Thorchain OutPerfomed In Q1 With 100% Rise, What’s Next For RUNE Price in Q2?

The post Thorchain OutPerfomed In Q1 With 100% Rise, What’s Next For RUNE Price in Q2? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Thorchain’s RUNE token, which climbed 37 percent last Thursday, has now climbed 87 percent. Despite the fact that other cryptocurrencies’ prices have been erratic, the Rune’s price has had a strong start in March. During the first half of the month, altcoin gained 131 percent from its support level of $3.34. The buyers are ready for another breakout by marching towards the next resistance level of $8.3.

The fact that the price has bounced three times at the $3.60 horizontal area, increasing its significance, is a positive development. As a result, as long as RUNE is trading above this level, the trend can be termed positive. If the upward trend continues, resistance will be found between $10.20 and $11.80.

At the time of writing the coin is trading at $7.08 correcting the gains by more than 7%.

THORchain Fundamentals Favour the Bulls

As the entire crypto market trades under geopolitical and macroeconomic uncertainties, the THORChain market appears to have a mixed future. Notably, the overall market capitalization of all cryptocurrencies has dropped by nearly 25% year-to-date (YTD).

@THORChain just hit $20m daily volume in synths, hasn't even been launched a week.$RUNE has a bright future

— Harry.UST (@CryptoHarry_) March 15, 2022

RUNE Price has defied the trend so far, climbing roughly 9% YTD. Surprisingly, the THORChain token has made the most of its gains in the last 30 days, increasing by over 100% due to the enthusiasm around its back-to-back feature releases.

For starters, on March 10, THORChain launched “synthetic assets,” a feature that allows users to trade tokens backed by 50% of their target assets and 50% of RUNE. Furthermore, the protocol allows traders to exchange synthetic assets for real ones at a 1:1 ratio.

Meanwhile, THORChain core developer Chad Barraford stated that Thorfinance (Thorfi) — a protocol that integrates DeFi tools like lending and borrowing into the THORChain ecosystem — will be released on June 17th.