THORChain Price Prediction: RUNE Crashes 11% – Market Forces or Beginning of the End?

THORChain dropped by 11% earlier today before a minor bounce stabilized its price. However, the token’s 24-hour drop is still 5.66%, indicating it is going through a downturn. Is it the beginning of the end of THORchain, or is it just another volatile price action?

THORChain Drops 11% Before Bounce

THORChain (RUNE) collapsed by 11% earlier today before the formation of a Doji candlestick caused a minor trend reversal, creating three consecutive green candles.

Despite this relief, however, there has been a 5.82% decline in its price. At 6:18 a.m. EST, the token was trading at $1.6. It has experienced a decrease of 6.12% in its market capitalization and a drop of 21% in its trading volume.

Why is THORChain falling?

The reason behind THORChain’s downturn seems to be the lack of interest in the new developments by THORChain. While RUNE generated a lot of interest after its lending utility went live, there haven’t been many words about it.

However, THORChain has stated that Consensys will launch “something” permissionless in Austin on September 11. This mystery hasn’t done anything to push the price of THORChain.

Consensys will be launching something ground breaking at permissionless in austin on sept 11 🙂@MetaMask🤝@THORChain🤝@ShapeShift

— TCB (@THORmaximalist) August 23, 2023

Furthermore, many CoinMarketCap influencers have hoisted bearish and bullish flags for THORChain. One user named CryptoNuclear stated that the Ichimoku Cloud Retest may push the price of THORChain back up again.

Supporting this is the daily chart that shows more green candles than red. With the latest candle being green, there is a possibility that the token may move up.

THORChain Price Analysis

Hourly charts show that once THORChain hit $1.5, it took a rising path in response to the bulls coming together. So far, it has been going up in a jagged pattern, with reds and greens influencing the price trend.

While the last two candles have been red, they aren’t large enough to create another downtrend.

However, the current RSI for RUNE is 43, and the MACD is negative, indicating an indifferent sentiment around THORChain.

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