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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Can RUNE Sustain Its 20% Rally?, Why This Analyst Doubts It

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
THORChain RUNE RUNEUSDT

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THORChain (RUNE) has seen an important rally in the past month. The native token of this decentralized cross-chain bridge rose from its 2022 low at around $3 with 30% intra-day rallies to its current levels.

Related Reading | THORChain Activates Feature, 30% Spike Follows, Can Bulls Sustain It?

At the time of writing, RUNE’s price trades at $9 with an 11% profit in the past 24-hours and a 17% profit in the past week.

RUNEUSDT Tradingview
RUNE on a rally in the daily chart. Source: RUNEUSDT Tradingview

According to analyst Alerzio from research firm Santiment, RUNE’s current rally has traders wondering if the token will be able to sustain its gains. The cryptocurrency could revisit its lows if the bulls are unable to push past the $10 in the short term or if the crypto market takes another bearish turn.

The analyst believes that RUNE’s current rally has been “healthy”. As the price move upwards, the token’s trading volume followed standing at its highest since April 2021.

In addition, the Weighted Sentiment, a metric used to measure market sentiment across social media platforms, suggests more gains. This metric stands in the negative as the token claims into its current levels which is a bullish sign.

RUNE RUNEUSDT
Source: Santiment

In the crypto markets, operators believe that prices tend to move opposite to the crowd’s expectations. Therefore, a negative sentiment suggests more gains for RUNE. The analyst said that “the greed is out” of the market, for the time being.

In addition, the futures market seems to support the bulls as funding rates on Binance and FTX were barely returning from negative territory into positive on the recent price action. The analyst added:

Binnance’s funding rate is positive (not too much) while FTX’s funding rate is about to get into the positive areas. this can be considered as a “not very good, but not too bad” signal.

RUNE RUNEUSDT
Source: Santiment

THORChain (RUNE) Potential Headwind For Future Gains

The analyst believes that THORChain (RUNE) developer activity could be a long-term obstacle for RUNE’s price. He claims the project needs fresh ideas and proposals to sustain its momentum. The analyst concluded:

RUNE’s previous rally was a healthy one. there is still some price potential in short term, but the outlook for long term hodling is not good enough because there is not enough development activity.

However, THORChain introduced a major feature for its network recently called synthetics assets. This gives users the capacity to access tokens pegged to the price of BTC, ETH, and others.

Related Reading | Top DeFi Names SUSHI, ThorChain, Others Surge 10% Higher

Thus, users will be able to leverage new investment strategies and products. At the time, an official THORChain post stated:

As a benefit, you will have access to yield generating vaults, and be one of the first users who will vest their funds. Minting synths will be capped and access will depend on how much liquidity is in the THORChain pools.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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