ThorChain Coin Up 24.91%. Time To Buy RUNE Coin?

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

ThorChain (RUNE) has been making gains lately, investors are now seeing it as a worthwhile investment as they rush to buy RUNE.

RUNE is the native asset of the ThorChain network. Thorchain is a decentralized liquidity protocol that enables users to exchange digital assets across different networks without losing custody of the assets.

This article looks into the tech behind the project and the price movement of RUNE. Let’s dive right into it.

ThorChain: The DEX For New Crypto Investors

THORChain price charts July 7

ThorChain was created through an Initial DEX Offering (IDO) in July 2019 although its mainnet wasn’t launched officially until January 2021.

ThorChain uses a cross-chain blockchain solution that allows users to swap one asset for another easily. The liquidity protocol doesn’t require users to rely on order books or oracles.

ThorChain was built using the Cosmos SDK and is powered by the Tendermint consensus mechanism. This consensus keeps the network safe from attacks through a BFT proof-of-stake (PoS) system.

RUNE, the native utility token is used as the base currency in the ecosystem for governance and security purposes.

67% of all retail investor accounts lose money when trading CFDs with this provider.

RUNE’s Rapid Rally Continues

RUNE has grown rapidly since the start of the year.

The token price surged from $2.02 this year to $21.26 in May before the cryptocurrency market crash. RUNE plunged and was trading for as low as $6 on May 23rd.

However, the token began to recover and hit $12.38 on June 2nd. Again it dropped to one of its lowest points and traded at $4.72 on June 22.

The ERC-20 token price has been playing around the $6 mark for some time.

However, RUNE’s price is currently at $7.36. The asset is up 24.91% in the last 24 hours according to CoinMarketCap. This huge potential for growth is enough reason for investors to buy RUNE.

RUNE’s Technical And Fundamental Analysis

On the trading chart, the digital asset’s relative strength index (RSI) currently stands at 42.49. This means it is trading above the oversold margin and below the overbought status.

RUNE 20-day moving average (MA) support price is at $7.369 which shows the market path is still in the confirmation phase.

However, its long-term performance on the 200-day MA shows a lower price at $7.151 pointing to a bullish run.

RUNE’s moving average convergence and divergence (MACD) is trading below the zero line at -0.012.

The wolfpack ID strategy indicator emphasizes this bearish momentum as it shows the red line trailing downwards.

However, the trend line is gradually rising meaning a bullish run may be expected soon thereby signaling that it might be a good time to buy RUNE.

Looking at fundamentals, ThorSwap, the multichain DEX that runs on the ThorChain network recently launched ThorChain Synthetics on its testnet.

ThorChain Synthetics was launched based on a partnership with decentralized finance (DeFi) protocol Synthetix.

Synthetic is a protocol that enables users to buy and sell synthetic assets using smart contracts. It also provides exposure to a wide variety of crypto and non-crypto assets.

ThorChain Synthetics provides a new feature that allows users to easily mint, redeem, and swap between crypto-assets such as Ethereum (ETH), and Bitcoin (BTC).

According to ThorChain developers, users will also be able to transfer their synthetic assets to ThorChain-based wallets while earning interest on their holdings.

A few days ago, Blockchain protocol Bancor decentralized autonomous organization (DAO) whitelisted the RUNE token.

This allows RUNE LPs on Bancor to provide single-sided liquidity using RUNE with protection from impermanent loss and earnings in the form of swap fees in RUNE.

The RUNE token became accessible on the multi-chain wallet Coin98 this month.

Users can now transfer and store the token on the wallet safely on both the Extension and the Mobile App.

These recent developments surrounding the ThorChain protocol seem to be driving value and interest for those who want to buy RUNE.

Buy Crypto at eToro, the World’s #1 trading platform!

1
$50
Mobile AppYes
  • Invest in a wide range of cryptocurrencies
  • Ability to copy more experienced investors and their decisions
  • eToro crypto wallet included which makes it beginner-friendly

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.