Triangle Breakout Signals Bullish Momentum for RUNEUSDT

πŸ’Ž Since its low in June, #RUNEUSDT has demonstrated impressive strength, boasting a remarkable 140% price surge. This performance places it among the top performers in recent times. Notably, the price journey broke free from a descending channel, catapulting from $1 to the psychological resistance at $2.

πŸ’Ž Following this substantial upward move, a consolidation phase ensued. During this period, #RUNE established robust support at $1.385, corresponding to the 38.2% Fibonacci retracement level. Within the confines of this consolidation, a triangle pattern took shape. Recently, #RUNE decisively breached the upper boundary of this triangle, signaling a robust bullish sentiment.

πŸ’Ž Simultaneously, the breakout extended beyond the confines of the previous descending channel. This demonstrated a compelling surge in buying pressure. As a result, it's reasonable to assume that the overall trend remains bullish. According to Elliott Wave theory, there appears to be potential for at least one more upward wave.

πŸ’Ž Evaluating the factors at play, including the strength of the preceding uptrend, the presence of trendline resistance, and the 161.8% Fibonacci retracement level, we can anticipate #RUNE's next move. There is a high probability of #RUNEUSDT aiming for the $2.434 resistance area in the near future.

πŸ’Ž Nevertheless, Paradisers, it's essential to remain prepared for potential range-trading and even short-term pullbacks before the uptrend fully resumes. Given the recent pace of growth, any uptrend resumption is likely to be relatively swift.

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