This article will analyze the RUNE coin according to coinmarketcap data. First, we will discuss the RUNE coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is RUNE Coin?
RUNE coin is the native cryptocurrency of the THORChain protocol. This decentralized liquidity network enables users to swap digital assets across different blockchain networks, trustless and permissionless. RUNE is used as a medium of exchange, a store of value, and a means of payment within the THORChain ecosystem.
What are the projects of RUNE?
The THORChain project has several goals, including:
Enabling seamless cross-chain asset swaps: THORChain aims to create a network that allows users to exchange digital assets across different blockchain networks without intermediaries like centralized exchanges.
Providing liquidity for decentralized finance (DeFi): THORChain’s liquidity pools enable users to earn rewards by providing liquidity to the network, which can then be used to power DeFi applications.
Promoting decentralization and community governance:THORChain is designed to be a decentralized network where the community makes decisions about the protocol’s future of RUNE holders.
Factors Influencing RUNE Price
Factors that can influence the price of RUNE coin include:
Adoption and usage: The more users that use the THORChain protocol, the more demand there will be for RUNE coin, which can lead to an increase in price.
Competition: As the DeFi space grows, there may be increased competition from other projects offering similar services, impacting the demand for RUNE coin.
Regulatory environment: The regulatory environment around cryptocurrencies can significantly impact their price. Any changes to laws or regulations that affect the use or trading of RUNE could impact its price.
Market sentiment: Like any cryptocurrency, the price of RUNE can be influenced by overall market sentiment and investor confidence. Positive news or sentiment about the cryptocurrency industry could lead to an increase in price, while negative news or sentiment could lead to a decrease in price.
RUNE COİN TECHNICAL ANALYSIS
One of the coins with high potential for 2023 is RUNE. In the downward trend in May 2021, it lost 95% of its value and fell from $21.28 to $1. With the arrival of purchases in 2023, it is currently trading at $ 1,569. According to coinmarketcap data, RUNE, which has a size of $513,044,120, has had a volume of $52,465,048 in the last twenty-four hours.
RUNE Chart Analysis
RUNE, which started from $ 21.28 and decreased to $ 1 towards the end of 2022, began to recover at the beginning of 2023. When we examine the RUNE coin chart, which has lost almost 95% of its value in the past year, it has survived the falling trend it has entered. RUNE, close to the resistance zone of $ 1.73 weekly, can rise to $ 3 if it rises above the $ 1.73 level. If it fails to break the $1.73 resistance, we may experience pullbacks to $1.05.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.