The THORChain ecosystem has been filled with excitement following an increase in the native token, RUNE. This uptrend in RUNE suggests growing interest and confidence in the project.
Also, the bullish momentum is linked with the development of the ecosystem. Looking at how the coin has performed in the past week, it may continue this upward trajectory.
RUNE Recent Price Action
The price of RUNE has undergone a bullish trend since late October. But, before then, the coin has been stable, trading between $1.7 and $0.8. It traded within the range for over 10 months.
Surprisingly, on Oct 24, the coin started increasing. It broke the strong resistance level at $1.7.
The bears tried to push the price down, but the buying pressure was too much. Since then, the price has been going up steadily without stopping. However, on Nov 12, RUNE’s price found another resistance at $5.3.
This resulted in RUNE consolidating within the region from Nov 12 till today (Nov 15).
Currently, RUNE is preparing to form a yearly high. In the past 24 hours, RUNE has recorded a 16.4% price increase. Also, in the last seven and fourteen days, the bulls have dominated the market.
According to CoinGecko, RUNE is up by over 71% and 94% in these respective time frames.
Interestingly, it has been gaining even in the last 30 days, up by more than 243%. This means that the coin is under the control of the bulls. Despite these gains, the coin has shed off almost 1% of its growth over the last hour.
This implies that the sellers are entering the market, but the momentum is low.
RUNE Price Analysis: Can Buyers Sustain the Surge?
The recent surge in the RUNE’s price is grabbing investor’s attention. As it surpasses the Simple Moving Average (SMA) indicators, more buyers are entering the market, anticipating RUNE to go higher.
Even in the event of a decline, the SMA could act as robust support, potentially preventing a significant drop in the market.
Meanwhile, the Relative Strength Index (RSI) stands at 80, signifying the coin is currently in an overbought condition. This suggests caution among traders, as sustained high RSI levels might indicate a potential correction soon.
But, if the investors sustain the momentum, the uptrend may continue.
On the positive side, the Moving Average Convergence Divergence (MACD) is above the signal line. This points to strong bullish momentum. This alignment of technical indicators implies a prevailing bullish trend but warrants careful monitoring, especially considering the overbought RSI.
So, traders should stay vigilant and assess the market conditions, keeping an eye on both potential corrections and the supportive SMA. This will help them to make informed decisions in this volatile crypto market.
The Wolf of Defi Gives Credit to the THORChain Ecosystem
On Nov 11, a popular DeFi expert explained why the RUNE coin is making new highs. According to him, it is because of the liquidity flywheel. He added that THORChain is an exchange that helps users to swap tokens.
This implies that as people use the THORChain platform for trades, those providing liquidity (adding money to the system) earn money.
Also, the token that powers the general operation of this platform is RUNE. So, when more liquidity is added, people have to buy $RUNE from the market.
This creates a cycle where more people want to join because of growing earnings, leading to more $RUNE being bought, and the cycle continues.
$RUNE keeps making new highs. The reason for this is the liquidity flywheel. I’ll show you how it works and why it will push $RUNE much higher. @THORChain is built on liquidity pools. As the infrastructure is used for swaps, liquidity providers make money. The base asset of…
— The Wolf of Defi ⭕️ (@thewolfofdefi) November 11, 2023
Also, the nodes in the system need to bond $RUNE for every $1 of other assets they hold. “So when I deposit $100 in the $BTC / $RUNE pool ($50 $BTC and $50 $RUNE), nodes need to add another $50 worth of $RUNE to their bondings,” the Wolf of DeFi added.
This, along with the growing use of the platform, is pushing $RUNE’s price higher. Additionally, the recent introduction of lending has made $RUNE deflationary.
This means that $RUNE can now be burned or removed from circulation, which further increases buying pressure. So, the combination of these factors is causing $RUNE to surge in price.
RUNE Best Alternative: Bitcoin ETF
The potential Bitcoin ETF approval is around the corner, and the crypto market is excited. Both investors and retail traders are positioning their portfolios and are searching for low-cap coins to put money in.
One such coin/token these investors should consider is Bitcoin ETF.
This project is currently in presale and has been making headlines. This is because the presale is selling faster than expected. Based on how the token is selling fast, the presale might end anytime soon. Bitcoin ETF has raised more than $702,000 by selling the native token.
New Bitcoin ETF Token Offers Early Investors Low Price and Access
The Bitcoin ETF token is selling at a low rate of $0.0052. This gives early investors the opportunity to purchase the token at a low rate. Also, investors who join the presale now stand a chance of gaining high returns when the token is launched.
The project’s team allocated 40% of the total supply to the presale. This is equivalent to 840 million tokens. Given how the presale is going, this small amount of tokens will be exhausted soon. There are less than 17 hours for the presale to end.
Notably, Bitcoin ETF has attracted the attention of prominent crypto influencer Alessandro De Crypto. He expressed his optimism for the project through a YouTube video. Even the project‘s Telegram channel and Twitter have been growing massively.
With all this in mind, interested investors should visit the project’s site to learn more about Bitcoin ETF.
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