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

Updated: 23 August 2023

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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.

https://twitter.com/THORmaximalist/status/1694254605952045117?s=20

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.

THORChain Alternative – Wall Street Memes

Wall Street Memes is a meme coin that has leveraged the community’s power to become one of the fastest presales of this year by raising more than $25 million since being introduced in June.

As a meme coin project, Wall Street Memes takes inspiration from not a single meme but a community known as Wall Street Bets. And just like Wall Street Bets mobilized the community to engineer Gamestonks, which pushed up the price of the Gamestop stock to a high level, leaving many hedge fund companies shattered, Wall Street Memes wants to do the same with a meme coin.

It seeks to transform its memecoin – WSM – into a wealth-generating asset by creating a community around it. And Wall Street Memes has already been doing it even before the presale. At present, it has over 260k followers on Twitter and has gotten the attention of Elon Musk on multiple occasions.

Wall Street Memes is ending its presale within the next few weeks. Those still interested in this project must visit wallstmemes.com to participate.

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