The last week of July was good for the crypto market, with bitcoin taking the lead with a recovery towards $40K. Most altcoins also recovered during this period. However, ThorChain had a rough patch during this time, following three hacks on its systems. Despite the ThorChain treasury stepping in to save the situation, RUNE was not spared from a fall. Nevertheless, RUNE is now showing signs of a strong recovery.
RUNE is trading at $7.35 at the time of writing after a 21.6% gain in 24 hours.
RUNE Price Analysis
RUNE is currently one of the altcoins making massive gains this week. The weekly gains currently stand at around 85%. With most of the market facing resistance going to higher levels, RUNE has managed to show resilience, and traders are currently optimistic of a progressive bullish rally.
A continuation in the upswing could lead to the coin breaking out past $9. RUNE’s current upswing is a price correction from the exhaustive downtrend that happened after the hack; hence more bulls could be established.
RUNE could also trip because of a lack of market support or another negative development in the ThorChain ecosystem. In this case, RUNE will be headed towards a downtrend below $5. Reaching $2 is also a possibility. If this happens, traders will suffer massive losses, and the coin’s bullish gains this year could be erased.
ThorChain was a victim to three devastating attacks on its network last month. During the third attack, a hacker tricked the Bifrost protocol into sending a refund for a deposit they had not made, leading to an $8 million loss. However, liquidity providers affected by the hack were reimbursed from ThorChain’s treasury. The incident led to a sharp decline in Rune to around $4.
In late June, ThorChain also suffered another hack where $140,000 was stolen. This was followed by another one in late July, where around $5 million was stolen. Despite the heavy impact of the attacks, the ThorChain treasury and community have stepped in to save the situation.
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