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Tag: RUNE

  • Crypto Analyst Reveals 10 Top Altcoins To Watch This Week

    Crypto Analyst Reveals 10 Top Altcoins To Watch This Week

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    The altcoins market has recently witnessed a resurgence of interest and confidence, primarily driven by the largest cryptocurrency, Bitcoin (BTC). This renewed enthusiasm has resulted in a bull uptrend, with most of the top 100 cryptocurrencies benefiting from Bitcoin’s resurgence. 

    However, the market is currently experiencing a correction as Bitcoin and Ethereum (ETH) face pullbacks after failed attempts to breach upper resistance lines. Despite this correction, crypto analyst Miles Deutscher shares insights and highlights several altcoins with potentially significant gains.

    SOL Emerges As Safe Haven In Crypto Market Correction

    Solana has exhibited remarkable growth, even as the broader market experiences a correction. With a 0.5% gain in the past 24 hours, SOL’s potential for further upside cannot be ignored. 

    Deutscher suggests that SOL may continue to benefit from the ongoing rotation of investments from other Layer-1 solutions like Avalanche (AVAX) and Fantom (FTM).

    SOL’s resilience during market correction on the daily chart. Source: SOLUSDT on TradingView.com

    Thorchain (RUNE) has been on an impressive upward trajectory, prompting investors to consider buying on deep corrections and wicks. The primary decentralized exchange (DEX) on Thorchain, THOR, has also shown positive movement, further bolstering the growth potential.

    Polygon (MATIC) has recently shown signs of strength and has generated whispers within the crypto community about a potential zero-knowledge (ZK) narrative. If this narrative materializes, MATIC, a leader in the space, could attract significant positive flows. 

    Within the ZK narrative, altcoins like Dusk Network (DUSK), Loopring (LRC), and Mina Protocol (MINA) are poised to benefit. Deutscher believes that each altcoin offers unique strengths and value propositions, and their performance will depend on the strength of the emerging ZK narrative.

    Soteria (SEI) has gained attention as it enters the top 10 for volume traded by pairs on Upbit. Considered a “new coin,” SEI exhibits fundamentals similar to the next altcoin on the watchlist.

    Tidal Finance (TIA) is a relatively new token similar to the early days of Aptos (APT). The market tends to favor new and innovative tokens, and although TIA’s rally may have started to cool off, it still holds explosive potential. With a current market capitalization of $700 million, TIA remains an intriguing opportunity for investors.

    DEX And Gaming Altcoins Poised To Thrive

    In addition to altcoins, perp decentralized exchange (DEX) tokens like GMX, DYDX, and Gnosis (GNS) are positioned to benefit from market volatility.

    According to Deutscher, these tokens have shown a correlation between price movements and fundamental factors. If volatility persists, these tokens could present favorable medium-term investment opportunities.

    Altcoins
    YGG’s significant 61% uptrend on the daily chart over the past 30 days. Source: YGGUSDT on TradingView.com

    Yield Guild Games (YGG) and Gamestarter (GMT), gaming tokens with initial upward movements, are expected to continue outperforming the broader market. These gaming tokens could witness sustained growth with the YGG conference scheduled for November 18.

    While the current correction in the cryptocurrency market has led to pullbacks in Bitcoin and Ethereum, the altcoin landscape still offers potential opportunities for investors. 

    Solana’s continued uptrend, along with the prospects of altcoins like Thorchain, Polygon, and those associated with the ZK narrative, suggest possible avenues for growth. Additionally, emerging tokens like Soteria and Tidal Finance, perp DEX tokens, and gaming tokens may also provide favorable investment prospects. 

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • THORChain (RUNE) Notches 31.5% Gain To Attain New Yearly Peak

    THORChain (RUNE) Notches 31.5% Gain To Attain New Yearly Peak

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    RUNE, native token of the cross-chain decentralized exchange THORChain, is currently one of the best-performing cryptocurrencies in the market, boasting of a 31.5 % price increase in the last 24 hours. 

    Based on data from Coingecko, this price gain only underlines the remarkable bullish form of RUNE in the past few weeks, as the token is up by 115.0% and 212.3% on the 14-day and 30-day charts, respectively. 

    Interestingly, this sustained bullish pressure in the RUNE market has resulted in the DeFi coin attaining a new yearly high of $5.31 and a peak daily trading volume of $1.28 billion.

    Behind THORChain (RUNE) Rise

    In analyzing RUNE’s meteoric rise in the past few weeks, several analysts have given credit to the newly introduced features on the THORChain platform. 

    For context, in the THORChain Q3 2023 Ecosystem Report, the DEX’s development team announced the implementation of new features such as lending, streaming swaps, streaming loans, and savers for stablecoins, among others. 

    In an X post on Saturday, a crypto analyst with the username The Wolf of DeFi provided some insight into how one of these features has spurred RUNE to new heights. The analyst attributed most of RUNE gains to the streaming swaps feature, which is designed to allow large swap requests to be automatically divided into smaller requests that are processed over time. 

    The Wolf of DeFi explains the introduction of this update has triggered an increase in the platform’s swap volume and the annual percentage rate (APRs) being offered to liquidity providers.

    As expected, higher APRs will attract more liquidity providers who have to invest in RUNE, which serves as the base asset of every liquidity pool on THORChain, creating a cycle named the liquidity flywheel.

    Furthermore, The Wolf of DeFi stated that every dollar worth of non-RUNE assets deposited in a THORChain liquidity pool is matched with its equivalent in RUNE by the network nodes. 

    Thus, if an LP deposits $100 consisting of $50 BTC and $50 RUNE into BTC/RUNE, nodes will balance this transaction with an additional $50 RUNE, which adds to the buying pressure in the market, allowing the token to maintain its upward trajectory. 

    RUNE Price Prediction

    Looking at RUNE’s daily chart, the relative strength index (RSI) stands at 87.24, which indicates the token is well in the overbought zone. Thus, investors are advised to be on alert for a possible price pullback.

    On the other hand, RUNE may continue to sustain its bullish momentum, especially as the team behind THORChain looks to introduce more attractive features, including order book trading.

    At the time of writing, RUNE is currently valued at $5.10, with a 3.2% gain in the last hour. Meanwhile, the token’s market cap stands at $1.58 billion, allowing it to rank as the 41st largest cryptocurrency in the market.

    RUNE trading at $5.109 on the daily chart | Source: RUNEUSDT chart on Tradingview.com

    Featured image from iStock, chart from Tradingview

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    Semilore Faleti

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  • RUNE Rally Hits Barrier: THORChain Price Nears Resistance

    RUNE Rally Hits Barrier: THORChain Price Nears Resistance

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    THORChain’s price has been up by over 100% since the last week of October, hitting levels not seen since May 2022. This is an amazing increment in price. But caution is advised since RUNE, an altcoin, seems overbought, possibly signaling a 20% drop in the near future.

    At the time of writing, RUNE was trading at $3.42, climbing over 15% in the last 24 hours, and registering an impressive 37% rally in the last seven days, figures by CoinMarketCap shows.

    RUNE: Potential To Reverse Bearish Trajectory

    If RUNE closes above the psychological $3.500 mark, it could negate the present downturn and cause the bearish attitude to change. The significance of RUNE closing above the critical $3.500 mark lies in its potential to reverse the prevailing bearish trend and trigger a shift in market sentiment.

    Achieving this milestone could signify a break in the current downtrend, potentially instigating a more positive outlook among investors and traders.

    Source: CoinMarketCap

    THORChain underwent a notable phase of consolidation, a period marked by relatively stable prices and limited fluctuations. Following this consolidation, the market witnessed a substantial surge, propelling THORChain’s price upwards by over 40%.

    However, in the aftermath of this surge, the price has demonstrated a consistent stability, remaining within a relatively similar range. This stability has coincided with a broader downturn in market dynamics, where fluctuations and overall activity have shown a decrease across the market.

    Despite the prior surge, THORChain’s price has maintained a consistent level, reflecting a degree of resilience amid the current market trends.

    RUNE market cap currently at $1.16 billion on the weekend chart: TradingView.com

    The RUNE token holds a substantial long-term liquidation value surpassing $70 million, signifying a considerable reserve or potential value inherent in the token’s existence. However, a cautionary note emerges from the chart analysis, which reveals a prominent positive deviation highlighted in green.

    This deviation might signify an impending decrease in price in the near future, suggesting a potential shift or correction in the market valuation of the token. This could prompt investors to stay vigilant and consider potential fluctuations in the token’s value in their future investment decisions.

    The price of RUNE garnered significant attention subsequent to a substantial market surge, as the cryptocurrency experienced a portfolio increase of more than 40% inside that period.

    Signs Of Market Correction For RUNE?

    Analyzing the technical indicators, THORChain reveals an RSI figure of 72.24, typically signaling overbought conditions when surpassing 70. This situation hints at the possibility of profit-taking or a slight downturn in the coming days.

    Despite indicating a robust bullish sentiment with an RSI above 50, THORChain might be treading into overextended territory, potentially requiring cautious observation for signs of a market correction or adjustment.

    Source: Santiment

    Meanwhile, according to Santiment’s research, there is a decline in the social dominance of the RUNE cryptocurrency, which means there is less of a presence and conversation on social media. When conversations do happen, they usually center on the altcoin’s remarkable rise, which may allude to investor anticipation of an upcoming fall.

    In line with this reality is the rising open interest, which is the sum of all long and short positions in the market. After such a meteoric increase of 120%, short sellers should outnumber long sellers for RUNE among traders.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Frank Cone/Pexels

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    Yuna Rin

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