Is It Too Late to Buy THORChain? RUNE Price Spikes Up 12% as Telegram Crypto Casino Project Approaches $1 Million – How to Buy Early?
Following a dramatic trading pause on ThorSwap, native token Thorchain ($RUNE) has exploded +12%, this comes amid heightened efforts across the crypto industry to tighten security around illicit funds following the break-out of major violence between Hamas and Israel.
Trading has resumed following updates to the terms of service by leading DEX platforms. These updates also include unspecified “additional safeguards,” which are believed to involve third-party chain analysis firms.
This opens the door to questions about the decentralised nature of ThorSwap.
THORSwap is back online! Please resume your regularly scheduled swapping of over 5,500 assets across 10 blockchains, right from your own self-custody wallet.— THORSwap ⚡ #BetterThanCEX (@THORSwap) October 12, 2023
What's changed? Other than the shiny new terms of service, users won't notice a thing. Behind the scenes, we've partnered…
Additional updates to the term of service now reveal that Thorchain has begun to block users from countries sanctioned by the United States – in a heavily criticized move that threatens to damage the philosophical basis for decentralised exchanges.
It remains to be seen whether the team will respond to these criticisms.
RUNE Price Analysis: Is it too Late to Buy Thorchain?
In the midst of the re-opening of trading, RUNE is currently trading at a market price of $1.67 (representing a 24-hour change of +1.68%).
This comes following the tumultuous loss of the 20DMA on October 6, which saw the price slip as much as -28.4% by October 12.
The uptick in price action appears to have been bolstered by a brief re-visit to the accumulation zone between $1.485 and $1.39 – an area that has supplied much of the recent upside since the start of September.
With consolidatory support established at the $1.62 price level – price action now seems intent on pushing-up to reclaim the 20DMA.
The 200DMA remains below current price action at $1.31 in testament to the continued strength of recent price action since the golden cross on August 22.
Turning our attention to RUNE’s indicators, the RSI remains at a bullish oversold signal at 44.86 – hinting that the price could move to the upside on the short-time frame.
However, this is contrasted by the MACD which continues to display bearish divergence at -0.0434.
Overall, RUNE appears strong here – with solid footing above multiple technical supports (accumulation zone and 200DMA) – suggesting an upside move towards the 20DMA is likely.
This leaves RUNE with an upside target at $1.83 (a potential +9.87%).
While downside risk could see RUNE fall to $1.48 (a possible -11.14%).
Thorchain, therefore carries a risk: reward ratio of 0.89 – a bad entry targeting a recovery move.
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