THORchain Price Prediction: RUNE Gains 1% – What's Driving This Rally?

THORchain Price Prediction: RUNE Gains 1% – What’s Driving This Rally?

Updated: 22 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Over the last month, THORchain (RUNE) has experienced a surge in its price, drawing substantial investments from the investor community.

As of 1:54 a.m. EST, the token’s price is $1.72, marking a 1.4% rise in the last 24 hours.

Moreover, it has registered 11.6% and 73.1% weekly and monthly gains, respectively. So, what’s fueling this surge?

RUNE Price Breaks Above Falling Wedge

RUNE/USDT Chart Analysis. Source: Tradingview.com — RUNEUSDT Chart Analysis. Source: Tradingview.com

According to the chart above, the bulls have encountered difficulties driving the price upwards, restricted within the confines of a falling wedge pattern.

However, they have quickly found a footing, helping them to gain ground, as the RUNE price shows a robust recovery from the $0.78 support level located at the lower boundary of the falling wedge.

The breakout above the upper boundary of the wedge further highlights this recovery.

This bullish sentiment is reinforced by the presence of strongly optimistic price indicators.

As of the time of writing, the price stands above both the 50 and 200 simple moving averages, validating the existence of bullish momentum.

The averages trade at $1.11 for the 50 SMA and $1.29 for the 200 SMA.

Furthermore, the 50 SMA is progressively nearing a potential crossover with the 200 SMA. Similarly, the relative strength index is currently trending at 80, surpassing the overbought threshold of 70.

This serves to validate the presence of bullish momentum in RUNE’s price.

Prediction

The price outlook for RUNE is mainly positive, with critical resistance points set at $2.22 and $3.02.

However, if the price encounters resistance at $2.22, we might see a retracement to $1.72, potentially followed by a bullish rebound.

For those who might have missed the bullish rally of RUNE, Wall Street Memes (WSM) presents a compelling chance for investors.

The offering comes at a low price in its ongoing presale phase, indicating the potential for substantial returns at the end of the presale.

Wall Street Memes (WSM) – LAST CHANCE TO BUY

Wall Street Memes (WSM), the new token gaining traction, is on the brink of listing on several tier-one crypto exchanges in September as it approaches the conclusion of its presale phase.

This strategic maneuver strategically situates the project for substantial growth within the crypto landscape.

It effectively showcases community enthusiasm and innovation while navigating the challenges prevalent in the market.

Facts pic.twitter.com/zuDZeFF7ZP

— Wall Street Memes (@wallstmemes) August 20, 2023

What sets Wall Street Memes apart from the many cryptocurrency presales is its scale and emphasis on fairness and strategic value.

The project’s presale is now in its final stage, poised to pave the way for the official launch of the coin on various exchanges.

Boasting a total token supply of 2 billion, the presale ensures an equitable distribution by dedicating 50% of this supply.

Among this allocation, 30% is earmarked for community rewards, 10% caters to Centralized Exchange (CEX) liquidity, and an additional 10% addresses Decentralized Exchange (DEX) liquidity.

Wall Street Memes (WSM) Raise $25 Million in Presale Funding

The Wall Street Memes (WSM) token project is nearing its final presale stage as it secures over $25 million in funding, positioning it as one of the most rapidly advancing cryptocurrency presales in 2023.

Distinguished as the ‘Pepe and Shiba Killer,’ the project aims to amplify investor wealth by delivering significant returns.

Projections from crypto experts underscore an astonishing 1000x growth potential for the project within this year.

Can't do it pic.twitter.com/PzZhZ5i2C7

— Wall Street Memes (@wallstmemes) August 17, 2023

If you decide to invest, you’ll open the door to an exciting opportunity – the Wall Street Memes competition.

This competition offers the chance for five lucky individuals to share a $50,000 $WSM airdrop. Existing $WSM token holders can qualify for the airdrop by following the steps outlined on the Wall Street Memes page.

By connecting their wallets to the WSM website, investors can easily acquire $WSM tokens on the Ethereum blockchain and BNB Smart Chain using ETH, BNB, or USDT (ERC-20 or BEP-20).