RUNE on an Upswing, But Showing SELL Signals – Technical Analysis
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RUNE on an Upswing, But Showing SELL Signals – Technical Analysis

February 24, 2021      Ankita Awasthi

RUNE is the native token of the Thorchain network. Thorchain is a liquidity and interoperability system with an emphasis on facilitating secure cross-chain cryptocurrency transactions.

RUNE is currently trading at $4.95 and has been moving very rapidly towards a high to $5.10. Most technicals have been showing a SELL for RUNE for today and tomorrow.

RUNE Price Analysis

Sentiment on RUNE

RUNE had been trading at $5.19 on February 20, 2021. It fell to $3.36 on February 23, 2021. The various levels to watch out for are the first level of R1 (resistance) at $5.5 after which it needs to ensure to stay around similar levels. Once it stays there for a few hours and even one to two days, it needs to break the R2 level of $6.1.The pivot level point is at $4.3 and it should not fall below to maintain support.

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If it falls below the pivot level, the support levels of S1 at $3.8 are the first test for it. It will have to reach Support 2 of $2.6 and the S3 of $2.1 to ensure continuity if a bull run stays.

What Is RUNE About?

One THORChain (RUNE) is currently worth $5.05 on major cryptocurrency exchanges. You can also exchange one THORChain for 0.00009887 bitcoin(s) on major exchanges. The value (or market capitalization) of all available THORChain in U.S. dollars is $1.20 billion.

THORChain is building a chain-agnostic bridging protocol. It will allow trustless and secure value-transfer connections with most other chains (such as Bitcoin, Ethereum, Monero, and all of Binance Chain). Users will be able to instantly swap any asset at fair market prices and deep liquidity. Token holders will be able to stake any asset and earn on liquidity fees. Projects will be able to access manipulation-resistant price feeds and accept payments in any currency, no matter the type, or liquidity.

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Predictions of Various Sources for RUNE

As of 2021 February 24, the current price of RUNE is $5.335. Various data indicate that the asset price has been stagnating for the past 1 year (or since its inception).

Thorchain has been showing a declining tendency. It seems possible that similar market segments were mildly popular in the given time frame.

The future price of the asset is predicted at $12.427282 (132.939% ) after a year as per many sources. This means that if you invested $100 now, your current investment may be worth $232.939 on 2022 February 24, Thursday.

RUNE as an asset is suited as a new addition to your portfolio. Always remember trading bullish markets is always a lot easier, so you can go ahead and invest.

#RUNE #Thorchain
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.