Is It Too Late to Buy THORChain? RUNE Price Rallies Up 30% and Launchpad Can Predict the Next Coin to Pump
As THORchain (RUNE) continues to break-out as one of the strongest performing projects of Summer 2023, large-scale FOMO across crypto markets is leading many to ask - is it too late to buy THORchain?
This comes amid sensational performance by native RUNE token over the past two-months, which has seen an impressive +154% rally since June 14.
Better yet? The pump comes amid a favourable time in THORchain tokenomics, with large swathes of supply currently in circulation and the slow onset of deflationary dynamics afoot.
This is because THORChain uses native RUNE token as over-collateralization for each of its liqudiity pools, meaning that the bigger its pools become, the more RUNE has to be locked up - reducing supply and inducing upside moves.
Amid the upside moves, THORchain is currently trading high in the channel at a current price of $1.61 (a 24-hour change of -8.8%).
Price action is in the midst of an ongoing localised retracement move, this comes following rejection from the topside trendline, which converged with the $2 price level to form a tough patch of hard resistance to the upside.
The -18% retracement move is currently fighting for crucial support around $1.7, which marks the last historic price level before a significant drop back down the moving average levels.
With the 20DMA and 200DMA pushing to converge at $1.275 - this forms a likely next stopping point if price action continues to tumble.
Indeed, moving average levels have remained largely untested during the dramatic upside move by RUNE, with price action only briefly touching the 200DMA as it skyrocketed past on August 13.
While the 20DMA actually formed 31 days of unbreakable resistance between July 9 and August 9, before similarly price leapt away in a
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