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- RUNE’s price is currently trading at $1.36 on the daily timeframe.
- RUNE price recorded an increase of 0.70% in the last 24 hours.
The RUNE’s price is trading on an overall bull trend on the daily timeframe. The recent price action is suggesting a bearish correction. The investors’ sentiments are indecisive at the moment as the price is consolidating after a correction of 20%. Though a bullish recovery is possible for the RUNE price if it gains the buyer’s support near the demand zone. The price at present is trading near its previous support level.
The price of RUNE is trading under the bear’s control at present. In accordance with the conclusion of the previous analysis, the price took a retest from the $1.300 price point gaining buyer’s support the price surged up by 30%. Making a bullish rally twice what was estimated. Though the major trend for RUNE price was bearish the analysis indicated that the price may take a reversal from 200 EMA.
RUNE price may attempt to make a bullish recovery
Near early November the price took a sharp downfall of 38 percent, followed by which RUNE price took support from the $1.000 level, starting a bull trend. The price gained more than 92% of its value in the overall up trend.
However, after taking resistance from the 200 EMA and a death cross from the faster-moving averages the price broke its uptrend with a strong bearish candle. Followed by a downfall of 22% the price made another attempt to break its critical resistance of 200 EMA though it has not been able to find success as of yet.
Technical Analysis ( 1 Day Timeframe )
RUNE price is trading on a major bearish trend below the 200-day EMA. Its recent resistance level is near 100-day EMA. The multiple barrier levels for the RUNE price may prove to be a major obstacle to overcome in the near future.
The RSI line is taking resistance from the 14 SMA trading below the median line. The value of the RSI line as of now is 40.13 points, while the 14 SMA is providing support at 42.79 points. The RSI curve can take a small correction before making a reversal.
The Stochastic RSI is trending near the oversold level of around 10.12 points. The %K line has already crossed over the %D line near 9.10 points below 30 RSI. The stochastic RSI is making a bullish reversal from the current levels.
Conclusion
According to the analysis, the RUNE price can take a bullish turn from current levels as it is trading near its previous support zone.
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.