THORChain’s RUNE Drops by 11% in a Week, Despite Significant Improvements

Despite high expectations, THORChain’s RUNE has dropped by 11% over the past week, with its price falling to $3.54. This decline is part of a larger pattern, with RUNE losing an astonishing 70% of its value in the last six months.

The recent hard fork, which involved several significant changes to the THORChain blockchain, including the removal of legacy code, an upgrade to the Cosmos SDK, and the addition of support for Bitcoin Taproot addresses, was expected to trigger price growth. However, the opposite has transpired.

Despite this bearish price movement, there are indications that sentiment is reversing. Investors’ sentiment has increased, indicating a somewhat positive outlook. Additionally, social volume has spiked, reflecting the token’s long-lasting popularity. The rise in short/long ratio indicates that more investors are taking long positions than short positions.

Technically, RUNE’s price is currently consolidating inside – and touching the lower limit Bollinger Bands. Typically, price increases occur frequently, and the Relative Strength Index (RSI) is showing signs of a soon-to-be-bullish trend reversal.

Price targets for next year are $4.22 if bulls take over, and $2.9 a month based on sustained downward price decrease. These estimates are not definitive and highlight the uncertainty surrounding RUNE’s future price movements.

For more insights and information on THORChain and its potential for success, check out this article on CoinSeeks.com: THORChain (RUNE) Price Prediction 2023-2025.

Despite the current uncertainty, THORChain has maintained its market capitalization, which is over $1.18 billion, indicating its continued relevance and potential for success in the long run. As the crypto space continues to shift, investors will be closely monitoring RUNE’s price movements in hopes of a longer-lasting bull run or deeper correction.

At the moment, THORChain has failed to rally its prices, and investors are left wondering what lies ahead for this project as the market shifts.