THORChain’s RUNE Faces 70% Decline Following Bearish Pattern and Developer Resignation
RUNE, the native token of THORChain, has experienced a 9.09% price decline over the past week and is under bearish pressure. Analyst Ali Martinez indicates that RUNE may not be near a market recovery due to a bearish flag pattern observed on its trading chart.
Key Points
- A bearish flag pattern suggests further price declines after a consolidation period.
- The RUNE/USDT 12-hour chart shows RUNE breaking below a critical support level at $1.27.
- If RUNE fails to reclaim this level, it could drop to a target price of $0.38, indicating a potential 69% decline from current levels.
- Recent issues in the THORChain community have added to concerns, including the resignation of developer Pluto(9r) following controversial decisions regarding North Korean transactions.
- The Bybit exchange hack, linked to the North Korean Lazarus Group, involved laundering $605 million through THORChain.
- Currently, RUNE trades at $1.24 with a 3.00% decrease in the last day and a 46.67% decline over the past 30 days.
- Coincodex predicts a potential recovery to $1.40 in 30 days and $1.66 in six months.
