The recent retracement of RUNE, a leading DeFi bridge, has left numerous shareholders in a state of dilemma. Over the past two months, we’ve seen the native RUNE token achieve an impressive +154% rally. This spike came in favorable time for RUNE’s tokenomics, as a significant portion of supply is currently circulating and the slow onset of deflationary dynamics is evident. This phenomenon occurs due to RUNE’s utilization as over-collateralization for each of its liquidity pools- the greater the pools, the more RUNE is locked up, thereby reducing supply and prompting upside fluctuations.
The -16% retracement has not deterred RUNE as it trades high at a market price of $1.67. The push back came from a resistance ceiling around $2.00 which stopped the RUNE moon-shot at $2.01 on August 19. However, the recent downside price action doesn’t seem so grim with the advent of the ‘Golden Cross’ pattern – indicating a long-term bull market trend.
Despite this, RUNE’s RSI indicator casts a rather bleak image over the current situation, with a glaring overbought signal at 75. Meanwhile, the MACD paints a sharp divergence at 0.0463. But, rest assured, with the golden cross’ solid structural integrity, RUNE’s rebound doesn’t seem far off. As for currently, risks forecast the possibility of a decrease to a lower support level at $1.5.
While THORchain is in retracement, capital has begun moving into a promising venture concerning the meme coin, $SONIK. This coin aims at achieving a market cap of $100 million. At present, it raises an astounding $250,000 in less than a week. The impressive attribute about $SONIK is its staking APY of 4,300%. The staking mechanism encourages holders to keep their tokens for lengthy periods, thereby reducing erratic price fluctuations and laying the groundwork for gradual growth.
The surge in popularity for $PEPE, the Pepecoin, has set a high standard with returns of over 10,000% to initial investors. Much like the $SONIK, $PEPE, with its innovative staking model and infectious branding, invites a similar, if not a better, growth trajectory. The unveiled, community-driven vision behind the Sonik Coin’s inception, along with its desirable staking benefits, unquestionably makes it stand apart from the ocean of meme coins.
The current market trends and historic evidence suggest an early entry into such ventures holds lucrative prospects. But, bear in mind, as enticing as these ventures may seem, crypto investments are high-risk. Tread with caution, as you might end up losing all of your capital.
Source: Cryptonews
