Rune may be able to provide relief bounce, despite the fact that she has difficulty breaking through daily resistance.
After Bitcoin (BTC), the crypto market experienced a price drop. However, the market is indicating that Rune may be poised for a rally.
Rune Weekly Chart Analysis
Price of Rune is in a steady decline from $12 to $1.6 over the past weeks. This seems more than 80%.
It has made a strong move since hitting a low of $1.58. Buyers have stepped in and Rune has established support at $1.6. There is also weekly resistance at $3.7.
Major resistance on the weekly chart – $3.7
Major support on the weekly chart – $1.6
Rune Daily Chart Analysis
After falling to $1.58, the daily Rune price chart shows an upward trend.
Haven struggled for days in claiming important support on daily chart. Rune has finally shown relief and aims to reclaim substantial support just above the 50 exponentially moving average (EMA).
Rune trades at a low level below the 200 EMA (Expandential Moving Average), but it is comforting to know that Rune has been doing well in a short time period. Rune could rise if Rune reclaims above 200 EMA.
Rune is currently at resistance at $2.85. A breakout or close above that region could push Rune to $3.3. If Rune’s price falls, then we will see a retest at $2.45.
Daily resistance – $2.85.
Daily support – $2.45.
Rune Price Analysis on The 4H Chart
The price of Rune on the 4H chart shows the price has reclaimed both the 50 & 200 EMA, indicating an upward trend if all market conditions remain favorable.
Rune is trading higher against a resistance level of $2.85 at the 4H chart. Rune owners would benefit from a break or close to this area.
Rune volume shows that buyers have re-enter the market following panic sales in response to market fall.
Rune is showing signs of market buys with a relative strength Index that exceeds 50.
Rune is likely to pull back if the price of Rune falls below $2.85.
Resistance on the 4H chart – $2.85.
Support on the 4H chart – $2.6, $2.4.
Rune 1H Chart Analysis
On the 1H charts, Rune indicates a strong buying volume and the RSI above the 70 region. Rune has a difficult time breaking through resistance at $2.85. It is crucial to break and close above this area in order for Rune’s bullish structure to continue.
Rune has all the structure of a solid project. It looks even better in the longer timeframes, which are more likely to maintain current trends.
Featured image from The Coin Republic Charts by TradingView.com