THORChain Mainnet Launch Gets Bulls Excited

THORChain (RUNE) mainnet has been in development for nearly four years since 2018, and the highly anticipated mainnet was launched on Wednesday. THORChain's native blockchain goes live on 7 networks. So the protocol currently supports swaps on 7 blockchains. These are Bitcoin (BTC), Ethereum (ETH), BNB, Bitcoin Cash (BCH), Litecoin (LTC), DOGE and RUNE. For example, this means that THORChain allows traders to trade Bitcoin (BTC) with supported assets without using bridges or wrapped assets.

These developments had a positive impact on RUNE's price and RUNE has been drawing green candles for 3 days.

RUNE is currently trading at $2.31. The bulls are currently trying to accumulate prices above the 20 EMA. If they can accumulate price above the 20 EMA, there could be a move towards the 50 EMA (green) resistance level. RUNE is up about 5% today and about 50% on a weekly basis. The launch of the mainnet is certain to have a positive impact on the price of RUNE. But its rise was limited due to volatile market conditions. But I think the mainnet will cause RUNE to gain more value in the long run.

The mainnet launch seems to have excited the bulls, right now the bears are struggling to push the price down a bit, but as buyers increase, the bears may give up. This may cause RUNE to exit the bear market and do its own bull run. We'll have to wait and see how eager the bulls are.

Those who build in the bear market are clearly showing themselves.

There are resistances at $2.5 and $3.0 if RUNE can break these resistances and accelerate the rally. Support levels are at $1.9 and $1.4.

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