THORChain is a decentralized liquidity protocol which helps users to easily exchange cryptocurrency assets across a range of networks. The protocol facilitates swaps between Bitcoin, Ethereum, Bitcoin Cash and several other chains. It was designed to minimize trust and become a scalable cross chain communication and settlement layer. The user can easily swap one asset for another without relying on the orderbook. Meanwhile, swappers always remain in control of their funds during the transfer.
THORChain also helps to mitigate the Impermanent losses which a liquidity provider faces. The TVL of the protocol is near $176.9 Million with a total liquidity of $97 Million. The protocol has a total of 84 validators with a $79 Million validators bond. The total pool earnings of the THORChain is around $15.6 Million. As per blockchain expert MistTrack, the hackers which attacked Atomic wallet used THORChain to conceal their ill gains.
THORChain has a market cap of $332 Million and is ranked 95th on CMC. The volume of the asset price has seen a surge of 34% in the intraday session. Volume to market cap ratio of RUNE suggests a weak upward trend in price.
Are the Bulls Ready to Take Off With RUNE?
Thorchain token price has been moving in a consolidated momentum in the weekly technical chart. On the daily chart, RUNE has been moving in a weak recovery mode. It is currently trading at approximately $0.999 with a gain of 6% in the intraday session. The upside trend of RUNE can see a halt near the value of $1.2. Meanwhile, the support of the asset price can be observed near $0.8. The asset price is trading just above the 20 EMA and below the 100 EMA. If the price surges above the 100 EMA, then a strong upside trend in the future can be seen.
The RSI of RUNE is near 52 with a small positive slope in it. The overall sentiment of the RSI is weakly bullish.
Summary
ThorChain has been observing no significant deviation in the TVL. RUNE token is currently in a consolidated trend and can see a new high in the future.
Technical Levels
Major Support:$0.8
Major Resistance:$1.2
