Bitcoin

Resistance

THORChain

Coin

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>The THORChain coin’s price increased by 10.14% over the last week.</a> </li> 
 <li> <span>2</span> <a>The price of the RUNE coin is trading at $1.96494642 and the price is moving above major EMAs.</a> </li> 
</ul> 
<p>Rudarmor thinks that RUNE can attract more users to Bitcoin by avoiding off-chain data, not using a native token, and matching the native UTXO model. But, he worries about frauds on the Bitcoin fungible token protocols, calling them “a nearly hopeless swamp of lies and greed.”</p> 
<p>Some Bitcoin developers criticized BRC-20 transactions for spamming the network. The BRC-20 protocol triggered a meme coin craze, jamming the Bitcoin network. As a result, daily minting fees reached record highs in May 2023.</p> 
<p>However, Rudarmor says that RUNE being UTXO-based can fix the flaws of BRC-20. Also, RUNE plans to address the issues that other fungible token protocols on Bitcoin cause. Some of these issues are complexity, bad user experience, trash unspent transactions output (UTXO), need for a native token for operation. Finally, Rudarmor admits that he is not sure if such protocols should exist on the Bitcoin network.</p> 
<p>Rudarmor says that 99.9% of fungible tokens on Bitcoin are scams and memes. But, he compares them to casinos, saying they are not going away anytime soon. So, he believes “worse is better.” Because fungible token protocols can bring income from transaction fees and bring more users and developers to the Bitcoin ecosystem.</p> 
<h2 class="wp-block-heading" id="strong-rune-coin-price-technical-analysis-in-the-1-day-timeframe-strong"><strong>RUNE Coin Price Technical Analysis in the 1-Day Timeframe</strong></h2> 
<p>The RUNE price took support from the exponential moving averages (EMAs) and was trading at $1.96072939 price with an intraday gain of 1.70%.</p> 
<p>At the time of publishing, THORChain (CRYPTO: RUNE) is trading above the 20, and 50-day EMAs (exponential moving averages) which are supporting the RUNE price trend.&nbsp;</p> 
<p>The MACD line at 0.08056706 and the signal line at 0.07551166 are both under the zero line and they are crossing each other. The histogram gap is narrow in the MACD oscillator. The RSI value is 65.90 points and the 14-day SMA is 60.19 points, which is below the middle line.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" loading="lazy" width="1024" height="594" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1006-1024x594.png" alt="THORChain: Price Approaches Yearly Highs, Will RUNE Go For $3?" class="wp-image-172263" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1006-1024x594.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1006-300x174.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1006-768x445.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1006-750x435.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1006-1140x661.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1006.png 1461w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: RUNE/USD.1D.CRYPTO by TradingView
  </figcaption>
 </figure>
</div> 
<p>THORChain crypto rose by 5.50% in market value and fell by 12.32% in trading volume in the last 24 hours, per Coinmarketcap which is a crypto data and info website. Its market value is $659,392,077 and its trading volume is $71,699,799. There are 335,969,596 RUNE in circulation.</p> 
<p>THORChain (RUNE) open interest is $65.53 Million, as per Coinglass, which is a crypto analysis website, it rose by 19.44% in the previous session. The long versus short ratio for 24 hours is 0.9794. The total number of short positions added in the last 24 hours is $405.08K against longs of $3.48K.</p> 
<p>Moreover, <a href="https://www.thecoinrepublic.com/2023/09/23/thorchain-price-prediction-rune-price-rejects-2-falls-9-70/" target="_blank" rel="noreferrer noopener">THORChain</a> (CRYPTO: RUNE) has shown good performance this month, as it surged by 20.68% and by 32.52% in the past six months, showing good performance.&nbsp;</p> 
<p>On the upside, the RUNE price could meet the nearest resistance levels at $2.0 and $2.1.</p> 
<p>On the other hand, the RUNE price could resume its downtrend and reach the nearest support levels at $1.7 and $1.6&nbsp; if it fails to hold the current level.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The RUNE price shows the positive outlook and expectations of the investors and traders about the <a href="https://www.thecoinrepublic.com/2023/09/23/thorchain-price-prediction-rune-price-rejects-2-falls-9-70/">RUNE</a> in the daily chart. THORChain price movement shows a bullish trend at the time of writing. Furthermore, the technical indicators of the THORChain price suggest that the uptrend may continue in the daily chart. Important reliable indicators MACD, RSI, and EMA, give positive signals about the RUNE price.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels:</strong></h4> 
<ul> 
 <li><strong>Support levels: </strong>$1.7 and $1.6.</li> 
 <li><strong>Resistance levels:</strong> $2.0 and $2.1.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.</p>

THORChain: Price Approaches Yearly Highs, Will RUNE Go For $3?

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