• The decentralized liquidity protocol recently achieved a new milestone.
• The price surged by more than 4% amounting to $1.20.
• Its BTC valuation increased by more than 3% equating to $0.000073.

The THORChain protocol recently achieved a new milestone with its liquidity pool protocol, with a total saved value of about $1.689 million and aiming for $2 million in the future. The price moved positively in response as the users were impressed with this new win. It also displays greater potential in the eyes of holders and may invite newer investors to its marketplace very soon.  

Here’s what the charts reveal

The price forms an inverted descending triangle with a target aim of a price level of $1.600 by forming a similar shape to its logo, like a lightning bolt. The volume is pushed like a spring and is ready to pump, matching the price rally. The price reaches the 20-EMA successfully and may rally further. 

The CMF indicator slopes upwards with the current position below the 0 mark and clearly indicates the approaching uptrend. It may surge to higher levels above zero and mark a clear up trend. The RSI indicator moves closer to the 50-mark average and plans to surpass this level to mark an uptrend. The MACD lines coincide below the zero-histogram mark with a pinch of purchases. It may ravel and turn bullish to some degree.

The closer window

The price pursues the established pattern and awaits the breakout. The CMF indicator rises to higher levels and moves beyond the 20-level. It may recede and come closer to the lower positions matching its movements with the price patterns. The RSI indicator surges to the region within 60-70. It may slope slightly down before the resurgence. The MACD indicator knots with the signal line and flares a buying strip, with both buyers and sellers performing in the positive plane. 

Conclusion

The market seems stable compared to the rest, as the price shows healthy growth and brighter future prospects. The new achievement adds extra bling to the picture as users constantly keep an eye on the coin’s performance. 

Technical levels

Support levels: $0.930 and $0.785

Resistance levels: $1.535 and $1.700

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.