RUNE Crypto in 2023: What’s Driving the Growth of THORChain?
RUNE Crypto price is rising from its lows. Santiment data indicate that an increase in social volume is what is driving the THORChain price increase. The data shows that between August 7 and August 13, RUNE’s social volume surged by 4,300%, which significantly raised awareness of the THORChain protocol and its native cryptocurrency.
THORChain is a Layer 1 blockchain protocol that aims to provide fast, secure, and decentralized liquidity for any asset. It allows users to swap assets across different blockchains, such as Bitcoin, Ethereum, Binance Smart Chain, and more, without relying on centralized exchanges or custodians.
THORChain uses a novel consensus mechanism called Tendermint Byzantine Fault Tolerance (BFT), which enables high scalability and finality. It also uses a Threshold Signature Scheme (TSS) to generate trustless and verifiable signatures for cross-chain transactions.
What is RUNE?
RUNE crypto is the native token of THORChain. RUNE holders can vote on proposals and decisions that affect the network, such as fees, upgrades, and parameters. RUNE holders can earn rewards by providing liquidity to the network or running nodes that secure the network. RUNE is used as the base currency for all swaps on THORChain.
Every asset is paired with RUNE in the liquidity pools. RUNE is used as collateral to ensure that nodes and liquidity providers act honestly and do not cheat or steal funds. RUNE has a fixed total supply of 500 million tokens, which are distributed among various stakeholders, such as the team, the foundation, the community, and the treasury.
What Technical Analysis of RUNE Crypto Price Says?
CMT by shubhamsm006 on TradingView.com
RUNE crypto has been on a tear lately, gaining 34.14% in the past three months and 58.68% in the last month. It is currently trading at $1.6044606 and has been trying to hold on to this level after a recent surge in price.
RUNE crypto can maintain this level, it could continue to rise and reach the first and second targets of $1.0603319 and $1.1853595. However, if it falls below this level, it could hit the support levels of $0.8600699 and $0.7848355.
RUNE crypto is currently trading above the 50, 100, and 200-day SMAs, which is a bullish sign. The RSI is also at a high level, indicating that the momentum is in favor of the bulls. The MACD indicator is also bullish, with the MACD line crossing above the signal line.
Overall, the technical analysis suggests that RUNE is in a bullish trend and could continue to rise in the near future. However, there is always the risk of a pullback, so traders should be prepared for that possibility.
Summary
RUNE (USD: RUNE) technical oscillators also support the bullish trend. The MACD, RSI, and EMA emphasize positive signs and imply that the uptrend may continue in the RUNE crypto price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, Investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: S1= $0.8600699 and S2= $0.7848355.
Resistance levels: R1 = $1.0603319 and R2= $1.1853595.
Disclaimer
This article is for educational and informational purposes only. It is not intended to be a source of financial, investment, or trading advice. Stock investing and trading involve risk. You should evaluate your own situation and risk tolerance before making any investment decisions.
