THORChain RUNE has reached a new level despite its humble origins, not just highlighting the progression and investor belief in their cryptocurrency and blockchain network. But it emphasizes the mass shift from centralized to decentralized crypto exchanges. THORChain is the liquidity protocol that allows users to swap their crypto holdings amongst the supported token and blockchains.
All this exchange happens with permission, order book, or any centralized authority. The market price of each crypto asset is maintained not through the immediate buyer or seller but rather depends on the automated market makers.
RUNE, the native token, allows holders to have a stake in the governance and security of Thor’s ecosystem. A DEX offering initially funded THORChain, also called an IDO, and launched through the Binance DEX in 2019. But it hit the main net only in January 2021. THORChain RUNE currently carries a market capitalization of $3.019 billion with net market liquidity of 45%.
THORChain Price Analysis
RUNE is not just a cryptocurrency but a key to whole another dimension. Crypto enthusiasts have been there for one decade, but decentralized cryptocurrency exchanges are slowly gaining too much popularity. THORChain allows you to unlock the extent of decentralized cryptocurrency.
It has been seen that decentralized ecosystem rallies only after some issue or flash crashes in the leading crypto exchanges. As seen by the market manipulating flash crash, people seem to get more interested in finding future market supporters. Holding RUNE would enable one to be a part of a growing ecosystem and further move them from centralized to decentralized blockchain networks.
RUNE took a sharp-up move after one entire month of consolidation close to the $6.50 level support. The flash crash of October 21, 2021, has brought a sigh of relief for the slowly moving decentralized ecosystem. After taking support from $6.5, the price of THORChain has rallied above 100% and trades close to $13 as of October 26, 2021. It will be too early to say if RUNE can move this blockchain to the top 20 cryptocurrencies or not.
As the prices rallied, it was reflected in the RSI, volume spikes, and breakout candle being registered on October 24, 2021. Another swing resistance seems to be active in between $13 to $14.2. Breaching $14.2 would bring a fresh round of up move.
Based on our THORChain price prediction, one should expect RUNE to consolidate, but as long as it remains above $12, we can expect a strong movement anytime. RUNE has an all-time high value of around $20 on a closing basis. Buyers will be attempting to breach this level.