THORChain, a foremost decentralized trading and liquidity protocol, recently saw its native token, RUNE, soaring by a staggering 60%. However, the question shared among traders is whether it’s too late to buy into this burgeoning coin. This surge comes simultaneously with a favourable condition in THORchain’s tokenomics characterized by significant supply in circulation and slow-acting deflationary dynamics. The principle behind THORChain’s operation is using the native RUNE token as over-collateralization for each of its liquidity pools. Consequently, the larger these pools expand, the more RUNE has to be bound up, resulting in a diminished supply and instigating upside shifts.
RUNE recently traded at a high price of $0.37, following a downward-trending price action that endured after a short 420% rally kicked off in 2023.
After months of severe testing of the 20DMA at about $0.10, there was a significant 994% surge before a 57% retracement ushered in the RUNE into its current consolidation price levels. However, the sheer surge the token experienced resulted in the saturation of its Relative Strength Index (RSI), peaking at 95 on August 12. It signals a severe overbought condition that could only mean falling prices.
Nevertheless, the Moving Average Convergence Divergence (MACD) still mirrors the tantalising momentum to the upside, signalling a robust bullishness at 0.028992. It’s viable that it may be too late to buy RUNE presently on the short-term frame with limited potential upside, yet, with a more considerable potential downside. After such investment watershed, one critical tool capturing attention is Launchpad XYZ, driven by analytical insights, and has incited a +$1.3M presale outbreak.
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Source: Cryptonews
