Is It Too Late to Buy THORChain? RUNE Price Blasts Up 60% and LPX Token Can Find the Next Crypto to Explode
In a magnificent display, leading decentralized liquidity and trading protocol THORhain (RUNE) has blasted up a shocking +60% - yet, as traders race to get in on the action, many are asking is it too late to buy THORChain?
The pump comes amid a favourable time in THORchain tokenomics, with large swathes of supply currently in circulation and the slow onset of deflationary dynamics afoot.
This is because THORChain uses native RUNE token as over-collateralization for each of its liqudiity pools, meaning that the bigger its pools become, the more RUNE has to be locked up - reducing supply and inducing upside moves.
In the midst of the emerging rally, RUNE is currently trading high at a current price of $0.37 (representing a 24-hour change of +5%).
This comes following months of rock-bottom price action for RUNE, which has struggled since a short lived +420% rally back at the start of 2023.
Bag holders are rejoicing after 3-months of tight fought testing of the 20DMA around $0.10 finally gave footing to the impressive breakout move.
Triggered on August 9, THORchain pumped 994% across 6-days, before a -57% retracement brought RUNE down to current consolidation price levels.
THORchain's indicators are now providing some cause for concern with the RSI overheating to an extreme degree amid the sensational rally, with the indicator topping out at 95 on August 12.
This severe overbought signal can only imply downside price action, and with the major retracement done - consolidation seems to be on the cards for RUNE on the short-time frame with the RSI still showing bearish divergence at 83.
On the flipside, the MACD continues to reflect the alluring upside momentum, displaying a solid bullish signal at 0.028992.
Overall, despite the huge
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