⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

THORChain RUNE Surges Above $5 Ahead of Mainnet Launch and Terra Integration

Posted Thursday, March 3, 2022 by
Skerdian Meta • 2 min read

THORCHain is a decentralized liquidity protocol where users can exchange one digital asset for another in a permissionless manner, without relying on order books for liquidity. The swap can be across a range of networks without losing full custody of assets during the process. So basically, it serves as a cross-chain decentralized exchange (DEX) built on Cosmos SDK.

But, the THORChain protocol is integrating with the Terra LUNA ecosystem, which is built on Cosmos. The integration with Terra brings both the LUNA token and the TerraUSD (UST) stablecoin to the THORChain ecosystem and gives users more trading and staking options.

Rune’s team posted this tweet several days ago:

$RUNE Ranger 🔨@TheRuneRanger · Feb 28Replying to @0xSmith and @samscrypto_Terrra integration is completed, just awaiting final sign off from the Terraform Labs security team afaik (and that’s supposed to be on the docket for early next week I think?)

This integration will be updated through a hard fork, which will be fully tested in the testnet before being released with the mainnet, which was scheduled for last year, but it was delayed for a number of reasons. A date has now been given date for the launch, which will be coming soon, and this has increased the interest for the RUNE token. THORChain’s team posted this tweet on Monday:

THORChain #LUNAISCOMING @THORChain
With Mainnet on the horizon, there will be push towards greater integration. dev.thorchain.org will allow this. Watch this space. Watch the integration grow!

THORChain now supports six wallet types and eight blockchains on its THORSwap cross-chain decentralized exchange, while it is expected to add Haven and Monero.

THORChain Daily Chart – RUNE Facing the 100 SMA

RUNE coin has nearly doubled in value in the last 10 days

RUNE failed to make new highs in November, as was the case with most cryptocurrencies after a 3-month rally, and since then, it has been bearish, following the crypto market down. The 50 SMA (yellow) has been acting as resistance at the top, keeping the trend bearish, but after the recent surge, this moving average has been broken, which is an encouraging sign for buyers.

The price has increased from almost $3 to $5.80, but buyers are facing the 100 SMA (green) on the daily chart now, and they have to push above this moving average if they want to resume the large bullish trend. So, RUNE will need some help from the crypto market in general, in the hopes that it will turn positive after having been bearish since November.