THORChain is Going to Zero as RUNE Price Drops 10% Overnight and This New Meme Coin Just Secured $275,000 in Funding
Leading DeFi bridge THORchain (RUNE) has entered major retracement following a sensational rally that swept markets - but with worried bag-holders asking whether THORchain is going to zero, lets dig into RUNE price analysis and find out what's going on.
The retracement move comes amid jaw-dropping performance by native RUNE token over the past two months, which has seen an impressive +154% rally since June 14.
Better yet? The pump comes amid a favorable 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 liquidity pools, meaning that the bigger its pools become, the more RUNE has to be locked up - reducing supply and inducing upside moves.
Amid the -16% retracement move, THORchain is still trading high in the channel, at market price of $1.67 (a 24-hour change of -3.01%).
Retracement was triggered by rejection from a ceiling of resistance around $2.00, which stopped the RUNE moon-shot in its tracks at $2.01 on August 19.
The impressive local high came after RUNE fired-up off strong footing from the 20DMA on August 8.
Despite the downside price action, moving averages provide a lot of reasons to be cheerful, with the ascendant 20DMA rising up to overtake the 200DMA in a so-called 'Golden Cross' pattern - which indicates the onset of a long-term bull market trend.
With moving averages showing no signs of slowing down following the seismic price action, attention shifts to the retracement move which appears remarkably well-defended around $1.70 (a price level which provided a significant degree of historical support in April 2023).
However, THORchain's RSI
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