RUNE, the native token of THORChain, has seen a 7% decline in the last 24 hours, raising concerns among traders.
The sudden decline has ignited speculation about the token’s future and the overall stability of THORChain.
In this article, we’ll explore RUNE’s recent fall before suggesting an alternative cryptocurrency that could be a wise investment if THORChain’s rally is truly over.
RUNE Price Stumbles as Investors Worry Rally Is Over
THORChain, a decentralized liquidity protocol, has gained attention over the past few months as a way for users to swap assets across multiple networks without giving up custody.
Its native token, RUNE, serves as both the base currency within the ecosystem and a governance tool, with nodes required to stake a hefty sum to participate.
Despite its innovative features and a current market cap of over $474 million, RUNE has seen a 7% drop in price to $1.533 since Monday afternoon.
This decline has led investors to speculate that RUNE’s upward momentum has stalled, possibly signaling an upcoming correction.
Notably, there haven’t been any clear catalysts for RUNE’s price drop, adding an additional layer of complexity to the token’s recent movements.
However, with CoinGecko sentiment analysis revealing that over 70% of users are still bullish on RUNE, this suggests that the community is still optimistic about its prospects despite the downturn.
Despite THORChain’s Downturn, RUNE Still Has Potential in 2023
While RUNE’s current volatility makes providing an accurate price prediction difficult, several indicators can provide insights into the token’s potential performance.
THORChain’s continued development, increased adoption of its liquidity protocol, and broader market trends could all positively influence RUNE’s value before the end of 2023.
Additionally, the technicals still look strong, with RUNE trading above the 200-day Exponential Moving Average (EMA) – a popular gauge of the long-term trend of an asset.
As long as RUNE trades above this EMA, it is generally regarded as maintaining an uptrend, despite the recent price drop.
Lastly, THORChain has also been recently endorsed on Twitter by Erik Voorhees, the founder and CEO of ShapeShift and a prominent Bitcoin advocate.
With these factors in mind, a potential target for RUNE could be the $3.00 level by the end of 2024, which would coincide with the highs of August 2022.
Should this price target prove accurate, it would represent a further 90% rise from RUNE’s current value.
Which Cryptos Could Be Worth Buying if the Meme Coin Rally is Over?
With RUNE seemingly cooling off after its recent rally, investors are looking for the next big opportunity in the market.
One promising project is Launchpad XYZ, a platform that aims to streamline crypto and NFT investing for millions of people worldwide.
Launchpad XYZ Offers a New Approach to Web3 Investing & Emerges as Next Big Crypto Opportunity
Launchpad XYZ (LPX) is an Ethereum-based platform designed to make Web3 investments more accessible.
The platform offers a range of features, from a decentralized exchange (DEX) to a Play-to-Earn (P2E) gaming hub, which both newcomers and market veterans can easily use.
In addition, Launchpad XYZ employs AI to generate the Launchpad Quotient – a risk-reward metric that evaluates digital assets based on more than 400 data points.
Backed by an experienced team, with CEO Terence Ribaudo leading the way, LPX looks poised for a fruitful end to 2023.
Underpinning Launchpad XYZ’s features is its native LPX token, which offers staking rewards and exclusive access to crypto presales.
Although not yet available on the open market, early backers can buy LPX through Launchpad XYZ’s presale, priced at just $0.0445.
Presale investors can obtain a 12% bonus on their LPX investment if they decide to purchase in the next six days.
Given that LPX is now attracting attention from influencers like Michael Wrubel, the platform’s credibility and visibility are gaining significant momentum.
This creates a promising environment for Launchpad XYZ’s presale to continue thriving – priming LPX as a potentially lucrative crypto to buy if RUNE’s rally is truly over.