Thorchain Price Down by 3.37% – Time to Buy RUNE Coin?
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- Crypto market down by 1.23% over the last day, urging investors to buy RUNE.
- RUNE prices dive as Russia-Ukraine war ensues
- THORSynths to enable cheaper and faster crypto trades
The crypto market is trading sideways as economic forces influence trading possibilities globally. Cryptocurrencies like THORChain (RUNE) has slumped a bit in the last 24 hours, but it’s still attractive for investors who want to buy RUNE.
THORChain is a decentralised cross-chain liquidity protocol with a key objective to resist centralisation and facilitate cross-chain transactions. The digital asset has recorded a 12.78% increase in the last seven days and one month decrease of 3.53%. This downtrend proposes an opportunity for investors to buy RUNE and make profits upon imminent price retests.
RUNE: Gearing for New Bullish Trend
RUNE has established a globally applicable network protocol that aids the scalability of cross-chain transactions and liquidity. The digital asset trades at $4.46, which indicates a 3.37% decrease from the last 24 hours.
Currently ranked as the 59th most valuable crypto per Coinmarketcap rankings, the digital asset seems set to retest and establish new support prices. The THORChain asset currently dominates 0.09% of the entire crypto market with a 24-hour trading volume of $140.7 million. THORChain’s market cap value represents a 3.37% decrease in the last 24 hours at a value of $1.4 billion.
The bearish outlook of the RUNE asset follows the crypto market’s downtrend in response to the Russia-Ukraine war. However, with crypto donations for the war victims, the digital asset is expected to surge in the coming weeks based on the analysis explained below.
RUNE Technical and Fundamental Analysis
The Relative Strength Index figure of 49.93 indicates that RUNE is trading in the underbought region, therefore depicting a buying potential. The Simple Moving Average (SMA) value of $5.88 shows that the THORChain asset is bearish as it trades below the trendline.
However, the Moving Average Exponential (EMA) motivates investors to buy RUNE with a value of $4.66. Amidst the global upheaval, THORCain continues to make fundamental improvements to its blockchain, relevant to its price trends.
The promised THORChain Synthetics are scheduled for a soft launch on Wednesday, which are derivatives of cryptocurrencies run on the THORChain. These derivatives provide low fees and are faster than most coins on other networks. These Synthetics offer cheaper and faster crypto trades since they run on the THORChain.
Transactions on THORChain cost just about 0.02 RUNE and are finalised in five seconds. The synthetics also provide enhanced investing, which means that users can own multiple coins with the potential of earning up to 20% interest on the coins using the Synthetic Vaults (THORSavings).
Users can lock one type of synthetic in the vault and realise up to 20% in interest without the risk of impermanent loss. As the Roadmap indicates, the THORChain blockchain aims to release several upgrades and updates. THORChain aims to increase decentralised liquidity by ten times with more chains such as the LUNA chain, increase privacy and Layer-two integrations. Other features include THORFi, which improves lending and borrowing services on the THORChain network, THORNames etc.
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