THORChain Price Prediction: RUNE Climbs 14% – Is the Market Witnessing a New Trend?

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THORChain (RUNE) price has executed the Elliot Wave theory, completing the fifth and final wave of an upward trajectory in a movement that started in June. The Elliot Wave theory is generally associated with longer-term setups, with the symmetrical triangle in the fourth wave activating the technical formation. After breaching the 100% Fibonacci, RUNE continued north with a 14% climb, inspiring thoughts of whether the market is witnessing a new trend.

Amidst the rally, several network changes in the THORChain ecosystem have occurred. For starters, there have been talks of 35 upgrades, fixes, or features for version 1.121.0 (V1.121.0).

35 upgrades/fixes/features inbound for V1.121.0

Spot anything you like?

THORChads ship like monsters. pic.twitter.com/CUDEcfICaP

— THORChain (@THORChain) September 29, 2023

The network also recently integrated the BNB Smart Chain on THORSwap, with a decentralized exchange (DEX) aggregation to PancakeSwap.

BNB Smart Chain is live on @THORSwap

DEX aggregation to @PancakeSwap baked in⚡️

Open for Swaps, LP, and Savers#BNB $RUNE https://t.co/77TffDYBDX

— THORChain (@THORChain) September 29, 2023

Traders can transact with multiple tokens across the chain without bridging or wrapping. The latest update on the network indicates that it is now cheaper to swap Ethereum (ETH) to native Bitcoin (BTC) on-chain using MetaMask multichain snap than on Kraken Exchange.

Swapping ETH to native BTC on-chain is faster and cheaper than @krakenfx, entirely done with MetaMask's multichain snap

Comparison by @Pibecrypto below 👇 https://t.co/kcnInjTm7z

— THORChain (@THORChain) October 1, 2023

THORChain Price Outlook From A Technical Standpoint

The price action for the THORChain token shows the rally could peak at $2.459 after a 32% climb beginning September 26. Based on the Elliot Wave pattern, this coincides with the 161% Fibonacci Retracement measure from wave four.

The Exponential Moving Averages (EMA) indicators support the outlook, trailing the THORChain price from below. They provide vital support downward at $1.643, $1.472, and $1.438 for the 50-, 100-, and 200-day Exponential Moving Averages, respectively.

The Relative Strength Index (RSI) also points up, suggesting that buying momentum is rising. Its position above the 70 level and still heading north is not concerning because, according to Welles Wilder, an asset I considered overbought or ripe for selling once the RSI crosses the 70 level to the downside.

The Moving Average Convergence Divergence (MACD) indicator also supports this outlook, heading north to show more buyers coming in. Its histogram bars flashing green and sustaining in the positive territory also add credence to the upside potential.

On the downside, a rejection from the range high of $2.267 or early profit-taking could cut short the rally. This could send THORChain price below $2.037, coinciding with the 100% Fibonacci retracement. In the dire case, the downtrend could see RUNE test the 50% Fibonacci retracement at $1.695. Considering this level marks the last lower high, a break, and a close below, it could initiate a new downtrend.

Meanwhile, another player in the crypto scene is making waves with a remarkable value proposition. Experts already have their eyes on the project, anticipating 10X growth potential.

THORChain Alternative

Bitcoin Minetrix is a stake-to-mine project offering BTCMTX community members the opportunity to become Bitcoin (BTC) owners. Buy and stake BTCMTX tokens for credits on this safe and secure Bitcoin cloud-mining platform.

The project is in the presale stage with more than $305,000 already in the bag. In the current stage, one BTCMTX token goes for $0.011, a value you do not expect to stand for long as the next stage will record a higher price. This means now is the time to invest in the token to capitalize on the early entrant rates. You can buy BTCMTX using Ethereum (ETH), Binance Coin (BNB), and Tether (USDT) or using your bank card.

Value Proposition

The value proposition for Bitcoin Minetrix is to solve the high hardware costs and deceptive scams that deter people from mining BTC. The project presents itself as a tokenized cloud-mining platform where ordinary folk can mine BTC in a decentralized fashion.

Welcome to #BitcoinMinetrix! 🪙

Decentralized $BTC mining made simple. We're revolutionizing cloud mining with $BTCMTX tokens, ensuring security and transparency.

Making it easier than ever. pic.twitter.com/iZPJN5GO8O

— Bitcoinminetrix (@bitcoinminetrix) September 26, 2023

The project has tokenized the cloud mining process so that community members can earn credits while upholding safety and transparency. It unlocks the Bitcoin mining world, presenting a hassle-free experience where you do not need hardware or operational experience.

Intrigued by #BitcoinMinetrix?

Unlocking the world of $BTC mining, hassle-free and without the need for specialized gear or technical know-how.

Simplified like never before. 🚀 pic.twitter.com/Kkrgr5m1xj

— Bitcoinminetrix (@bitcoinminetrix) October 1, 2023

It distinguishes itself from other cloud-mining services by using the ERC-20 tokens while allowing users to establish how much Bitcoin mining power they have. It also benefits from the smart contract capabilities of the Ethereum network.

$BTCMTX is not like regular cloud mining services in a few important ways. 🌐

Firstly, by utilizing ERC-20 tokens.

Secondly by allowing users to decide how much #Bitcoin mining power they have.

Thirdly, including the smart contract capabilities of the #Ethereum #Blockchain. pic.twitter.com/E25swOZZys

— Bitcoinminetrix (@bitcoinminetrix) October 1, 2023

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