ThorChain (RUNE) has been performing well this week in a similar manner to altcoins. Even though it is not one of the best performing altcoins, it has made great strides to recover some of its losses in the past six weeks. In 24 hours, RUNE has increased in value by 8.8%. At the time of writing, RUNE is trading at $6.27 on major exchanges.
RUNE Price Analysis
RUNE has been one of the most affected tokens since the May crash. The coin lost over two-thirds of its value, but looking at its recent price movement, it seems that it may be recovering from its crash.
The nearest breakout for the coin is at $7, and this figure looks attainable now if the market continues to give support to altcoins. From the $7 level, RUNE will head on to $10 before bulls show momentum to pick up, and the May levels may be realized. However, a break past $10 might trigger a selloff from traders, creating resistance to establish a bull momentum.
On the lower side, the coin may fail to maintain its current uptrend. The uptrend will be broken if bitcoin and the broader cryptocurrency market lose their current momentum. If this happens, RUNE may push to $5 levels. The $5 price has always created strong buying support, explaining why its prices have managed to stay above that level since the May meltdown.
Many DeFi developers have been researching the market to identify the best protocols to shape the market’s future. One factor that sets ThorChain’s network apart is that it does not use oracles. Oracles are centralized off-chain sensors that monitor data flow. However, ThorChain attempts to achieve full decentralization by eliminating such limitations.
Where to Buy RUNE
To purchase RUNE tokens, create an account on a crypto exchange. The most popular exchanges include:
eToro is one of the leading crypto exchanges. eToro comes highly recommended because of its user-friendly features and competitive trading fees. Unlike most exchanges, eToro allows copy trading, a strategy that allows beginner traders to realize profits.
FTX is also another leading exchange that supports RUNE tokens. The exchange offers competitive trading fees and offers a variety of crypto trading pairs that users can choose. FTX is also available in many countries.
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