The cryptocurrency market has had quiet weeks in the past due to the majority of altcoins and big cryptocurrencies like Bitcoin (BTC) continuing to move in a range. With altcoins like Thorchain (RUNE) rebounding from their lows with strong hopes of a rise given the recent trend change, the month appears bright.
According to price action, the RUNE token price is declining in line with the general trend of the cryptocurrency market. The token price has held above the prior long-term demand zone despite the current decline in the wider cryptocurrency market. Since then, the price has fought to find support as it dropped to a weekly low of $1.5 with what appears to be a demand zone for additional purchase orders.
The new month has been more of a relief for the majority of cryptocurrency altcoins, like RUNE. The week started off well for RUNE’s volume. After seeing comparatively modest volumes during the weekend, it had a significant surge on October 17.
In one of its most recent upgrades, THORChain noted that all of its vaults were on-chain. The post boasted about its immutability, or the impossibility to deny access, as well. This occurred as worries about its censorship grew. If THORChain’s assertion is accurate, the blockchain will benefit, especially after a large-scale migration to DeFi begins.
Many cryptocurrencies are currently in a turbulent state as a result of the 2022 crypto crash, and many traders have witnessed the feared red line of declining cryptocurrency prices. Although THORChain hit an all-time high of $21.26, its price has since dropped due to the collapse of the cryptocurrency market. Analysts predict that it might rise, nevertheless, as soon as the bull market picks back up.
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Source: https://coinpedia.org/altcoin/thorchain-rune-might-be-the-best-bet-for-traders-in-the-coming-months/