ThorChain Price Up By 7.45% – Time To Buy RUNE?

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Cryptocurrencies have been hit by volatility, and RUNE has been no exception. However, the ERC-20 token has caught some tailwinds in the last 24 hours and is making a comeback in a largely bearish climate. This has seen more investors want to buy RUNE, given its long-term growth potential. What does the RUNE token have in store for investors? Let’s dig in.

ThorChain: Decentralized Liquidity Protocol

RUNE price charts August 2 - buy rune

ThorChain was birthed in 2018 during a Binance hackathon by an anonymous group of developers. Since then, the project has remained decentralized with no official head or founder. Its community developed the website, and its code is fully open-sourced.

ThorChain is out to enable the seamless transfer of cryptocurrencies between different blockchains instantaneously. It aims to become the backend for a new wave of decentralized cross-chain exchanges growing by the day.

It is built on Tendermint, a Byzantine Fault Tolerant engine that also powers the Cosmos blockchain. ThorChain uses a proof-of-stake (PoS) consensus algorithm, and it mandates that validator nodes bond their RUNE tokens before they verify transactions on its network.

The ThorChain Chaosnet was launched in 2020 and was used to power the BepSwap decentralized exchange (DEX). This was the first DEX platform that went live on the Binance Smart Chain (BSC).

BepSwap DEX served as a testbed for the multi-chain swap of popular digital assets like Bitcoin, Ethereum, and Litecoin. These tokens are converted to wrapped BEP20 tokens on the BSC.

ThorChain enables users to complete transactions on several networks without relinquishing control of their tokens. RUNE is the governance token and is used for network fees settlement.

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RUNE Rallying In Early August

A lot has happened in the crypto space in the last six months. Several cryptocurrencies have rallied and dipped in the space of hours. This has seen critics call out the crypto industry due to high volatility concerns, but recently, a sort of stability has been restored to the nascent sector.

RUNE token has benefited from this and saw its value spike from $3.60 on July 27 to $6.50, rising more than 50%. At press time, the decentralized token is trading at $6.982, up 7.45% on the daily chart.

However, this is not the best price action of the RUNE token. Starting the year at $1.17, RUNE surged to an all-time high (ATH) of $20.24 on May 19. RUNE could not sustain this price action, and it dipped with the broader crypto market to a five-month low of $3.60 on June 27.
This recent rally should increase market confidence and see investors want to buy RUNE.

RUNE Technical And Fundamental Analysis

On the trading chart, RUNE is on a bullish run, with the digital asset trading above the 20-day moving average (MA) of $4.678. Its relative strength index (RSI) currently stands at 62.56, indicating that more people want to buy RUNE.

Looking at its long-term performance on the 200-day MA, RUNE still has a long way to go and break above the resistance line at $8.033.
However, market analysts are bullish on the token. Wallet Investor puts its one-year forecast at $15.568 and its five-year forecast at $52.349. This shows that RUNE is a token with growth potential.

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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.