Riding The Storm: THORChain 50% Rally Shines As Top 100 Coins Falter
17 Agosto 2023 - 10:25AM
NEWSBTC
Within the dynamic cryptocurrency environment, THORChain (RUNE) has
emerged as a notable altcoin, capturing the interest of investors
who are actively pursuing methods to augment the diversification of
their investment portfolios. In conjunction with the established
entities such as Bitcoin and Ethereum, the cryptocurrency market
has experienced significant growth with a diverse range of
alternative coins, each presenting unique attributes and
prospective prospects. Related Reading: Cardano Holder Resilience
Tested As ADA Fends Off Bearish Onslaught Altcoins, which comprise
a diverse array of technological advancements, application cases,
and governance frameworks, provide investors a wide range of
options to consider. THORChain Emits Force In The Weekly Chart
THORChain (RUNE), renowned for its cross-chain liquidity mechanism,
has garnered significant attention this week due to a different
factor. RUNE price action today. Source: Coingecko According to
statistics from Coingecko, THORChain is currently priced at $1.54,
reflecting an increase of 50% over the past seven days. However, it
has had a decline of 3.7% within the last 24 hours. The boost in
price can be attributed to a concurrent rise in the social volume
of the THORChain cryptocurrency. According to data from Coincodex,
there was a significant increase in social volume, exceeding
4,300%, during the period from August 7 to 13. The price of RUNE
has exhibited a bullish trend since the middle of June. However,
this upward movement was interrupted when the price above the $1
threshold and subsequently began to undergo a retracement. The
price of the cryptocurrency established a support level at $0.92
following a significant decline, then initiating a bullish recovery
to surpass the prominent psychological threshold of $1. RUNE
reaches $527 million in market cap today. Chart: TradingView.com In
the preceding month, the cryptocurrency had a notable increase of
30%, while also exhibiting a 5% rise since the commencement of the
year 2023. Nevertheless, the performance of the subject over an
extended period of time presents a more pessimistic portrayal. Over
the course of the previous four quarters, there was a significant
decline of around 50% in the value of the coin, suggesting the
presence of inherent instability. Moreover, the cryptocurrency has
experienced a significant decline of 94% from its peak value of
$20.87 in May 2021, highlighting the fundamental instability of the
cryptocurrency market. RUNE Faces Resistance At $1.55 Although
there have been recent positive developments that may be
encouraging for investors with short-term goals, the overall trend
indicates that there have been challenges over longer time periods.
The significant declines observed in the past year, as well as from
the highest point, underscore the precarious nature of
cryptocurrency investments. This necessitates a careful evaluation
of their long-term viability within a dynamic market environment.
RUNE price action in the last seven days. Source: Coingecko Related
Reading: Dogecoin Looming Plunge: Factors Point Toward An Imminent
Significant Decline At present, the RUNE token is undergoing a
phase of surpassing the significant resistance level of $1.55,
which has persisted for an extended period of time. This particular
domain holds significant importance as it has alternately
functioned as both a point of opposition and reinforcement from the
onset of the year 2021. Hence, the act of closing above it will
serve as a significant indication of a positive trend, thereby
reinforcing the bullish readings observed on the daily timescale.
As the liquidity mechanism for THORChain may develop over the next
few months, cryptocurrency experts anticipate even further price
hikes for the platform. Additionally, 14 new nodes are prepared to
join the THORChain network, according to CoinCodex. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
Featured image from Asia Crypto Today
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