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While THORChain (RUNE) started the year with a bullish trend spanning the first two weeks of January, the price suffered extreme volatility that began on January 15. Bears and bulls are currently in a heated battle causing a consolidation between the $1.6 and $1.89 levels.

At the time of writing, RUNE price was trading at $1.895 after gaining 7.2% in the last 24 hours. The price has a live market cap of $18,386, placing it at #2390 on CoinMarketCap. It is up 6% on the week, 15% in the last two weeks, and 44% over the past month.

THORChain Has Built A Platform With Utility For Every Market Participant 

The year 2022 was exceptional in terms of the development and growth of the THORChain protocol. In June, Mainnet was achieved with four new integrations chains added- Dogecoin, Terra, Cosmos, and Avalanche. Many additional features were also integrated, including Synthetics and in-kind Savers.

Nevertheless, THORChain and its community were not spared from the challenges resulting from the crypto turmoil of the past year, including the scrubbing of the Terra integration. Despite the crises, however, the network experienced record growth over the course of the calendar year on every metric. These prepared THORChain for a 2023 breakout.

In 2023, the protocol is set to push towards its goals of decentralization, minimal intervention, and node-orientated governance and maintain its high standards in security and code releases.

According to a medium announcement, a snapshot of 2023 for the network includes: 1) Completion of Planned Obsolescence, 2) Grow Savers and Deprecation of Impermanent Loss Protection, 3) Lending released the last piece of THORFi, 4) Greater UX Improvements for Developers, 5) More wallet and interface integrations, and 5) Expansion of the DEX Integration.

RUNE is the native token of THORChain, a decentralized liquidity network with an interoperable blockchain that allows cross-chain token swaps in a non-custodial manner. While it does not peg or wrap assets, it allows users to swap tokens across Layer 1 blockchains.

Traders on THORChain can seamlessly move from Bitcoin to Ethereum, to Polkadot, and so forth, without registering for an exchange or going through Know-Your-Customer (KYC), like is the case for centralized exchanges (CEXs). This ensures that users are minimally exposed to custody and counterparty risks.

Will RUNE Price Tag The $0.4 High?

At the time of writing, RUNE was trading at $1.895 as bulls built from the gains made on Friday. The price currently fights immediate resistance at $1.92 which cut short yesterday’s rally. An increase in buying pressure from the current position will open the path for RUNE price to climb to the $2.29 range high, an ascension that would mark a 21% increase from the current level.

RUNE/USD Daily Chart

RUNE price chart - Jan 28
TradingView Chart: RUNE/USD

The target is attainable given that the digital asset price is sitting on solid support downward offered by the 200-day Simple Moving Average at $1.7. If the price turned down, this level would provide the most logical point for a pause before the bulls make another attempt at a recovery. The 50-day and 100-day SMAs at $1.5 and $1.4 respectively, were also possible breathing zones.

Additionally, the Relative Strength Index (RSI) was tipping upwards to signify that more bulls were coming into the market, also supporting the bullish outlook. Moreover, the Moving Average Convergence Divergence (MACD) was also moving within the positive region above the zero line, indicating that the market still favored the upside.

On the flip side, the RSI at 70 close to the overbought region, signified that the market was due for a pullback. In such a case, the price could drop losing the 200-day SMA support at $1.72, opening the way for further losses, with the most logical target being the $1.6 level.

A daily candlestick close below this level would trigger a sell-off that could lower the RUNE toward the 50-day and 100-day SMAs. In extreme cases, the price could revisit the $1.26 low or further down to tag the $1.02 swing low. 

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