The cryptocurrency market has shed billions of dollars this Monday, Bitcoin went below $43000 for a moment, and the risk of further declines is still not over. This situation also negatively influences the price of Thorchain RUNE/USD, and in less than several hours, this crypto has weakened from $10 to $7.08 while the current price stands at $7.8.
Fundamental analysis: Thorchain allows you to swap between blockchains directly from your wallet
Thorchain is a blockchain protocol for swapping crypto-assets that is 100% autonomous and decentralized. The protocol design enables much more than just swaps, so potential users should consider that many other features are in the planning stages.
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All nodes on the Thorchain are only identifiable by their IP address and public key, and it is important to mention that there is no branding or marketing of nodes like in other systems that allow delegation. Thorchain allows you to swap between blockchains directly from your wallet, and you can also earn passive yield for providing liquidity.
The Thorchain protocol is totally transparent while it maximizes revenue for liquidity providers and node operators. Thorchain is built by a team of experienced developers, and it has united forces of an incredibly vibrant community.
The native token of this blockchain protocol is the RUNE token, and to run a node, you must obtain a significant amount of RUNE. RUNE is key to a secure network, and it is required to be paired as a settlement asset 1:1 in pools.
“The more RUNE is locked into Thorchain; the more its deterministic value becomes accurate. RUNE also becomes more stable, transparent, and manipulation resistant,” the team of THORChain reported.
Fundamentally looking, there is still uncertainty surrounding this project, and its success mainly depends on its strategy to expand its market influence. Technically looking, Thorchain (RUNE) remains under pressure, and if you decide to buy this cryptocurrency in the upcoming days, you should use a “stop-loss” order because the risk remains high.
Technical analysis: Bears remain in control of the price action
Thorchain (RUNE) is currently trading very close to the current support level at $7, indicating that the price could weaken even more. If the price breaks this support level, it would be a very strong “sell” signal, and the next target could be around $6.
Traders should use “stop-loss” and “take profit” orders when opening their positions because the risk is currently high. On the other side, if the price jumps above $10, that could be a very good opportunity for the short-term traders, and the next target could be around $11 or even $12.
Summary
Thorchain (RUNE) has weakened from the recent highs above $12, registered on 06th September, to $7.08, while the current price stands around $7.8. Thorchain (RUNE) could weaken even more in the upcoming days, the current support level stands at $7, and if the price breaks it, the next price target could be around $6 or even $5.
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