What Is THORChain and Why Is It the Top Weekly Gainer?

RUNE is leading the top 100 cryptocurrencies in terms of 7-day gain at 61.1%.
THORChain is arguably the only cross-chain DEX in existence.
RUNE price is currently oversold.

The crypto market has been under a prolonged consolidation period. Notable cryptocurrencies like Bitcoin, Ethereum, and Binance Coin have been trading sideways since the last two months. What is more, they have no definite bull run to display at the moment.

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On the other hand, other cryptocurrencies like Terra (LUNA), XRP, and Waves (WAVES) have seen convincing rallies. However, the top cryptocurrency in the first 100 list is none other than THORChain (RUNE).

Specifically, RUNE has had a surprising 61.1% surge in the last 7 days and an 11.8% increase in the last 24 hours. So, what is THORChain and why is it the top weekly gainer among the leading cryptocurrency list in terms of market capitalization?

What Is THORChain?

THORChain describes itself as a decentralized and autonomous cross-chain liquidity network. Basically, it is a modern decentralized finance (DeFi) blockchain that offers on-chain swaps for a reasonable fee.

Supporters bill it as the first DeFi 3.0 protocol in existence. ShapeShift CEO and crypto OG Erik Voorhees also supports THORChain, calling it the only cross-chain decentralized exchange (DEX) today.

RUNE Price Today

At the time of writing, RUNE, the native crypto asset of THORChain, is ranked 53rd on CoinGecko. It is last seen at $7.33.

RUNE/USDT 1-day chart (source: TradingView)

As seen on the chart above, RUNE has continued its upward momentum today, charting a very long candlestick. It is also higher than the resistance level at $6.8. If RUNE price manages to settle at $7 and gains enough support at this level, then a continuous upward trend is expected.

However, the Relative Strength Index (RSI) over 70 shows that RUNE is oversold.