ThorChain (RUNE) is up over 60% for the week – Can this growth keep going?
ThorChain (RUNE) has been the best performing coin in the top 100 cryptocurrencies. The coin has gained over 60% in the last 7 days. This comes as other crypto assets struggle to find any decent uptrend. But can RUNE actually keep this up?
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At press time, RUNE was trading at $7.43, up nearly 18% over the last 24 hours.
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The surge is largely driven by news that ThorChain has launched synthetic assets trading.
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We expect this momentum to keep up in the coming days.
Data Source: Tradingview
ThorChain (RUNE) – When to expect a pullback?
As noted above, the surge that we have seen in ThorChain has largely been driven by positive chain news. Just the other day, the platform confirmed that it was launching support for synthetic trading. This means that users can now swap various assets with RUNE and can trade other DeFi synthetic assets on the ThorChain.
Shortly after news of this support was announced, RUNE was up 37%. The trend has continued, with gains now surging above 63% for the week. It is likely that the uptrend will continue as more investors digest this news.
But we expect some pullback by the end of the week. At the time of writing, RUNE was trading at around $7.4. The coin will eventually stabilize around $6.5 or thereabout.
Is ThorChain (RUNE) worth it?
Yes, ThorChain (RUNE) is indeed worth it. The project has been highly undervalued to be fair, and we are starting to see just how good it can be.
Some analysts in fact believe that a push above $10 is possible before the end of the month. Besides, even from a long-term point of view, ThorChain still remains a decent asset to add to your portfolio.
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