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Saturday, December 2, 2023

THORChain: Reasons why RUNE could be the perfect portfolio addition this quarter

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Native cryptocurrency THORChain RUNE has completed retesting its June lows and even set a new 2022 low. His recovery attempts could provide one of the best opportunities, especially for the next big bull market, and here’s why.

THORChain noted in one of its latest updates that its repositories are fully online. Additionally, the post also boasted about the inability to block access, also known as immutability. This came amid increased concerns about its censorship.

Many crypto platforms have been condemned for claiming to be immutable and censorship resistant. However, from time to time something happens in the market, and the same platforms do not act according to immutability. If the THORChain claim turns out to be true, then it will give the blockchain an edge, especially when the mass migration to DeFi begins.

RUNE THORChain will grow in the long run if censorship pushes people towards DeFi. The cryptocurrency has fallen heavily from its ATH in 2022. In fact, it just hit a new 2022 low on October 13th.

Additionally, as of October 18, RUNE was trading at $1.53, up 12% after bouncing off a new 2022 low of $1.368.

RUNE’s latest bounce was within the same support line it bounced off in June. This meant that there was a significant chance that he could achieve a significant assist rally. The previous bounce showed the token up 70% within the first seven days of bottoming and more than 100% to its current local high.

Will history repeat RUNE?

Tom RUNE started the week on a healthy note. It registered a significant gain on October 17 after relatively low volumes over the weekend.

The observed increase in volume reflected bullish attempts in the same period. However, volume was still below its weekly highs, which may indicate that investors remain somewhat cautious.

RUNE’s market capitalization has already grown by about $33.4 million in the last two days. Such liquidity does not normally return to a project of the size of THORChain, unless investor expectations have changed.

Market capitalization was not necessarily strong evidence that the bulls were back. But it confirmed the strong accumulation on the recent day. THORChain completed the above observations with a notable burst of mining activity.

An increase in developmental activity is often a healthy sign of healthy growth. This could further bolster investor sentiment by encouraging additional investment while the price is still at a low.

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