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The majority of the crypto market is making tremendous gains. Whilst some coins, such as bitcoin, are trading in the red zone in the past 24 hours, some have made incredible gains. These gains have pushed the crypto market cap to over $2 trillion, which has increased investor confidence that the market is recovering from the May dump. ThorChain has increased by 8.9% in the past 24 hours and is trading at $8.32 at the time of writing.
Thorchain (RUNE) Price Analysis
After a devastating hack on the ThorChain network in late July, the RUNE token is back to creating an uptrend that has led to the coin making a new monthly high. The uptrend in RUNE’s prices has led to the coin retesting the upper resistance of $9. However, this resistance level is yet to be achieved.
If the market and buying support continue, this resistance level could be achieved, after which RUNE could head over to $10. Market support remains strong because, despite BTC retreating to $46K, most altcoins are still trading in the green zone. Hence, RUNE’s uptrend could go on in the coming week.
On the other hand, we could also see RUNE undergo a slight dip. The dip could allow RUNE to retest the lower support of $8.20. If it manages to hold past this level, it will show that bulls are still strong.
ThorChain was among the DeFi platforms making headlines in late July because of the massive attacks on its network. These attacks were among the key statistics collected by CipherTrace in a recent report, which stated that DeFi related hacks have shot up to a seven-month high. However, it currently seems that the ThorChain network is now stable after the hacker left a few tips for the platform’s development team.
Where to Buy Thorchain
If you want to buy RUNE, you can do so on the following platforms:
eToro is a social copy trading platform. It allows new users to copy the trading strategies of expert traders. eToro also charges low trading fees, and it is reputable for supporting popular cryptocurrencies and trading pairs.
The other crypto exchange where you can buy RUNE coins is FTX. FTX is one of the largest cryptocurrency exchange platforms. It is supportive to traders because of its wide range of user-friendly features and tools. Trading fees on the platform are also competitive.
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