THORChain (RUNE) has followed the Elliot Wave theory, completing its fifth and final wave of an upward movement that began in June. This theory is typically associated with longer-term setups, and the symmetrical triangle in the fourth wave confirmed the technical formation. After breaking through the 100% Fibonacci level, RUNE continued to climb by 14%, raising questions about whether a new trend is emerging in the market. Alongside this rally, there have been several network changes in the THORChain ecosystem. Version 1.121.0 (V1.121.0) will bring 35 upgrades, fixes, or features to the network.
BNB Smart Chain has also been integrated into THORSwap, allowing traders to transact with multiple tokens across the chain without bridging or wrapping. Additionally, it is now cheaper to swap Ethereum (ETH) to native Bitcoin (BTC) on-chain using MetaMask multichain snap compared to Kraken Exchange.
From a technical standpoint, the price action for THORChain suggests that the rally could peak at $2.459 after a 32% climb since September 26. The Exponential Moving Averages (EMA) indicators provide support at various levels. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators also indicate buying momentum and more buyers entering the market.
However, a rejection from the range high or profit-taking could lead to a downturn, potentially sending THORChain price below certain levels.
In other news, Bitcoin Minetrix is gaining attention in the crypto scene with its stake-to-mine project offering BTCMTX community members the opportunity to become Bitcoin owners. The project aims to solve high hardware costs and deceptive scams associated with mining BTC by providing a tokenized cloud-mining platform.
Investing in BTCMTX tokens during the presale stage is recommended as experts anticipate significant growth potential. The project accepts Ethereum (ETH), Binance Coin (BNB), Tether (USDT), and bank card payments.
Bitcoin Minetrix offers a value proposition of decentralized BTC mining without the need for specialized gear or technical expertise. It stands out from other cloud-mining services by utilizing ERC-20 tokens and allowing users to determine their Bitcoin mining power.
In conclusion, THORChain has experienced a rally based on the Elliot Wave theory, and several network changes have taken place. Bitcoin Minetrix presents an alternative with its stake-to-mine project offering decentralized BTC mining.
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