THORChain (RUNE) succumbed to the bears today, August 25, after the previous day’s overbought condition. As a result, the token recorded a 3.62% price loss, falling from the $ 1.8699-week peak to $1.52 in the last 24 hours.

Nonetheless, RUNE has witnessed a slight uptick in 24-hour trading volume. As of 4:57 AM EST, the token’s trading volume showed a 7% increase, suggesting a slight upswing in buying activity. But will RUNE post notable strides today, given the above observation? Let’s see.

THORChain’s Lending Goes Live

Lending is live.

Params, Disclosure, Risks, How-to Thread

🧵

— THORChain (@THORChain) August 21, 2023

On August 21, THORChain announced the activation of its lending protocol that enables users to lend their layer-1 assets, including BTC and ETH, to borrow USD. 

 The recently introduced debt is tagged TOR. Users can execute the debt repayment using any THORChain-supported asset, including stablecoins.

The launch brought THORChain into the spotlight, as indicated by the surge in its social activity. Nonetheless, its investor sentiment experienced a decline during that timeframe.

While the launch is expected to drive the ongoing RUNE rally, the actual outcome differed as a price correction accompanied the rapid buying activity after the lending activation.

However, despite dropping significantly since August 21, the THORChain Lending update is still making waves, reigniting hopes of a possible upward retracement for RUNE.

THORChain Lending Makes Wave in Just 4 Days

4 days into @THORChain‘s lending launch and the numbers are in!

Dive into some fresh on-chain data with me in this thread.

👇
0/5 pic.twitter.com/Ob650UQpqK

— banban (@banbannard) August 24, 2023

After going live on August 21, the THORChain Lending update has attracted significant attention. According to BanBan’s August 24 tweet, the critical lending metrics show that 204 loans are active with 135 distinct borrowers.

Key Lending Metrics

– 135 distinct borrowers
– 204 loans opened
– $1.06M in collateral value
– $478.4k in borrowed assets (debt)

These numbers hit their peak on the launch day itself!

1/5 pic.twitter.com/1VMClbXzDe

— banban (@banbannard) August 24, 2023

Also, the protocol recorded $1.06 million in collateral value with over $478,000 in borrowed assets (debt). According to BanBan, these figures hit their highest level following the announcement.

Furthermore, BanBan revealed that $BTC leads with an overall collateral value of $743,000, while $ETH records $318,000. However, borrowers selected ETH as collateral for 123 loans ahead of BTC’s 81.

Collateral Breakdown$BTC leads with a total collateral value of $743k, followed by $ETH at $318k.

However, $ETH was chosen as collateral for 123 loans, surpassing $BTC‘s 81.

2/5 pic.twitter.com/pt1zu1mih3

— banban (@banbannard) August 24, 2023

Also, the top borrowing paths revealed that BTC to RUNE leads in overall collateral value at $361,000, while ETH to USDC is the most frequently used route with 51 loans.

BanBan again revealed that BTC’s collateralization ratio (CR) is at 2.45, with Loan-to-Value (LTV) up by 40.8%. On the other hand, ETH has its CR at 2.4 and LTV at 41.7%.

Given these massive increases within four days, the overall liquidity of the platform is likely to increase, potentially attracting more users seeking to borrow against their holdings.

Also, this growth in THORChain’s Lending suggests that borrowers are securing their loans with significant assets, reducing the likelihood of defaults and ensuring the stability of the lending ecosystem.

This could encourage the lending platform to expand its offerings, adding new cryptocurrencies as collateral options, introducing different types of loans, or expanding to other blockchain networks.

RUNE’s Price Chart Depicts Positive Market Upturn

RUNE’s green candle stick formation above the middle Bollinger band on the daily chart shows the increased buying activities and its potential for significant rallies amid today’s bearish market.

Despite facing a resistance at $1.58, its support level provides a solid ground for a price rebound if the bear pushes RUNE toward $1.44.

The increase in RUNE’s trading volume is confirmed to be the increased buying pressure, depicted by the green candle formation. Also, the coin’s price between the critical moving averages (Upper and Middle Bollinger Bands) suggests that RUNE will likely test new prices before today ends.

The Relative Strength Index (RSI) at 61.12 and in an upward movement shows RUNE’s tendency to reach the overbought market region if more buying pressure persists.

While these indicators show positivity in the coin’s market, traders and investors should trade cautiously as the Moving Average Convergence Divergence is bearish, suggesting a potential dip or consolidation before the end of today.

RUNE Interrupts Red Trend Again, Sitting Near $1.58 Resistance, A Breakout Could Occur

RUNE restores its buoyant market with a consecutive green candle after the last red candle, showing total bullish momentum on its price.

The resistance at $1.58 has posed as a stumbling block for further gains in the last 24 hours. Considering RUNE’s price level, a few pips below the low resistance, traders should expect dramatic improvements in the coming days as a breakout is within reach.

However, if RUNE fails to break this resistance and restart its bearish trend, the coin’s price could plunge toward the $1.44 support level. 

While this shows a price dip, it’s likely to trigger a bounce once low-price traders and investors join the market at this level.

Thorchain RUNE Alternative

Irrespective of THORChain (RUNE) price gain potential, investors seeking revolutionary low-risk alternatives can consider Wall Street Memes, an extraordinarily popularity-gaining meme coin.

Wall Street Memes (WSM) is not the first meme coin project in the crypto world. However, it’s the most popular project in 2023, with over a million communities and more than 40 million impressions per month.

Its presale has reached the final stage, selling $WSM for $0.0337. According to the project’s presale widget, its listing will commence in the next 32 days, making the meme coin available to more traders and investors via tier 1 exchanges.

The massive $25M+ raised in WSM’s presale fundraising campaign shows the enormous interest of investors in the project, suggesting that as it hits the expected exchanges, more interested investors will join Wall Street Memes.

Although WSM has no outlined utility, its use case as the Wall Street Memes’ primary currency could boost its value over time as crypto enthusiasts and meme lovers engage with this meme-driven platform.

Wall Street Memes Staking Portal

Apart from providing an environment for meme-driven engagement across its community, Wall Street Memes has a staking pool to reward its users for staking their $WSM tokens.

So far, over 209 billion WSM have been staked with a 95% estimated APY yield. This shows investors’ confidence in the project, awaiting massive APY rewards in the long run.

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• Source: https://insidebitcoins.com/news/thorchain-price-prediction-rune-reaches-1-50-is-there-more-upside-left