The Thorchain (RUNE/USD) price went up for the second day with increased network activities. It rose to $8.520, 17.7% above last week’s lowest. Its market cap rose to over $2.5 billion; hence it’s the 51st most popular cryptocurrency globally.

What is Thorchain, and why is it rising? 

Thorchain is a huge decentralized exchange (DEX) in the Cosmos SDK. Its uniqueness lies in using the Cosmos Inter-Blockchain Communication (IBC) protocol, a network that allows multiple blockchain communication.

IBC fixes major challenges in the blockchain industry. Firstly, assets minted on Ethereum cannot be traded directly in other chains like Solana, Avalanche and Cronos. One is required to use centralized platforms like Coinbase or Binance. 

Rather one can opt for an unsafe link or tokenized assets like covered Bitcoin or cETH, among others.

Thorchain handles these obstacles by creating a decentralized platform that allows the trading of digital assets. It’s possible using Bancor’s continuous lending pools that aid transactions. Its website reports a total value locked (TVL) of 1.1 billion. It owns 38 liquidity pools and aids swaps worth over $5.8 billion.

Moreover, the ThorChain price is rising due to its creation of synthetic assets. These assets are based on stocks, forex pairs and commodities; hence investors predict a continuous rise in RUNE demand due to the products.

ThorChain price prediction

The daily chart shows that the RUNE price has been in a bearish trend in the past few days. After soaring to a high of $13.1 on March 31st, the price dropped to a low of $7.23. It has moved slightly below the 38.2% Fibonacci retracement level and is between the 25-day and 50-day moving averages.

At the same time, the Relative Strength Index (RSI) has moved below the neutral level of 50. Therefore, the coin will likely keep falling as bears target the support at $6.51.

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