THORChain is giving out a phenomenal performance in the current timeframe after strong bearishness. The cryptocurrency is one of the top performers in the market. At the time of press, THORChain changed hands at $5.68 apiece. The price of the cryptocurrency has surged by 40% in the daily timeframe while the weekly growth is at 20%. The daily trading volume for RUNE coin has increased by 170%. The cryptocurrency stands at a market rank of sixty-four in terms of capitalization.
Technical analysis
The market sentiment for THORChain is strongly bullish given the strong uptrend. Ten out of the total twenty-six technical indicators are giving out an indication of buy. Ten indicators of the rest are standing at a neutral position with six at a sell position.
THORChain established its all-time high at $21 in the 2021 bull run. The cryptocurrency is gaining back momentum and is down by 73% from the ATH. RUNE coin had been identified to be operating in a descending triangle formation. However, the recent bullish momentum has helped the cryptocurrency break out from the bearish formation to the upside. Moreover, it has moved above the 20 Exponentially Moving Average and can be expected to reach towards the 55 EMA soon. A trader has identified the price of $14.23 as the potential target for the cryptocurrency. RUNE coin can achieve the price target in the upcoming days if the bulls continue to dominate the market.
THORChain’s recent hacks to hinder its upward trajectory?
THORChain had suffered from multiple hacking attacks in the past month – three to be specific. In the past week, the network was the victim of a sophisticated attack which drained $8 million from THORChain. The hacker also left a message stating the hack could have been much worse. Previous attacks resulted in a loss of $140,000 in late June and $5 million a week prior to the new attack.
However, the cryptocurrency is under strong bulls despite the multiple attacks. Users may be believing THORChain has upped its security as the network went down for a code review. The current bullish momentum had been immune to the unfavorable news and it may continue to be so.
