RUNE faces volatility after whale’s panic sell-off: What about recovery?
The post RUNE faces volatility after whale’s panic sell-off: What about recovery? appeared on BitcoinEthereumNews.com.
RUNE saw a sharp 15% drop, likely triggered by panic sell-off by a major whale. Price action has started recovery and increased volume could spark a real bounce. RUNE, the native token of THORChain, experienced a sharp 15% drop in the past 24 hours as of press time, likely triggered by panic following a major whale’s sell-off on Kraken. As of press time, the whale had withdrawn 2.85 million RUNE, valued at approximately $12.35 Million, and sold a portion of it through ThorSwap for Bitcoin [BTC]. The whale has since converted 9.69 BTC, which was moved entirely to Kraken, while the remaining 2.7 million RUNE tokens were sent over to Binance. Source: Onchain Lens Impact of whale sell-off on RUNE’s price The whale sell-off had an immediate effect, pushing the price of RUNE downward. However, it did not seem to pose a significant long-term threat to the token’s future value. THORChain, being a Layer-1 Blockchain DEX with extensive usability, has continued to support cross-chain swaps, especially for major Layer-1 blockchains, sustaining its strong adoption potential. The RUNE price on the 4-hour timeframe began showing signs of a recovery despite a lack of a clear signal from indicators, which often react more slowly to abrupt price shifts. RUNE/USDT hinted at a recovery attempt after it bounced from the $4.50 range highlighting early buying interest. A suggestion that this level could serve as a new support region. After failing to maintain its support at the ascending trendline, RUNE fell below the $5 level and subsequently stabilizing around $4.50. Source: Trading View The MACD indicator showed a negative crossover, confirming that bearish pressure had dominated the recent market action. Nevertheless, the recent histogram bars indicated a potential slowdown in selling momentum, which gave hope to investors about a gradual recovery. However, the previous…
Filed under: News - @ November 6, 2024 5:21 am