RUNE, the native token of the THORChain protocol, remains under significant bearish pressure following a 9.09% price decline in the last week. According to crypto analyst Ali Martinez, RUNE is likely far from a market recovery following a bearish flag pattern on its trading chart.
RUNE Chart Hints At Major Sell-Off Ahead – Details
In technical analysis, a bearish flag is a continuation pattern formed after a significant downtrend, followed by a period of consolidation, before another leg downward. This pattern is characterized by parallel or slightly supporting ascending levels thereby giving the shape of a flag.
Based on an analysis by Martinez, a bearish flag has now appeared on the RUNE/USDT 12-hour trading chart following its recent consolidation pattern which came after the asset’s decline from mid-January to early February.
Interestingly, RUNE has now broken below the lower boundary of the bearish flag at $1.27 reducing any immediate odds of a bullish price reversal. Unless investors can force a price reclaim of this lower boundary, Martinez’s prediction states RUNE could be headed for a price target of $0.38 representing a potential 69% decline on the asset’s current price.
Lately, the RUNE market has seen a significant amount of unwanted developments. Aside from its obvious market woes, recent events in the THORChain community have cast more concerns over the asset. In the past week, one of THORChain’s developers nicknamed Pluto(9r) resigned from the decentralized exchange after a controversial decision involving transactions from North Korea.
Notably, a vote by Pluto(9r) and two other validators to halt the Ethereum Network from running on THORChain to prevent transactions by North Korean hackers was quickly overturned by other network validators resulting in the resignation of the former.
This development comes following the $1.5 billion hack of the Bybit exchange which has so far been linked to popular North Korean Lazarus Group. According to blockchain tracker, Lookonchain, the Bybit hacker laundered $605 million (54%) of the loot using the THORChain network.
RUNE Price Overview
At press time, RUNE trades at $1.24 reflecting a 3.00% price fall on the last day. As earlier stated, bearish forces are largely dominant in this asset market as evidenced by the 46.67% overall decline in the past 30 days.
Interestingly, the crypto prediction site Coincodex presents an optimistic stance on the RUNE market. Their latest forecasts show a price recovery to $1.40 in 30 days and $1.66 in the next six months.
Featured image from iStock, chart from Tradingview
Semilore Faleti
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.
In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.
In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.
Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.
Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.
Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.
Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.
Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.
He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.
In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.
His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.
Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
