THORChain's RUNE Token Faces Potential 69% Drop Amid Bearish Market and Developer Resignation

THORChain's RUNE token is under pressure, having declined 9.09% in the last week. On February 29, 2024, crypto analyst Ali Martinez pointed to a bearish flag pattern on RUNE's trading chart, suggesting a potential 69% drop to $0.38 if the price fails to reclaim $1.27. Adding to the woes, a THORChain developer resigned recently following a controversial decision regarding North Korean transactions. Specifically, a vote to halt Ethereum Network operations on THORChain to block North Korean hackers was overturned, leading to the resignation. This follows a $1.5 billion hack of Bybit, with $605 million allegedly laundered through THORChain. Currently, RUNE trades at $1.24, down 3.00% today and 46.67% over the past 30 days. Despite this, Coincodex forecasts a recovery to $1.40 in 30 days.