After providing bigger discounts for long-term accumulation earlier this month, Rune increased for two weeks and tested a key level today. It saw a rejection and turned weak, looking poise for a drop on the day.
Rune’s bearish structure remains intact on the daily timeframe, although it has been showing signs of strength since it recently bounced off $2.54.
While the crypto is currently in a retracement phase, it is expected to resume bearish impulsive shortly. The $4.2 – $4.5 area is the major sell point to watch for the next drop. This area should produce a reaction.
However, it is important to note that the existing bearish momentum is technically reaching an end on the daily chart. A potential change in the market structure is lurking around the corner. When is what is yet to be ascertained?
Looking at the price from where it started to correct at $11.5 in March, the bearish impulsive and retracement movement has become very short lately compared to the initial move, which appeared big. This indicates weakness in selling.
If the price breaks down again to produce more discount, the key level to watch for a major buyback lies at $2 with a long wick at $1.8 – the late 2023 surge level. Despite the recent price recovery, there’s still a high chance for a sell than a buy.
RUNE’s Key Levels To Watch
Rune’s price is currently down due to a daily rejection at $4. If this action leads to another decline, the closest level for drops would be last month’s $3.1 low and the monthly $2.54 low. Lower levels to consider for support are $1.8 and $1.5.
A push above the daily high could bring a test at the $4.23 resistance before dropping. $5 is an important resistance level to watch for a slight reversal before tapping $6. The higher resistance level to consider is $7.3.
Key Resistance Levels: $4.23, $5, $6
Key Support Levels: $2.54, $1.8, $1.5
- Spot Price: $3.95
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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