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THORchain (RUNE) price has been rather volatile since early August, toned by a 124% explosion to the August high at $2.029. The rally saw RUNE breach the $1.716 resistance level but quickly corrected as longs took profit and closed their positions. Notably, the uptick saw up to $1.2 million in short positions liquidated.
Nevertheless, the THORchain ecosystem continues to defy the market downtrend, pushing toward new heights. The project is a decentralized cross-chain liquidity protocol where users can swap any asset at fair market prices.
Recently, the project launched its multichain chaosnet, causing even its smaller eco-projects to rally. Specifically, the THORSwap and THORWallet DEX, denominated in RUNE, means a pump in the asset spills over to their benefit.
https://twitter.com/THORmaximalist/status/1690427832206503936
The THORchain ecosystem is lauded for building the future of finance. It operates as a multichain DEX. Users can swap their native assets and earn passive income by providing liquidity in one of the many pools. Similarly, users reserve control over their keys without a lock-up period on pooled assets. It is worth mentioning that users capitalize on RUNE for swapping native pairs or to provide liquidity, but hodling is not so common.
THORchain Price Prediction
RUNE is currently bullish, with THORchain current price at $1.540 and rearing a V-shaped recovery. With two successive green bars, the altcoin could soon breach the $1,610 resistance level if bullish momentum sustains.
Further north, the THORchain price could test the $1,716 resistance level and dip into the supply zone. An increase in buying pressure could fail this order block as a resistance level, with RUNE shattering past it for a chance to collect buy-side liquidity that remains uncollected above it, indicated by the long candlestick wicks on the one-day timeframe.
The Relative Strength Index (RSI) supports this outlook as it is heading up to show rising momentum. This momentum indicator is also about to actualize a buy signal by crossing above the signal line (yellow band). Traders heeding this call could enhance the uptrend for THORchain price.
In the same way, the histogram bars of the Awesome Oscillator are in positive territory, suggesting bulls are heading the RUNE market. This increases the odds of a continued uptrend.
It is also worth mentioning that THORchain price enjoys downward solid support. This is presented by the confluence between the 50- and 200-day Exponential Moving Averages (EMA) and the horizontal line at $1.338.
On the other hand, with the histogram bars of the AO flashing red and edging closer to the midline, the upside remains under threat. Growing selling pressure could cut the ongoing rally short, with the THORchain price likely to correct toward the $1.338 support confluence. If bullish momentum from this buyer congestion level fails to kickstart a northbound move for RUNE, the altcoin could slip through to test the 100-day EMA at $1.257.
In the dire case, THORchain price could drop to the $1.169 support level or, in the extreme, revisit the range low at $0.906. Such a move would denote a 40% drop.
With THORchain price heading towards a zone characterized by aggressive selling, consider WSM, which offers better prospects. The project has less than three weeks before the presale stage ends.
Promising Alternative To THORchain
WSM is the native asset for the Wall Street Memes project. It is in the last lap to the much-awaited launch on several tier-one exchanges, an attribute that distinguishes it from the ordinary meme coins. As investors line up to get in on the action, now is your chance to buy WSM at presale rates of $0.0337.
You can buy Wall Street Memes tokens using Ethereum (ETH), US Dollars (USD), or Binance Coin (BNB). These choices are intended to make WSM accessible to every interested investor. This openness to the community explains why the project continues to attract a more expansive user base.
Bolstering this community orientation is the project’s commitment to transparency, expressed through project tokenomics disclosure. In this regard, Wall Street Memes has set aside 30% of the token supply for community rewards. Out of the remaining 70%, 50% goes toward presale sales, while the remaining 20% will be availed on centralized and decentralized (CEX and DEX) exchanges, respectively.
The Wall Street Memes project also has a staking feature running, with thousands of investors already expressing interest.
Thus far, up to 284,436,813 WSM tokens have been staked, with stakers boasting a staggering 70% annual percentage yield (APY).
The staking mechanism is tactical, intended to enhance long-term engagement while at the same time reducing selling pressure. This keeps the price of the Wall Street Memes project from crashing.
The project is also giving away $50,000 worth of WSM tokens, up for grabs to five lucky winners. The $50K is available in an airdrop.
Also Read:
- How To Buy Wall Street Memes Presale [Step-By-Step-Guide]
- Will Staking Lockup Help Wall Street Memes (WSM) Token Price Pump
- Wall Street Memes Prepares for Takeoff with a Listing on Leading Exchanges
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