Deciphering RUNE’s Ascending Value: A Look Towards $3

Recent data reveals that the RUNE token, THORChain‘s proprietary asset, has surged to a peak annual value of $2.38. This marks a remarkable journey from its previous dip in June when it was valued at a mere $0.78.

THORChain’s RUNE token has been unstoppable lately. In the past week alone, its value has escalated by a whopping 43%, as per CoinMarketCap statistics. To put things into perspective, just last June, this asset was valued at only $0.78. For those unacquainted, THORChain operates as a facilitator for asset settlements across various platforms like Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos Hub, Litecoin, Dogecoin, and Bitcoin Cash.

THORSwap is its primary exchange and it is based on the assets housed on THORChain. This layer-1 blockchain is tailored for seamless interaction across a multitude of blockchains, acting as a liquidity source for executing cross-chain transactions.

Technical indicators suggest a sustained upward momentum for the RUNE. The RSI (Relative Strength Index) in the weekly UT is presently indicating bullish trends. This momentum index assists traders in gauging whether a market is in a state of overbuying or overselling, thus aiding in the decision-making process. Currently, the RSI is hinting at an ongoing positive trajectory for RUNE.

What is THORChain?

THORChain is a decentralized cross-chain liquidity protocol that allows users to swap assets between blockchain networks. It is a settlement layer that facilitates swaps between 8 chains: Bitcoin, Ethereum, Binance Chain, Avalanche, Cosmos Hub, Dogecoin, Litecoin, and Bitcoin Cash.

Anyone can use THORChain to swap native assets between any supported chains. What is unique about it is that it doesn’t involve synthetic assets, or “wrapped tokens” as they are sometimes called, such as wBTC, wETH, etc. Almost all other existing solutions to this problem of swapping between different chains have the major weakness that they rely on wrapped tokens.

Fundamental Reasons for the Rise in RUNE

As we have discussed before, THORChain is a solid project, backed by an extremely strong technical team that has consistently delivered new features. One of them, recently implemented, is a lending mechanism that allows users to lend their Layer 1 assets, such as BTCand ETH, and receive a USD-denominated debt without the burden of interest, liquidation, or an expiration date. A major innovation was the introduction of streaming swaps, which allow smaller transactions to be combined into bigger ones, thus significantly reducing fees, compared to other DeFi exchanges.

⚡ STREAMING LOANS ARE LIVE ⚡

You can now take out large 0% interest, no liquidation $BTC and $ETH backed loans with minimal fees!!

We also now support streaming savers and streaming swaps too!$LENDS

— Lends (@Lends_so) October 27, 2023

Because of the way lending is setup, an increase in its usage, which is already happening, will lead to a reduction in the supply of THORChain’s native token, RUNE, thus continuing to drive its price upwards.

Predictions Based on Elliott Wave Theory

Furthermore, the Elliott Wave theory posits that the RUNE’s price is currently in its fifth and conclusive bullish wave since its inception in June. If this theory holds, the RUNE’s value might surge to about $2.73, hovering near the resistance zone of $2.80. This target is almost 20% above its present value. However, a significant resistance is observed at the $2.25 mark.

Should this positive trend persist, RUNE might soon touch the $3 mark—a feat it hasn’t achieved since August of the previous year. It’s crucial for investors to keep an eye on this earlier support which has since morphed into a resistance.

Long Term Prospects

Given the strength of THORChain its usefulness in the new DeFi world that is about to unfold, it is expected that it will reach at least its previous price from the last bull run, around $21 thus delivering over 20x returns. It will more likely reach much higher than that, as every crypto bull run delivers much higher prices than the previous one, for successful projects.

Other Coins That Have Performed Surprisingly Well

On another note, apart from RUNE, this weekend promises potential for other tokens as well. GALA, for instance, has seen a 40% growth this week and an 8% spike in the last 24 hours. Dogecoin too is faring well, with a 20% growth in the past week and a trading volume that surpassed a billion dollars in the last day.

Highlighting the top performers of the week:

• Floki Inu (FLOKI): Topped the charts with an 85.49% surge.
• Pepe (PEPE): Gained significant traction, recording a 74.59% growth.
• Mina (MINA): Rose by 60% owing to increased developer activity.
• Injective: Witnessed a 56.02% growth, reaching $13.355.
• THORChain (RUNE): Ascended by 46.04%, touching $2.364.
• Chainlink (LINK): Climbed by 44.66%, reaching $11.04.
• Conflux (CFX): Grew by 43.34% in the past week.
• Gala (GALA): Rose by 33.42% amidst rising demand for blockchain gaming.
• Neo (NEO): Experienced a 29.32% surge, reaching $8.8129.
• dYdX (DYDX): Also showcased promising performance.

Minetrix Presale

Lastly, the Bitcoin Minetrix project is garnering attention from investors. With an aim to democratize BTC mining, this project introduces a novel “stake to mine” strategy. This innovative cloud mining approach allows individuals to earn BTC without investing in costly hardware. Currently in its pre-sale phase, the project has managed to raise over $2.3 million.

Bitcoin Minetrix has entered as one of this year’s best crypto presales that offer investors access to a unique stake-to-mine ecosystem with unique upsides. It has vast potential to impact not just cloud mining but the concept of Bitcoin mining itself.

You can invest in its presale here.

Related

• DeFi Exchange THORSwap Resumes, Boosting THORChain’s RUNE by 8%
• Unsettled Waters for THORChain as RUNE Drops Amid THORSwap Suspension
• THORchain (RUNE) Price Outlook: Is RUNE Set for an Uptober Breakout?
• THORChain (RUNE) Review: Interoperable Liquidity Protocol