Home
News
- ShapeShift and THORchian integrate to fight for decentralization.
- RUNE prices gained up to 8% intraday.
- Trading volume swelled up by 100% in the last few hours.
The THORchain is an open source native asset infrastructure that has mapped out the fight for decentralization with ShapeShift. The mission for THORchain stands at where it aims to decentralize cryptocurrency liquidity by means of a network of public THORNodes and ecosystem products.
The ecosystem extends the facilities like liquidity tools, NFT collections, project fundings, wallets and various other magnetic features that attract users to the platform. The user-is-king motto doesn’t end here, as the ecosystem provides a swapping platform. The platform also has a few completed and a bunch of ongoing integrations for the fans to bring THORchain’s charm. RUNE, the native token of THORchain has taken support of all the charismatic attributes to establish a rising trend.
Monoscopic View
The RUNE prices have formed a rising regression channel with prices facing selling at press time. The volume showed bulk buying followed by selling pressure at $1.93. The EMA ribbon lies just beneath the price action to indicate weak bullish signals. The prices can witness resistance near $2.05. Surprisingly, OBV suggests this pressure in the market to be favorable for RUNE.
The CMF, after a dip, has retraced closer to the baseline, to hint at the possibility of improvement. The MACD recorded a short rule of sellers, after which the lines are moving to converge. The RSI bounces in the upper half to reflect buyers’ efforts to pull a few strings, making RUNE bullish again.
Microscopic View
The smaller time frame suggests prices facing a resistance as the rally is struggling to be established. The CMF escalated from the zero-mark to hint at a struggling high run and can gain pace in the future. The MACD diverged widely and recorded ascending buyer bars as they influence the market at the moment. The RSI moves closer to the ceiling range of 60-70 to display buyer dominance in the market.
Conclusion
The THORchain is keeping faith in its protocol and working to create user-hooks, to make them come back for more. The market is somewhat bland at the moment, but can swing high with the help of “unknown” push. The holder of RUNE must watch for the resistance near $2.05.
Technical levels
Support levels: $1.00 and $0.80
Resistance levels: $2.05 and $2.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
