Riding The Storm: THORChain 50% Rally Shines As Top 100 Coins Falter

Christian Encila

1 year ago

3 mins read

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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.

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

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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.