Thorchain’s RUNE token, which climbed 37 percent last Thursday, has now climbed 87 percent. Despite the fact that other cryptocurrencies’ prices have been erratic, the Rune’s price has had a strong start in March. During the first half of the month, altcoin gained 131 percent from its support level of $3.34. The buyers are ready for another breakout by marching towards the next resistance level of $8.3.
The fact that the price has bounced three times at the $3.60 horizontal area, increasing its significance, is a positive development. As a result, as long as RUNE is trading above this level, the trend can be termed positive. If the upward trend continues, resistance will be found between $10.20 and $11.80.
At the time of writing the coin is trading at $7.08 correcting the gains by more than 7%.
THORchain Fundamentals Favour the Bulls
As the entire crypto market trades under geopolitical and macroeconomic uncertainties, the THORChain market appears to have a mixed future. Notably, the overall market capitalization of all cryptocurrencies has dropped by nearly 25% year-to-date (YTD).
RUNE Price has defied the trend so far, climbing roughly 9% YTD. Surprisingly, the THORChain token has made the most of its gains in the last 30 days, increasing by over 100% due to the enthusiasm around its back-to-back feature releases.
For starters, on March 10, THORChain launched “synthetic assets,” a feature that allows users to trade tokens backed by 50% of their target assets and 50% of RUNE. Furthermore, the protocol allows traders to exchange synthetic assets for real ones at a 1:1 ratio.
Meanwhile, THORChain core developer Chad Barraford stated that Thorfinance (Thorfi) — a protocol that integrates DeFi tools like lending and borrowing into the THORChain ecosystem — will be released on June 17th.
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Source: https://coinpedia.org/altcoin/will-rune-price-rally-continue-in-q2/