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- 1 The RUNE coin is planning for greater UX improvements for developers in 2023.
- 2 THORChain has witnessed a huge spike in trading volume in the last 24 hours.
THORChain was launched in January 2018. Its RUNE token follows POS consensus mechanisms to achieve the necessary agreement on data value. RUNE platform helps users to create liquidity by allowing them to trade digital assets on a decentralized network. RUNE allows cross-chain lending. It is a network facilitating asset settlement between Bitcoin, BNB chain, Avalanche and few other blockchains. Anyone can use RUNE to swap native assets between any supported chains.
THORChain has 94 active validators and 79K unique swappers. The total swap count of RUNE is 14.33M and the network has made an amazing pool earnings of $38.4M. THORChain also provides infrastructure for Trust Wallet, ThorSwap, ShapeShift, XDefi Wallet, THORWallet DEX and Rango. RUNE also enables asset swapping without relying on wrapped tokens.
The spot trading volume of THORChain has highly advanced by 199.02% in the last 24 hours. The derivative trading volume has also seen a spike of 104.80%. That data indicates how interested the traders are in the RUNE coin. Currently, the circulating supply of the coin is 336.16M RUNE. It has resulted in a fully diluted market cap of $1.04B.
RUNE Crypto Price Technical Analysis
The THORChain coin price has changed its trend character and is currently following an uptrend. The coins price is making higher highs, leading to higher prices in the coin. The crypto is also trading inside a rising wedge pattern.
Following the advance in RUNE crypto price, the 50-day and the 200-day EMAs are following a golden cross. The RSI for the coin is also traveling in a bullish cycle, currently trading above the 50-level. It indicates the presence of buyers in the market.
THORChain Liquidation Analysis
The THORChain coin has witnessed nearly equal amounts of long and short liquidation in the last 24 hours. This coin is facing a long liquidation of $261.09K while the short liquidation has resulted in $215.92K. It shows how buyers and sellers are aggressively fighting with each other. This behavior can lead to further volatility in the coin’s price.
Conclusion
The present outlook of the RUNE crypto looks to be bullish as the coin is following a bullish price action. The crypto is making higher high swings. The EMA and the RSI are also indicating for a buy signal. It is also is witnessing huge volume activity.
Therefore, the price of THORChain can continue to advance to higher levels unless it breaks below the rising wedge pattern.
Technical Levels
- Support levels for the THORChain Coin are: $0.92 and $1.60
- Resistance levels for the THORChain Coin are: $2.20 and $3.10
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
