FxWirePro- THORCHAIN Daily Outlook

ThorChain is a network that facilitates native asset settlement between Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos Hub, Dogecoin, Bitcoin Cash & Litecoin. It is a cross-chain decentralized protocol that allows native swaps between different blockchains.

ThorChain is a decentralized cross-chain liquidity protocol that utilizes the Tendermint consensus engine, Cosmos-SDK state machine, and GG20 Threshold Signature Scheme (TSS).

Thor nodes - Initially 100 and can scale up to 250. Anyone can join the network with the required funds.

THORChain features a native token RUNE, which owners can use to participate in the network and is used to pay for the swap/gas fees for RUNE pairs.

RUNEUSD gained slightly after a massive sell-off.

Any daily close above $5 confirms further bullishness.

RUNEUSD has gained more than 45% in the past ten days. The pair holds above the short-term (21 and 55 EMA) and below the long-term moving average in the 4-hour chart. It hit a high of $3.72 and is currently trading around $3.66.

The bullish invalidation can happen if the pair closes below $2.50. On the lower side, the near-term support is $3. Any close below targets $2.50/$2.

The pair's near-term resistance is around $3.85. Any breach above confirms minor bullishness. A jump to $4/$5/$6. is possible.

It is good to buy on dips around $3.25 with SL around $2.50 for TP of $10.

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