HORChain, a decentralized exchange leveraging Cosmos technology, executed a hard fork on September 4. While this update was eagerly awaited, the market response has been disappointing. 📉
📉 RUNE's Plunge: Down 70% in 6 Months
RUNE, the native token of THORChain, is struggling, with a 12% drop at the moment. It's now down nearly 70% from its March highs. The immediate support level is around $3, while resistance is near $5. Traders should watch how RUNE reacts at these levels as it navigates a possible sideways trend. 📊
🔮 Future Outlook
If buyers regain control, RUNE might recover some losses, potentially doubling in the coming months. The token’s movement will be influenced by broader market trends, including Ethereum's performance. If ETH rebounds above $3,500, it could boost activity on THORChain and lift RUNE’s price. 📈
💡 DeFi and THORChain's Progress
Despite a general DeFi slump, THORChain continues to innovate. The recent hard fork aimed to enhance system efficiency by upgrading the Cosmos SDK and removing unnecessary modules. The DEX also added support for Bitcoin Taproot addresses. 🔧
📊 THORChain's Activity
THORChain remains active, recently facilitating its largest swap ever: $8 million worth of BTC for USDC, with $26,000 in fees. 🚀
