ThorChain Price Up By 15.81% – Time To Buy ThorChain Coin?
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The increased popularity of decentralized liquidity protocol ThorChain is a major reason investors want to buy RUNE. ThorChain’s popularity as a bridge between blockchains has been notable this year, and this has helped boost the value of its native token.
RUNE was one of the best performers over the last 24 hours. So, it is understandable if you would want to buy RUNE for the long term.
However, it is always important to do your research before you invest in any digital asset because they are susceptible to price swings. Let’s find out more about ThorChain and the RUNE token.
ThorChain: Decentralized Liquidity Protocol
ThorChain is a blockchain platform that enables users to swap one asset for another in a permissionless manner easily.
It functions as an automated market maker (AMM), where users can get the best prices in the market without relying on the traditional order books in sourcing for liquidity. Thorchain is unique for its continuous liquidity pool (CLP) which keeps liquidity “always on” for all assets in its ecosystem.
Users can easily provide liquidity to any number of the platform’s pools through the RUNE token. RUNE is used for governance, staking, bonding, rewards, and network fees settlement on the ThorChain network.
RUNE is traded against other assets in every pool on ThorChain, providing a bridge for assets from different blockchains.
ThorChain is a proof-of-stake (PoS) blockchain, which means it’s secured and maintained by node operators who bond and earn RUNE.
It is built on Tendermint, a Byzantine Fault Tolerant (BFT) engine that also powers the Cosmos blockchain. It was developed by an anonymous team in 2018 during a hackathon. The protocol’s multi-chain “Chaosnet” was launched in April this year after initial development took place on a few testnets.
The multi-chain platform enables the cross-chain swaps between Bitcoin, Ethereum, Bitcoin Cash, Litecoin & Binance Chain networks. Chaosnet is also designed to expose the ThorChain network to scrutiny and attack in order to prove that the security and economic incentives of the blockchain are correct.
RUNE Price Movements this Year
RUNE enjoyed big gains earlier this year when the crypto market was on a rally. It rose to a year’s high of $21.26 on May 19 before the downturn started, and assets began to lose value. The asset later dropped to $7.848 on May 23 due to the market crash.
This month, the RUNE token has been on a recovery path. It started the month trading at $5.99 and hit $8.10 on August 5, prompting many investors to buy RUNE.
Currently, the RUNE token is up 15.81% and trading at $9.19 on the daily chart.
The RUNE token currently ranks as one of the top 65 tokens in the world, with a market cap of $2billion. This recent rally is bound to increase market confidence and prompt people to buy RUNE.
RUNE Technical and Fundamental Analysis
RUNE’s technicals are promising on the trading chart. The digital asset is trading above its 20-day moving average (MA) price at $9.154, indicating a bullish run. As seen on its 200-day MA indicator, its long-term performance shows a bullish momentum with the digital asset trading above the indicator at $8.583.
The cryptocurrency’s relative strength index (RSI) is presently trading close to the overbought levels at 65.77, indicating that more people want to buy RUNE.
Market analysts believe that the RUNE token has bullish long-term potential. Forecast website Wallet Investor puts its one-year forecast at $17.241 and its five-year forecast at $50.135. This shows that RUNE is a token with growth potential.
Similarly, the prediction site Digital Coin provides a bullish forecast of the RUNE token. However, the analysts at Digital coin predict a lower price for RUNE. It states that the token would trade at $15.79 next year and $32.43 in the next five years.
Meanwhile, developers of the ThorChain network recently announced that thanks to the bounty program, two critical vulnerabilities were found and have been solved.
The developers have been working on the blockchain following a series of exploits that occurred last month. A team was set up to look into the issue while a bug bounty program was launched last month. Investors would be pleased to see that ThorChain is striving to improve its network, and this can be a great time to buy RUNE.
