THORChain’s streaming swaps could be the common denominator contributing to RUNE’s demand.this week. However, having some RUNE in your portfolio would have eased the pain.The THORChain-native cryptocurrency somehow managed to steer clear of the selling pressure that prevailed in the last seven days. It instead pulled off an impressive rally that kicked off in the second week of this month.
For perspective, it traded as low as $0.92 on 7 August which marked the start of its latest bullish wave. One RUNE unit cost $1.60 at the time of writing which represents a 72% gain from the aforementioned lows. But before you buy at its current price range, it would be wise to note that the cryptocurrency was overbought at the time of writing. A bearish retracement could thus be a possibility in the days to come.Can RUNE sustain the demand that has supported its rally so far? Well, there were already some signs which indicated that the bullish momentum was running low on gas.
For example, investor sentiment cooled off slightly in the last few days. This was evident from the declining weighted sentiment which suggested that bearish expectations were on the rise.Similarly, RUNE’s open interest in USD per exchange just registered a double top. This was followed by a bit of downside.After a bit of research, we found that the streaming swaps could be the single biggest reason for the excitement in RUNE’s price action.
Streaming swaps introduce more flexibility for swappers. This is because they make it possible for swappers to optimize their transactions based on time and the price of swaps. THORchain is already making efforts to expand its offerings.