The cryptocurrency market, a whirlwind of volatility and buzzing conversations, serves a vast palette of digital assets, and RUNE, the coin of THORChain, is taking a fair share of that spotlight. As per Coingecko, RUNE is currently priced at $1.74, reflecting a remarkable 33% rise within a week and a staggering 10.2% jump within the last 24 hours. A commensurate increase in social discussions about THORChain, as Coincodex identified a 4,300% surge in such talks between August 7 and 13, seems to have fanned this bullish rally.
THORChain has reliability ingrained in its core. With its unique liquidity system, it has been winning over investors for some time now. The price of RUNE has been on a steady increase since mid-June, all thanks to its immersion in the decentralized finance (DeFi) realm, boasting of partnerships with networks like Cosmos and Avalanche. Also, the recent introduction of streaming swaps is providing swappers with much favorable prices. This feature has, in all probability, increased demand for THORswap and the RUNE token alike, prompting the asset to assert its stance as a must-watch.
But this digital asset isn’t just about prospective features or ambitious alliances. Concrete performance metrics vouch for RUNE’s credibility too. The last weekend saw THORChain recording its highest swap volume ever at $92 million in a day and having its third day in row of recording all-time high transaction volumes.
And then we look at the chart patterns. Even though RUNE tested resistance at $1.75 and experienced a subsequent drop, a collective momentum that the oscillator indicator, the Relative Strength Index (RSI), and the Moving Average Convergence Divergence (MACD) indicator point towards, fills the narrative with bullish sentiments. In the case of a downwards dive, immediate support stands at $1.60, while a breach beyond $1.95 could put it on an upward swing to the $2.10 level.
But as we all know, the cryptoverse isn’t one to stick with a single storyline. A different flavor that’s heating up the space is WSM, a meme coin. Its presale itself has attracted about $26 million in just six weeks, and buying at the current rate of $0.0337 could bring attractive returns. The coin originates from Wall Street Memes, an online community known for its multiple investor groups.
In a nutshell, RUNE and WSM are garnering attention in the crypto world. Whether it’s market growth prompted by strategic innovations and concrete performance in the case of RUNE or community-driven anticipation in the case of WSM, both seem to offer engaging episodes in the grand crypto narrative. As always, potential investors need to tread cautiously because the terrain of cryptocurrency is notoriously risky.
Source: Cryptonews
