RUNE has shown very weak Price Action since September (compared to other alts). With the last node (eth) to come back online since the hack, this could be the start of the recovery for RUNE. Lots of upside potential (or catching up to do).
The last dip saw RUNE bounce nicely off the macro trendline and joining 0.786 FIB level. Entering volume at that same...
Rune formed an channel. It is also the resistance of a big triangle since May.
Bullish Stochastic RSI.
RSI formed a triangle.
Support at 6,4 USD.
Support also 50-MA-WEEKLY.
Keep an eye on Rune in the next days.
Just an idea.
RuneUSD has pulled back from the upper trendline resistance
The most probable scenario in the short term is gonna be a pullback towards its support around 8.35$, which is an area where i would accumulate.
After this, and if support will hold, we should re-test the upper trendline around 10.73$, before breaking out of the triangle pattern.
If a clear breakout...
Think we will see some distribution around this level for now. I see two scenarios:
1. Double botttom/lower high, take out top of the range and attack 6$
2. Failed double bottom setup, drop to ~2$
Of course, depending on Bitcoins next moves.
Be patient and stay safe.
RUNE is currently trading above the support zone of $5.84. If it can consolidate above this support, we could start seeing a move towards $8.63, $11.23, $13.33, $15.43, $18.41 and $22.22. Failure to hold the support at $5.84 could lead to a drop towards $.39 and $3.01.