Relying on centralized exchanges for swapping assets or exchanging cryptos between blockchains is time-consuming and custodial, which is not very impactful nowadays.
Users now demand a completely decentralized, transparent, and secure network for cross-chain crypto trading. THORChain (RUNE/USDT) steps in to address the challenges of blockchain interoperability.
It also facilitates multi-chain cryptocurrency swapping while offering immutability. Its native token, RUNE is also among one of the popular cryptos.
What is THORchain?
THORChain is a DeFi project that was originally launched on the Cosmos network and transitioned to its separate mainnet in April 2021. It was a significant step taken by THORChain’s regulators toward improving the interoperability for multi-currency swapping.
As expected, this protocol is now increasingly popular, and we will delve deeper into what it is, how it works, and how THORChain allows users to swap native crypto-assets across different blockchain networks.
Technical Analysis and Target of RUNE Coin Price
In April 2023, the price of RUNE reached a high of $1.7. However, it started to decline drastically and hit a low of $0.78 in mid-June, which was a drop of over 50%. The bulls arrived and prevented the price from falling further.
In June, the price of RUNE started to recover, but there were some corrections in July. The bullish momentum returned when the coin broke above its 50-day EMA.
Bearish Trend is Here
Recently, there was a bearish trend in the Thorchain market, but it is now starting to recover from a crucial demand zone. The RUNE price is expected to break out of a potentially bullish pattern, which could lead to an uptrend and a possible rise to $10.
This could be a good opportunity for interested investors to enter the market. Our prediction for 2024 is also optimistic, as we expect Thorchain to have a bullish year in the long term.
The RUNE coin price is trading at the level of $5.105. The current resistance level is at $6.5, which is fairly strong. The bullish investors are facing trouble pushing past this level. Therefore, the target price of $8.4 will be achievable for bulls only if they can make a breakout past this level.
| Pivot | Classic | Fibonacci | Camarilla | Woodie |
| S3 | 1.218 | 3.518 | 4.523 | 1.712 |
| S2 | 3.518 | 4.397 | 4.733 | 3.356 |
| S1 | 4.337 | 4.940 | 4.944 | 4.012 |
| P | 5.818 | 5.818 | 5.818 | 5.656 |
| R1 | 6.637 | 6.697 | 5.366 | 6.312 |
| R2 | 8.118 | 7.240 | 5.577 | 7.956 |
| R3 | 10.418 | 8.118 | 5.788 | 8.610 |
Conclusion
THORChain is a DeFi project that allows multi-chain cryptocurrency swapping and uses the RUNE token. The current price of RUNE is $5.105 with a strong resistance level at $6.5. Bulls can reach the target price of $8.4 if they can break past the resistance level.
Technical Levels
- Support Levels: $4.88 and $3.42
- Resistance Levels: $6.5 and $8.42
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2024/01/03/rune-price-prediction-bears-held-the-current-resistance-strong/