THORChain (RUNE) Tipped For 70% Decline Amid North Korean Transactions Debacle
The local token runes of the Thor Cheese Agreement remain under huge bearish pressure after the price fell by 9.09% last week. According to crypto analyst Ali Martinez, Runes may be far from a market recovery after the bearish flag pattern on its trading chart.
Rune diagrams hint at the front of the main sell-off – Details
In technical analysis, the bearish flag is a continuation pattern formed after a major downward trend, followed by a period of consolidation, and then downward. The pattern is characterized by parallel or slightly supporting the upgraded version, thus giving the shape of the logo.
based on analyze Martinez showed a bearish flag in Rune/USDT’s 12-hour trading table after its recent merger pattern declined from mid-January to early February.
Interestingly, Runes now break below the lower boundary of the bearish flag at $1.27, reducing any immediate odds for bullish price reversals. Unless investors can force the price to recover from this lower boundary, Martinez’s forecast state may step forward at a price target of $0.38, representing a potential decline of 69% in the asset’s current price.
Recently, the rune market has seen a lot of unnecessary developments. Aside from the obvious market dilemma, the latest events in the Thorchain community have raised more attention to assets. One of Thorchain’s developers has nicknamed Pluto (9r) over the past week Resign After a controversial decision to deal with North Korea, start with a decentralized exchange.
It is worth noting that the votes of Pluto (9R) and two other validators suspended the Ethereum network’s run on Thorchain to prevent the transactions of North Korean hackers from being quickly overturned by other network validators, resulting in the former’s resignation.
This development follows $1.5 billion Bybit Exchange Hacker So far, it has been related to popularity North Korea’s Lazarus Group. Bybit Hacker Lookonchain According to the blockchain tracker Money laundering Use $605 million (54%) of the loot from Thorchain Network.
Rune Price Overview
At press time, the runes traded at $1.24, reflecting the last day’s price of 3.00%. As mentioned earlier, bearishness is largely dominant in this asset market, which proves to be an overall decline of 46.67% over the past 30 days.
Interestingly, the crypto prediction site CocCodex Gift Optimistic stance on the rune market. Their latest forecast shows that the price will recover to $1.40 in 30 days and $1.66 in the next six months.
