As a seasoned analyst with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The recent hard fork by THORChain is indeed an interesting development, but the current trend in RUNE prices seems to be telling a different story.
On September 4, THORChain, a cross-chain decentralized exchange that leverages Cosmos tech, completed a hard fork as planned. Although this update was eagerly awaited, traders were compelled to stay vigilant, examining the daily chart’s pattern for guidance.
RUNE Slumps, Drops 70% In 6 Months
Based on CoinMarketCap’s latest information, the digital currency RUNE, which is part of the THORChain system, is currently experiencing a downtrend. At the moment of reporting, it had dropped by approximately 12%. This decline over the past day indicates that the token has plummeted nearly 70% from its March peak and seems to be continuing on a downward trajectory.
Currently, the easiest course seems to be heading south. For now, there’s potential support near the lows of August, roughly around $3. On the other hand, sellers may find resistance just above the $5 mark. RUNE traders should keep an eye on price movements at these levels as the coin appears to be consolidating in a way that suggests possible distribution.
If control shifts to the buyers, it’s possible that RUNE could recover some of its losses and potentially double within the next few months. However, the speed at which this cryptocurrency grows is contingent upon market conditions and the overall performance of the wider cryptocurrency market.
If Ethereum‘s price rises significantly, surpassing $3,500 as part of an upward trend, it might revitalize the decline in Decentralized Finance (DeFi). This surge could stimulate activity within the THORChain ecosystem, boost sentiment, and potentially drive up RUNE prices.
DeFi Slumps, THORChain Hard Fork For System Efficiency
In summary, the Decentralized Finance (DeFi) sector has experienced a downturn following its growth spurt in Q1 2024. As per DeFiLlama’s statistics, the collective value locked within all DeFi platforms currently surpasses $80 billion.
Ethereum remains the choice network for DeFi developers. Meanwhile, THORChain has a TVL of over $266 million, down from $396 million registered in late May.
Despite the general contraction, THORChain is actively building. The recent hard fork sought to improve user experience and make the DEX more robust. Changes made in this upgrade include the improvement of the Cosmos SDK from version 45.1 to 45.16.
In addition to eliminating unneeded components for better performance, developers often streamline Cosmos modules as well. Concurrently, alterations to the node state prolonged synchronization duration. THORChain has recently integrated compatibility with Bitcoin Taproot addresses, boosting its ability to interact seamlessly with the Bitcoin core network.
Despite a downturn in crypto prices, the THORChain network continues to thrive and buzz with activity. Notably, on September 1st, THORChain facilitated the largest transaction ever recorded on its platform, swapping $8 million worth of Bitcoin for USDC. This significant swap generated fees totaling approximately $26,000.
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2024-09-06 07:34