Thorchain RUNE/USD has weakened from the recent highs above $17, registered on 02nd November, to $14.11, while the current price stands at $14.45. Technically looking, Thorchain (RUNE) remains in a correction phase, and the risk of further decline still persists.
Blockchain protocol for swapping cryptosThorchain is a blockchain protocol for swapping crypto-assets that is 100% autonomous and decentralized. By using community-maintained web and desktop interfaces, you can swap between blockchains and earn passive yield for providing liquidity.
Thorchain allows you to swap between blockchains directly from your wallet and all nodes on the Thorchain are only identifiable by their IP address and public key.
It is important to mention that Thorchain enables much more than just swaps, and potential users should consider that many other features are in the planning stages.
The Thorchain protocol is run by dozens of anonymous node operators while it maximizes revenue for liquidity providers and node operators. The team of Thorchain added:
The amount emitted by the Thorchain protocol is fixed to a schedule based on the block reward calculation. Typically the payment is 67% to Nodes and 33% to Liquidity Providers, but that split can change depending on the way the Incentive Pendulum is swinging.
If the network is under-bonded, node operators must increase their bonds; if it’s over-bonded, liquidity providers must pool more assets.
The native token of this blockchain protocol is the RUNE token, and it plays a crucial role in the THORChain ecosystem. RUNE is not a governance token, but it enables liquidity and is bonded to secure the network.
In other words, to run a node, you must obtain a significant amount of RUNE, and it is required to be paired as a settlement asset 1:1 in pools.
RUNE has exploded since the middle of October 2021, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high. The daily volume of RUNE remains high, but technically looking, it remains in a correction phase.
Correction phaseThorchain (RUNE) has been one of the best performers on the cryptocurrency market since the middle of October 2021, and the price of this cryptocurrency has advanced above $17 this Tuesday.
Data source: tradingview.com RUNE has extended its correction from the recent highs this Thursday, but if the price jumps again above $16 resistance, it would be a signal to buy RUNE. The next price target could be around $18 or even above; still, if the price falls below $12 support, it would be a strong “sell” signal.
SummaryThorchain is a blockchain protocol for swapping crypto-assets while its native token RUNE enables liquidity and secures the network. Technically looking, Thorchain (RUNE) remains in the correction phase, and the risk of further declines is still not over.
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