It may be the right time to start looking towards altcoins that will diversify your portfolio because of the volatile nature of the crypto market. One of the coins that should be at the top of your list is ThorChain (RUNE). The coin’s performance in the last 24 hours remains impressive. At the time of writing, RUNE was trading at $9.58, up 8% in 24 hours.
RUNE Price Analysis
It is still unclear whether RUNE will move towards the upper level or the lower level. If the token pulls back to the nearest lower support level of $6.50, it will create an attractive entry point for traders who want to leverage the dip.
However, RUNE may still progress to a bullish trend, creating the next upper resistance level at $10. Traders who follow market trends need to wait for the token’s value to push past a higher high resistance of $15, which will show the resumption of an upward price movement.
The chart above shows that RUNE is still in a bearish market. The MACD signal is still on a low, while the RSI is below 45. However, market momentum shows that the coin may be moving towards an upward price movement. The data also shows that the coin has not been oversold and hence an upward price movement is possible.
The volume levels also indicate that demand for the token is declining, and it is now below supply. The metric is also a signal that shows RUNE is still on the verge of another bear market.
ThorChain is a decentralized network that allows token trading across different chains. It does not derive its value from pegging or wrapping around other assets but allows trade between Layer 1 blockchains. Traders can shift from one token to the other without going through a centralized exchange.
The interoperability of the blockchains opens an ideal platform for DeFi developers and the entire ecosystem. The popularity of the ThorChain ecosystem increased after it was added by Multicoin Capital when the firm said that RUNE addresses were their largest position.
Where to Buy RUNE
If you want to purchase RUNE tokens, you need to create an account on a cryptocurrency exchange platform. One of the most popular exchanges that support ThorChain is eToro. eToro offers competitive trading fees and a big list of crypto trading pairs that will allow you to exchange the token for others you may want to add to your crypto holdings.
Coinbase is also a leading crypto exchange that supports RUNE. Coinbase offers a secure trading platform and it also makes it easy to buy and sell cryptocurrencies because of its user-friendly features.
Looking to buy or trade Crypto now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider