THORChain Price Up by 8.10% – Time to Buy RUNE?

• THORChain continues to climb while other coins dive amid world troubles
• RUNE Surges 8% following synthetic asset activation
• THORChain introduces Dogecoin support

The cryptocurrency market has failed to produce any notable swings in the last 24 hours, with the bulk of coins trading flat with no discernible differences. However, there are exceptions like THORChain which has seen a rise of up to 10% in the last day, spurring investors to buy RUNE.

THORChain describes itself as a decentralized liquidity network that allows users to swap assets at market values that are resistant to manipulation.

Swaps are carried out via permissionless cross-chain liquidity pools that allow users to stake their assets to earn trading fees.

Traders can profit by arbitraging back to fair market pricing by monitoring pool prices. Projects are apparently able to stake their treasuries in order to provide their tokens with significant liquidity.

THORChain Introduces Dogecoin Support

THORChain contributors have revealed that the platform’s functionality for Dogecoin has been fully integrated into the cross-chain liquidity protocol. THORChain’s native DOGE liquidity pool is now operational, letting users trade and earn a yield on their DOGE.

DOGE, for example, can now be exchanged for native BTC (rather than wrapped BTC), ETH, BNB, BCH, LTC, different stablecoins, and a variety of other Binance Smart Chain or ERC-20 assets using the THORChain liquidity protocol.

Since the THORChain DOGE pool is now available, Dogecoin holders can become liquidity providers. DOGE holders can begin earning a dividend on a protocol that helps users limit their risk of suffering from temporary loss.

THORChain’s RUNE Surges 34% After Activating Synthetic Asset

Crypto synthetics, often known as synths, are derivative tokens of other digital assets that are linked to the value of the underlying collateralized asset, such as Bitcoin (BTC) or Ether (ETH).

In THORChain’s variant, the project has chosen to back their synths with 50% of the underlying asset and 50% in RUNE.

Synthetics such as synthetic BTC (sBTC) and synthetic ETH (sETH) are available for trading on the network since the activation went live earlier today.

“Trading using synthetics on THORChain offers half the swap fees, making swaps cheaper, gas expenses lower, and trading faster. You can make near-instant trades at huge volume,” developer Chad Barraford explained.

RUNE Technical Analysis—Green light for Investors

At press time, THORChain price today is $6.97 USD with a 24-hour trading volume of $346,036,191 USD. THORChain is up by 8.10% in the last 24 hours with a live market cap of $2,305,290,371 USD.

THORChain has posted a positive uptrend despite the bearish look of the crypto market. At press time, RUNE is trading at $6.97 up 8.10% in the last 24hrs. 24hr trading volume is also bullish with $296.45m worth of RUNE exchanged in the last past day. This equates to roughly 8.10% increase in the past day.

The technical indicators of RUNE show a general bearish trend. The crypto asset is now trading at the 50% Fibonacci retracement threshold of $6.94, which means RUNE will see support at that level.

The Relative Strength Index (RSI) of 56.15 suggests that THORChain token is trading at the underbought region. Indications show it’s a great time to buy RUNE and rise with the market.

Furthermore, the RUNE asset is below the trendline, with the Simple Moving Average (SMA) value of $6.93 at 50% indicating that it is bearish.

The 50-hour exponential moving average (EMA) is below the trending line. This encourages investors to buy RUNE at its current price of $6.9.

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