Current Price Action: RUNE showcases a potential double bottom breakout in the daily chart, currently trading around $5.91 with a 3.33% increase.
Key Pattern: The formation of a triple white soldier pattern suggests a bullish momentum.
Breakout Signal: Breaking past $5.75 could trigger a rapid price surge.
Recent Recovery: RUNE's price has risen by 14.55% this week, forming three consecutive bullish candles.
Support Zone: A successful retest at the critical $4.96 level, supported by the 50-day EMA and the 38.2% Fibonacci level.
Technical Indicators:
MACD: Indicates a bullish trend with a recent crossover. EMA: Shows a strengthening uptrend with the 50D and 200D EMAs. Bullish Outlook: If RUNE maintains above the $5.75 level, especially the 23.60% Fibonacci level, a breakout past $6 could pave the way to $10.
Downside Risk: A fall below $5.75 might lead to a retest of the $4.96 support level, crucial as it's the 50% retracement level from $3.5 to $5.5.
Overall Sentiment: RUNE's current trend and technical indicators point to a positive outlook for 2024, with potential to hit the $10 mark.
Investment Consideration: The current pattern and momentum might offer a good entry point for investors eyeing the $10 target.