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- RUNE price is currently trading at $1.47.
- RUNE price recorded an increase of 0.29% in the last 24 hours.
RUNE price is currently trading in the demand zone under the bullish influence. Technical indicators suggest an upcoming bullish rally. The price is currently trading near the previous resistance zone which it has been respecting through the historical price action. At the same time, it is taking resistance from key EMAs which are also being supported by the oscillators. These all indications are supporting the point that a bearish correction can be in the cards for the RUNE price in the near future.
RUNE price trading under the supply zone on the (Daily Timeframe)
After registering a sharp downfall of 38 percent early November, RUNE price took support from the $1.000 level, coming under a bull trend. In this uptrend, the price made a bullish move of 94 percent. After making a bullish rally early January, the price started moving under an ascending consolidation making a bearish flag-and-pole pattern.
The price broke this consolidation with a bearish engulfing candle. After retesting the flag, RUNE price broke its bull trend, forming a dark cloud cover pattern, losing 38 percent of its overall value in the process.
Technical Analysis ( 1 Day Timeframe )
Technical Indicators (Oscillators and EMA’s)
RUNE price is trading in a bearish trend below the 200-day EMA. It is currently facing resistance from the 100-day EMA which is near its previous resistance level.
The RSI line is trading above the median line and 14 SMA. The downward curve of the RSI line is suggesting that it can take a retest. The Stochastic RSI is trending near the oversold level of around 100 points. The blue line suggests that it may give a bearish crossover.
Conclusion
After making a bullish hammer and engulfing candle pattern, the price attempted to break above the current barrier near $1.500. If it brakes above the current resistance level, the price could make a bullish rally of 15 percent. However, if it takes resistance from the current level, RUNE price could take a downfall of 20 percent. Its support level is near the price of $1.200
Technical levels –
Support –$1.200
Resistance – $1.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
