The Volatility of THORchain (RUNE) Price
Since early August, the price of THORchain (RUNE) has experienced whole lot of volatility. It surged by 124% to reach a high of $2.029, breaking through the $1.716 resistance level. Nonetheless, the rally was short-lived as long positions were closed, resulting in a correction. During this uptick, around $1.2 Million in short positions were liquidated.
The Defiance of the THORchain Ecosystem
Regardless of the market downtrend, the THORchain ecological system continues to thrive and push towards new heights. This decentralized cross-chain liquidity protocol allows users to swap assets at fair market prices. The recent launch of its multichain chaosnet has likewise led to a rally in smaller eco-projects like THORSwap and THORWallet DEX, which are denominated in RUNE. This implies that when RUNE experiences a pump, these eco-projects likewise benefit.
The Future of Finance with THORchain
The THORchain ecological system is highly regarded for its role in building future of the finance. It operates as a multichain decentralized exchange (DEX), where users can swap their native assets and earn passive income by supplying liquidity. One notable feature is that users retain control over their keys without any lock-up period for pooled assets. It’s worth keeping in mind that while users capitalize on RUNE for swapping and providing liquidity, holding the token is not as common.
THORchain Price Prediction
The present price of RUNE is positive trend, standing at $1.540 and showing a V-shaped recovery. With consecutive green bars, there is a likelihood of breaching the $1,610 resistance level if the positive trend momentum persists. Further upward movement could test the $1,716 resistance level and enter the supply zone. An increase in buying pressure could surpass this resistance level, indicating a probable collection of uncollected buy-side liquidity. The Relative Strength Index (RSI) and the Awesome Oscillator support this upward trend, suggesting growing momentum and positive market sentiment.
Promising Alternative to THORchain
For those seeking an alternative to THORchain, Wall Street Memes (WSM) offers promising prospects. As its native asset, WSM is in the final stages before its launch on plenty of tier-one exchanges. This sets it apart from ordinary Meme Coin coins and presents a chance to buy WSM at presale rates of $0.0337. The project intends to make WSM accessible by allowing purchases with Ethereum (ETH), United States Dollars (USD), or Binance Coin (BNB). Transparency is a key focus for the project, with tokenomics disclosure and 30% of the token supply allocated for community rewards. Staking is likewise available, providing a 70% annual percentage yield (APY) for investors.
Hot Take: Consider Wall Street Memes for Better Prospects
With THORchain price facing probable selling pressure, exploring alternatives like Wall Street Memes could offer better prospects. The project’s commitment to community orientation, transparency, and staking features make it an appealing option for long-term engagement and price stability. Furthermore, the project is as of now hosting a $50,000 airdrop, providing a chance for investors to engage and potentially win WSM tokens.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.