Is It Too Late to Buy THORChain? RUNE Price Rallies Up 30% and Launchpad Can Predict the Next Coin to Pump
As THORchain (RUNE) continues to break out as one of the strongest performing projects of Summer 2023, large-scale FOMO across crypto markets is leading many to ask – is it too late to buy THORchain?
This comes amid sensational performance by native RUNE token over the past two months, which has seen an impressive +154% rally since June 14.
Better yet? The pump comes amid a favorable time in THORchain tokenomics, with large swathes of supply currently in circulation and the slow onset of deflationary dynamics afoot.
This is because THORChain uses native RUNE token as over-collateralization for each of its liquidity pools, meaning that the bigger its pools become, the more RUNE has to be locked up – reducing supply and inducing upside moves.
RUNE Price Analysis: Is it too late to buy THORchain?
Amid the upside moves, THORchain is currently trading high in the channel at a current price of $1.61 (a 24-hour change of -8.8%).
Price action is in the midst of an ongoing localized retracement move, this comes following rejection from the topside trendline, which converged with the $2 price level to form a tough patch of hard resistance to the upside.
The -18% retracement move is currently fighting for crucial support around $1.7, which marks the last historical price level before a significant drop back down the moving average levels.
With the 20DMA and 200DMA pushing to converge at $1.275 – this forms a likely next stopping point if price action continues to tumble.
Indeed, moving average levels have remained largely untested during the dramatic upside move by RUNE, with price action only briefly touching the 200DMA as it skyrocketed past on August 13.
While the 20DMA actually formed 31 days of unbreakable resistance between July 9 and August 9, before similarly price leapt away in a moon-shot rally.
The critical lack of consolidation at these levels, driven by the high-octane price action, could demand a retracement to re-test support.
Meanwhile, RUNE’s indicators continue to send mix signals, with the RSI still severely overheated at 71.89 – a strong overbought signal that suggests a bearish outlook on the short-time frame.
Yet, this contrasts with the MACD which continues to reflect the impressive rally momentum, showcasing bullish divergence at 0.0521.
Overall, technicals suggest that THORchain is likely to continue the retracement move, pushing down further to test moving average levels at $1.275 until the RSI has cooled off.
This leaves RUNE with an upside target at topside resistance around $2 (a possible +24.25%).
While downside risk remains significant to $1.275 (a possible -20.8%).
THORchain’s risk: reward profile is therefore looking relatively unappetizing at 1.17 – a bad entry.
But while RUNE holders are bracing for the retracement to finish, other investors are flocking into an analytical insights presale that offers exclusive access to on-chain data that could unveil the next big move.
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.Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
