THORChain’s native cryptocurrency RUNE completed a retest of its June lows and even set a new low in 2022. The recovery attempts could present one of the best opportunities especially for the next big bull run and here’s why.
Here’s AMBCrypto’s Price Prediction for RUNE for 2022-2023
THORChain noted in one of his latest updates that his vaults were completely in the chain. In addition, the post also bragged about the inability to block access, also known as immutability. This came amid increased concerns about its censorship.
Since THORChain’s vaults are completely on-chain and anyone can send an on-chain transaction; it is not possible to block access. https://t.co/Ol6GQfummx
— THORChain (@THORChain) October 17, 2022
Many crypto platforms have been called out for claiming to be immutable and resisting censorship. Still, every now and then something happens in the market and the same platforms trade in a way that is not consistent with immutability. If THORChain’s claim is true, then the blockchain will gain an advantage, especially when mass migration to DeFi begins.
THORChain’s RUNE would enjoy healthy long-term growth if censorship drives people to prefer DeFi. The cryptocurrency was heavily withdrawn from its ATH in 2022. In fact, it hit a new low in 2022 on October 13.
Additionally, RUNE traded at $1.53 on Oct. 18, up 12% after jumping from its new $1,368 in 2022.
RUNE’s last bounce occurred within the same support line it came from in June. This meant there was a significant chance it would hit a sizeable relief rally. The previous bounce saw the token rally 70% within the first seven days of the low and over 100% to its current local high.
Will RUNE repeat history?
RUNE volume started the week on a healthy note. After relatively low volumes over the weekend, a significant increase was noted on October 17.
The observed volume increase reflected bullish attempts over the same period. However, volume was still below weekly highs, suggesting that investors are maintaining some caution.
RUNE’s market cap had already risen by about $33.4 million in the past two days. That kind of liquidity, under the usual conditions, will not flow back into a project of THORChain’s caliber unless investor expectations may have shifted.
The market cap was not necessarily a strong confirmation that the bulls were back. But it did confirm strong accumulation on the recent bottom. THORChain completed the above observations with a remarkable increase in development activity.
An increase in developmental activity is often a healthy indication of healthy growth. It could further bolster investor sentiment, encouraging more investment, while the price still remains at the lows.
This post THORChain: Reasons why RUNE could be an ideal portfolio addition this quarter
was published first on https://ambcrypto.com/reasons-rune-may-be-an-ideal-portfolio-addition-this-quarter/