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THORchain (RUNE) price has been fairly volatile since early August, mitigated by a 124% surge to the August high of $2.029. On the rally, RUNE broke the $1.716 resistance level but quickly corrected as the long positions took profits and closed their positions. Notably, up to $1.2 million in short positions were liquidated in the course of the surge.
RUNE remaining stock
Still, the THORchain ecosystem continues to defy the market downtrend and pushes to new heights. The project is a decentralized cross-chain liquidity protocol that allows users to trade any asset at fair market prices.
Recently, the project launched its multichain chaos mesh, which has given a boost to even its smaller eco-projects. In particular, the THORSwap and THORWallet DEX denominated in RUNE mean that the asset’s appreciation is working to their advantage.
Smaller @THORChain eco-projects are pumping harder @THORSwap and @THORWalletDEX The $5.5 million market cap is criminally undervalued and has the best multichain wallet interface
They are denominated in $rune (in liquidity pools). When $rune pumps, they pump
— TCB (@THORmaximalist) August 12, 2023
The THORchain ecosystem is hailed for building the future of finance. It acts as a multichain DEX. Users can trade their native assets and earn passive income by providing liquidity in one of the many pools. Likewise, users retain control of their keys with no pooled asset lockout period. It is worth noting that users use RUNE to exchange native pairs or provide liquidity, however hodling is not that common.
THORchain price prediction
RUNE is currently bullish, THORchain current price is $1,540, making a V-shaped recovery. Showing two consecutive green bars, the altcoin could soon break the $1,610 resistance level if the bullish momentum holds.
Further north, THORchain price might test the $1,716 resistance level and dive into the supply zone. An increase in buying pressure could fail this order block as a resistance level, allowing RUNE to break past it and get a chance to collect buy-side liquidity that has not yet been collected above it, as indicated by the long candlewicks on the 1-day timeframe.
The Relative Strength Index (RSI) supports this outlook as it is on the way up to show increasing momentum. This momentum indicator is also in the process of realizing a buy-signal by crossing the signal line (yellow band). Traders who follow this prompt could amplify the uptrend in THORchain price.
Likewise, the Awesome Oscillator histogram bars are in positive territory, suggesting that the bulls are leading the RUNE market. This increases the likelihood of a sustained uptrend.
It is also worth noting that THORchain price is enjoying solid downside support. This is represented by the confluence between the 50- and 200-day Exponential Moving Averages (EMA) and the horizontal line at $1.338.
TradingView: RUNE/USDT 1-day chart
On the other hand, with the AO’s histogram bars flashing red and approaching the midline, the uptrend remains at risk. Growing selling pressure could halt the ongoing rally as THORchain price is likely to correct towards the $1.338 support convergence. If the bullish momentum of this buyer jam fails to propel RUNE north, the altcoin could break through and test the 100-day EMA at $1.257.
In a worst-case scenario, THORchain price could drop to the $1.169 support level or, in extreme cases, bounce back to the $0.906 lows. Such a move would mean a 40% decline.
As THORchain price moves towards an aggressive selling zone, consider WSM which has a better prospect. The project has less than three weeks until the presale phase ends.
Promising alternative to THORchain
WSM is the native asset for the Wall Street Memes project. It is in the latest round of much-anticipated launches on multiple top-tier exchanges, a feature that sets it apart from the run-of-the-mill meme coins. While investors are lining up to participate, now is your chance to buy WSM at the pre-sale price of $0.0337.
You can buy Wall Street Memes tokens with Ethereum (ETH), US dollars (USD), or Binance Coin (BNB). These choices are intended to make WSM accessible to any interested investor. This openness to the community explains why the project continues to attract an ever-growing user base.
This community focus is reinforced by the project’s commitment to transparency, which is demonstrated through the disclosure of the project’s tokenomics. In this regard, Wall Street Memes has reserved 30% of the token supply for community rewards. Of the remaining 70%, 50% goes to presales, while the remaining 20% is used on centralized and decentralized exchanges (CEX and DEX).
The Wall Street Memes project also has a staking feature that thousands of investors have already expressed interest in.
Up to 284,436,813 WSM tokens have been staked to date, with stakers posting an incredible 70% Annualized Return on Investment (APY).
Unplug WSM
The betting mechanism is tactical and is designed to improve long-term engagement while reducing selling pressure. This prevents the Wall Street Memes Project price from crashing.
The project is also giving away $50,000 worth of WSM tokens, which will be awarded to five lucky winners. The $50,000 is available in an airdrop.
Visit Wall Street Memes here
Also read:
Wall Street Memes – The Next Big Cryptocurrency
- Early Access pre-sale now live
- Established community of stock and crypto traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Ranked as the best cryptocurrency to buy in the meme coin sector
- Team behind the OpenSea NFT Collection – Wall St Bulls
- Tweets replied to by Elon Musk
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