THORChain (RUNE) Price Correction and Lending Update
THORChain (RUNE) experienced a price loss of 3.62% after being overbought. However, the token’s trading volume showed a slight increase, indicating some buying activity. The recent launch of THORChain’s lending protocol allows users to lend assets and borrow USD. Despite a price correction after the launch, the lending update is still generating interest and may lead to an upward retracement for RUNE.
THORChain Lending Update Attracts Attention
The THORChain lending update has gained significant attention since its launch. The lending metrics show that there are 135 distinct borrowers with 204 active loans. The protocol has recorded $1.06 million in collateral value and $478,000 in borrowed assets. ETH is chosen as collateral for the majority of loans, and BTC to RUNE is the most frequently used borrowing path.
Potential Expansion and Stability for THORChain Lending
The success of THORChain’s lending platform suggests that it may expand its offerings and add new cryptocurrencies as collateral options. The platform’s growth also indicates that borrowers are using significant assets as collateral, reducing the risk of defaults and ensuring stability. This could attract more users seeking to borrow against their holdings.
RUNE’s Price Chart Indicates Positive Market Outlook
RUNE’s price chart shows increased buying activities and potential for significant rallies. The green candlestick formation and position between the critical moving averages suggest that RUNE may test new prices. However, traders should be cautious as the Moving Average Convergence Divergence is bearish, indicating a potential dip or consolidation.
RUNE’s Resistance and Potential Breakout
RUNE faces resistance at $1.58 but has shown bullish momentum. A breakout is possible if the resistance is broken. However, if the resistance holds, the price could dip towards the $1.44 support level. This dip may trigger a bounce as low-price traders and investors enter the market.
Hot Take: Consider Wall Street Memes as a Low-Risk Alternative
For investors seeking low-risk alternatives, Wall Street Memes (WSM) is a meme coin gaining popularity. Its presale has raised over $25 million, indicating strong investor interest. While WSM has no outlined utility, its use case as the primary currency for the Wall Street Memes platform could increase its value over time.
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