good buying volume in the market with the RSI over the 70 mark region. Rune is having a challenge breaking the resistance at $2.85, breaking and closing above this region is important to sustain the bullish structure for Rune.

Rune has the structures of a solid project and looks good in the high timeframe as these timeframes maintain trends better.

 

Featured Image From The Coin Republic, Charts from TradingView.com 

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THORChain Deploys Mainnet After 4-Year Wait, RUNE Soars 13% In 24 Hours

THORChain has been trading in the green and recovering faster than larger cryptocurrencies. The development team behind this project, Nine Realms, announced the launch of their mainnet after 4 years of development and research.

Related Reading | Cosmos (ATOM) Price Swells 12% – Can It Breach Resistance?

At the time of writing, THORChain (RUNE) trades at $2.30 with a 14% and 35% profit in the last 24 hours and 7 days respectively. The market seems to be positively reacting to the announcement.

RUNE with minor gains on the 4-hour chart. Source: RUNEUSDT Tradingview

As part of the announcement, crypto users on the Binance exchange will be able to participate in a promotional campaign and earn part of a total $1 million price. Via an official post, the team behind THORChain said the following celebrating the project’s major milestone:

Mainnet marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community. It has been a long time coming and the community is very excited about this important milestone.

Before mainnet, THORChain was operating with the Multichain Chaosnet (MCCN) to enable users to provide cross-chain liquidity. This allowed the project to battle-test its features and migrate from a centralized to a decentralized and community-driven platform, according to the official post.

As part of this deployment, the project launched its native token RUNE and has called for all token holders to swap their non-native RUNE for the former asset. Once 67% of the network runs on native RUNE, the protocol will implement a “Killswitch” and “kill” the non-native asset under the BEP2 standard.

As NewsBTC reported, 4 months ago THORChain released a highly expected feature, synthetics assets. This allowed users to gain exposure to the price of large cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), by trading with their THORChain versions called sBTC and sETH.

This was just one of the milestones reached by the project on track to its mainnet launch. The aim is to make the platform a decentralized, secure, and liquidity-efficient protocol in the decentralized finance (DeFi) sector.

Who Is Buying The THORChain (RUNE) Rally?

Data provided by the team behind the project claims THORChain has seen $9.2 billion in total trade volume, with a total of around 10 million transactions and around 72,000 unique swappers. The protocol has around $250 million in total value locked (TVL) making it one of the largest in the DeFi sector.

In their next step of development, which includes making the platform more transparent and decentralized, the team behind the project said:

Centralised points of failure must be removed as they are a risk to the future of the network. The largest remaining centralised point is Treasury management. Treasury plans to hand over full control to the community soon.

Further data provided by Material Indicators (MI) records an increase in buying pressure from investors with over $1,000 to $10,000 bid orders (red and green on the chart below). Retail investors (yellow on the chart) have been selling into the current price action while whales (brown and purple) have been inactive.

Source: Material Indicators

Related Reading | Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem

If the crypto continues to rebound, RUNE could extend its gain. If large investors see bullish continuation, they might jump into the action and push RUNE into further gains.

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Can RUNE Sustain Its 20% Rally?, Why This Analyst Doubts It

THORChain (RUNE) has seen an important rally in the past month. The native token of this decentralized cross-chain bridge rose from its 2022 low at around $3 with 30% intra-day rallies to its current levels.

Related Reading | THORChain Activates Feature, 30% Spike Follows, Can Bulls Sustain It?

At the time of writing, RUNE’s price trades at $9 with an 11% profit in the past 24-hours and a 17% profit in the past week.

RUNE on a rally in the daily chart. Source: RUNEUSDT Tradingview

According to analyst Alerzio from research firm Santiment, RUNE’s current rally has traders wondering if the token will be able to sustain its gains. The cryptocurrency could revisit its lows if the bulls are unable to push past the $10 in the short term or if the crypto market takes another bearish turn.

The analyst believes that RUNE’s current rally has been “healthy”. As the price move upwards, the token’s trading volume followed standing at its highest since April 2021.

In addition, the Weighted Sentiment, a metric used to measure market sentiment across social media platforms, suggests more gains. This metric stands in the negative as the token claims into its current levels which is a bullish sign.

Source: Santiment

In the crypto markets, operators believe that prices tend to move opposite to the crowd’s expectations. Therefore, a negative sentiment suggests more gains for RUNE. The analyst said that “the greed is out” of the market, for the time being.

In addition, the futures market seems to support the bulls as funding rates on Binance and FTX were barely returning from negative territory into positive on the recent price action. The analyst added:

Binnance’s funding rate is positive (not too much) while FTX’s funding rate is about to get into the positive areas. this can be considered as a “not very good, but not too bad” signal.

Source: Santiment
THORChain (RUNE) Potential Headwind For Future Gains

The analyst believes that THORChain (RUNE) developer activity could be a long-term obstacle for RUNE’s price. He claims the project needs fresh ideas and proposals to sustain its momentum. The analyst concluded:

RUNE’s previous rally was a healthy one. there is still some price potential in short term, but the outlook for long term hodling is not good enough because there is not enough development activity.

However, THORChain introduced a major feature for its network recently called synthetics assets. This gives users the capacity to access tokens pegged to the price of BTC, ETH, and others.

Related Reading | Top DeFi Names SUSHI, ThorChain, Others Surge 10% Higher

Thus, users will be able to leverage new investment strategies and products. At the time, an official THORChain post stated:

As a benefit, you will have access to yield generating vaults, and be one of the first users who will vest their funds. Minting synths will be capped and access will depend on how much liquidity is in the THORChain pools.

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THORChain Activates Feature, 30% Spike Follows, Can Bulls Sustain It?

Up almost 30% during today’s trading session, decentralized cross-chain exchange THORChain (RUNE) trades north of $5.28. One of the top gainers in the current relief rally across the market, the network has activated synthetic assets, a new feature that could attract use cases and users to the platform.

Related Reading | Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally

RUNE moving sideways on the 4-hour chart. Source: RUNEUSDT Tradingview

Per an official post, synthetics assets are tokens pegged to the value of their underlying collateral, such as Bitcoin or Ethereum. In order words, users can now access BTC, ETH, and others running on THORChain.

Similar to Wrapped Bitcoin (wBTC), a popular token on Ethereum, with the difference than synthetic assets can also be collateralized by BTC, in this case, and other cryptocurrencies. The synthetic version of Bitcoin running on this blockchain is called sBTC and offers the user exposure to BTC’s price performance.

Unlike Bitcoin, according to the post, its synthetic version on THORChain offers faster transactions and lower fees. In that way, a user can trade with this benefit and benefit from other yield generation products. Per the post:

As a benefit, you will have access to yield generating vaults, and be one of the first users who will vest their funds. Minting synths will be capped and access will depend on how much liquidity is in the THORChain pools.

The post adds that users can simplify their trading experience, and gain access to different cryptocurrencies from multiple blockchains without using a centralized exchange. Core developer Chad Barraford said the following on the advantages of this feature and its impact on the network’s ecosystem:

Synthetics can be used to change the pool depths, and therefore correct the pool price to match market demands, i.e. arbitrage. This is super important because it means the pools can be arbs faster, cheaper, and more efficiently.

THORChain Publish Roadmap, How It Is Moving Towards Decentralization

Furthermore, synthetics assets will provide THORChain users with the ability to earn as much as 20% interest on their holdings. For that, users will need to lock their assets on a vault called THORSaving which will have an initial 5% APY.

One of the most hyped products in the lending and borrowing use case. Users will be able to access “self-repaying loans” which generate yield on collateral. As the post clarified:

You take the loan which will be paid automatically by the interest the vaults generate from the locked synthetics.

Barraford predicts a potential increase in trading volume for RUNE and the THORChain ecosystem in general. The project recently integrates with Terra (LUNA) and will begin acquiring this network’s native token along with its native stablecoin UST.

Related Reading | Mars Protocol To Launch On Terra, But Why MARS Has Seen A Massive Dump

Ultimately, the decentralized exchange aims at increasing its liquidity 10-fold. To achieve this goal, THORChain published a roadmap that included the integration of DEX aggregators, more features, wallets, and access to other blockchains.

THORChain project roadmap:

* More chains (LUNA, Privacy, L2's)* More wallets (all the big ones)* More integrations (Dex aggregators)* More Features: Synths, THORFi (lending, saving), THORNames

Not stopping until decentralised liquidity 10x bigger than centralised. $RUNE

— THORChain #ACTIVATETHESYNTHS (@THORChain) March 6, 2022