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THORChain Price Prediction: RUNE Bolsters 8% – A Key Player in DeFi’s Rise?

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THORChain
THORChain

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THORChain (RUNE) has continued the price surge, bouncing off the support zone at $1.66 to reach $2.01, but has quickly retraced.

However, as of 6:04 a.m. EST, the price of RUNE is at $1.94, indicating a 7% rise in the past 24 hours. Furthermore, it has achieved a 22% gain in performance over the last month.

Bulls Poised to Drive the Price Higher

RUNE/USD Chart Analysis. Source Tradingview.com
RUNEUSD Chart Analysis. Source Tradingview.com

RUNE indicates a breakout after a sustained downturn that forced the bulls to retreat to the $0.78 support zone. 

Further, the altcoin appears to be following a bullish trajectory within a rising wedge, indicating that the bulls have a footing on the price of RUNE to continue the bullish trend in an ongoing battle between the bulls and bears over the price.

The short, successive green candlesticks followed by the long buy candle show the bulls’ aggressiveness as the price bounces off the lower boundary of the wedge.

Moreover, the crossing of the 50-day and 200-day moving averages at $1.28 signals traders to enter more trades on RINE. 

Currently, both simple moving averages are trading below the price of RUNE, confirming the bullish outlook.

The relative strength index (RSI) indicates a change in trend as it rebounds at the neutral mark of 50 and is currently trading at 60, suggesting intense buying pressure for the RUNE price, potentially pushing the RSI into the overbought region of 70.

At the time of writing, RUNE looks like a bullish bias supported by the moving averages. RUNE has the potential to break above the upper boundary of the wedge and reach price targets of $2 and $2.4, respectively.

However, it’s essential to note that if the bears take control, the bulls may require support at the $1.7 and $1.65 support zones.

In the meantime, investors looking to diversify their portfolios are exploring a newly launched token called Meme Kombat. It offers robust play-to-earn (P2E) gaming and staking features and an attractive presale that promises significant returns.

Meme Kombat (MK) Presale Hits $115k Milestone

Meme Kombat represents a unique blockchain project combining memes with competitive battle arenas, harnessing the decentralized strength of Ethereum to create an engaging gaming experience. 

The presale of Meme Kombat has already attracted substantial attention, raising $119,289 out of its $1 million goal, with each token selling for $1.667. 

Players actively participate in battles against AI-animated characters inspired by popular internet memes, including Melody, Pepe, Shiba, Floki, Wojak, and more, utilizing the core currency, $MK.

Meme Kombat (MK) Tokenomics

The presale allocation, which comprises 50% of the allocation, is crucial in generating initial capital, providing preferential rates to early investors, contributing to community commitment, and shaping the perception of future value.

Staking and battle rewards make up 30% of the allocation, emphasizing the project’s dedication to encouraging participation, offering returns on staked $MK, and fueling prizes for battles of varying stakes.

The DEX allocation, accounting for 10% of the allocation, ensures liquidity, facilitates smooth $MK trading, enhances accessibility for crypto participants, and maintains token availability to stabilize prices.

The community rewards segment, making up the remaining 10% of the allocation, supports community development by providing engagement incentives, regularly rewarding active members, and fostering collaborative growth.

In a YouTube review, Crypto Gains believes these enticing staking features and captivating design guarantee a 100x return on investment, making it the next cryptocurrency poised for explosive growth.

You can purchase $MK using Ethereum (ETH), Tether (USDT), or Binance Smart Chain (BNB). Simply connect your Web3 wallet to the MK website and swap for $MK tokens.

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