Within the dynamic cryptocurrency environment, THORChain (RUNE) has emerged as a notable altcoin, capturing the interest of investors who are actively pursuing methods to augment the diversification of their investment portfolios.
In conjunction with the established entities such as Bitcoin and Ethereum, the cryptocurrency market has experienced significant growth with a diverse range of alternative coins, each presenting unique attributes and prospective prospects.
Altcoins, which comprise a diverse array of technological advancements, application cases, and governance frameworks, provide investors a wide range of options to consider.
THORChain Emits Force In The Weekly Chart
THORChain (RUNE), renowned for its cross-chain liquidity mechanism, has garnered significant attention this week due to a different factor.
RUNE price action today. Source: Coingecko
According to statistics from Coingecko, THORChain is currently priced at $1.54, reflecting an increase of 50% over the past seven days. However, it has had a decline of 3.7% within the last 24 hours.
The boost in price can be attributed to a concurrent rise in the social volume of the THORChain cryptocurrency. According to data from Coincodex, there was a significant increase in social volume, exceeding 4,300%, during the period from August 7 to 13.
The price of RUNE has exhibited a bullish trend since the middle of June. However, this upward movement was interrupted when the price above the $1 threshold and subsequently began to undergo a retracement.
The price of the cryptocurrency established a support level at $0.92 following a significant decline, then initiating a bullish recovery to surpass the prominent psychological threshold of $1.
RUNE reaches $527 million in market cap today. Chart: TradingView.com
In the preceding month, the cryptocurrency had a notable increase of 30%, while also exhibiting a 5% rise since the commencement of the year 2023. Nevertheless, the performance of the subject over an extended period of time presents a more pessimistic portrayal.
Over the course of the previous four quarters, there was a significant decline of around 50% in the value of the coin, suggesting the presence of inherent instability.
Moreover, the cryptocurrency has experienced a significant decline of 94% from its peak value of $20.87 in May 2021, highlighting the fundamental instability of the cryptocurrency market.
RUNE Faces Resistance At $1.55
Although there have…
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