The last week of July was good for the cryptography market as Bitcoin took the lead and recovered towards $ 40,000. Most of the altcoins also recovered during this time. However, ThorChain had a rough patch during this time after hacking three systems. Despite the ThorChain Ministry of Finance saving the situation, RUNE was not spared the 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% rise in 24 hours.
RUNE price analysis
RUNE is currently one of the altcoins to make huge profits this week. Weekly profits are currently around 85%. As most market resistance rises to a higher level, RUNE has managed to show resilience and traders are currently optimistic about the progressive rising rally.
A steady rise could result in the coin breaking more than $ 9. The current rise in RUNE is a price correction from the exhaustive downward trend that occurred after hacking; thus, more oxen could be set up.
RUNE may also crash due to lack of market support or other negative developments in the ThorChain ecosystem. In this case, RUNE will turn down to less than $ 5. It is also possible to reach $ 2. If that happens, traders will suffer huge losses, and the coin’s rising profits could be eliminated this year.
ThorChain was the victim of three devastating cyber attacks last month. During the third attack, the hacker tricked the Bifrost protocol to send a refund for a deposit they had not made, resulting in a loss of $ 8 million. However, the liquidity providers involved in the hacking were repaid from ThorChain’s cashier. The incident led to a sharp drop in Rune to about $ 4.
At the end of June, ThorChain also suffered another hack that stole $ 140,000. This was followed by another at the end of July, when about $ 5 million was stolen. Despite the heavy impact of the attacks, ThorChain fund management and the community have begun to save the situation.
Where to buy RUNE
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