Thorchain (RUNE) Price Jumps 10% Defying Broader Market Slump, Here’s Why
Highlights
- THORchain has been recouping the monthly losses by gaining 20% over the last week.
- The RUNE price shall sustain above $6.30 in order to sustain the bullish momentum further.
- THORchain is also working on boosting its DeFi activity and TVL of the platform.
RUNE, the native cryptocurrency of the decentralized liquidity protocol THORChain, surged by 10% in the last 24 hour moving against the broader market tide. As of press time, the THORchain (RUNE) price is trading at $5.92 with a market cap of just under $2 billion. Also, the daily trading volumes for RUNE have surged by a staggering 100% all the way to over $600 million.
Will ThorChain (RUNE) Price Rally Continue?
Over the last week, the THORchain (RUNE) price has surged by 21% despite the crypto market volatility. When the Bitcoin price surged to its all-time high of $74,000 in March, the RUNE price surged all the way to $10.3 back then.
Following a rejection above its resistance level of $9.950, the bulls lost momentum, leading to a correction of 30.97% in THORChain’s portfolio. Subsequently, the RUNE token traded sideways for a period. However, increasing volatility hindered the bulls from maintaining support above $7.335.
Consequently, the altcoin experienced a 35.37% decline in valuation. Currently, the price fluctuates between $4.740 and $6.130, with an uncertain outlook as it approaches its resistance level. Additionally, the EMA 50-day serves as resistance, indicating a prevailing bearish sentiment.
Should the market propel the RUNE price above $6.130, bullish momentum may persist, targeting the upper resistance level of $7.335. Sustaining this level could pave the way for testing the higher high of $8.725.
Conversely, a reversal in the bearish trend could lead to a loss of momentum, potentially driving the RUNE token towards its crucial support at $4.740 in the near future.
Future Projections By CEO
In a thread, THORChain’s CEO emphasized the importance of providing a secure and yielding environment for assets to enhance Total Value Locked (TVL). Addressing user experience (UX) issues related to liquidity provision was also highlighted as a priority.
1 – TVL
TC needs to provide a compelling place for assets with security from (2) and yield from (3).
TC must solve the UX problems of providing liquidity – it must be “1-click deposit, 1 yield parameter, 1 click withdraw”
TC has delivered this with Savers. And soon RUNEPool.
— JPTHOR (ACCEL) (@jpthor89) May 5, 2024
Furthermore, ensuring the protection of TVL economically (via $bond), functionally (through node tools), and procedurally (via testing/Stagenet/THORSec) was underscored.
Regarding monetization, it was revealed that TC must generate revenue from TVL to cover yield and security expenses. Maximizing the number of swaps was emphasized as essential for this purpose.
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