- RUNE price is over $1 for the first time in about 2 months
- The coin went past its major EMAs in less than 1 week. How long will the trend continue?
- The MACD and RSi are in the oversold zone.
The price of RUNE started going down from the high it made in April 2023 with a price value of $1.7, it was the last dollar price made by the bulls.
The price took a free fall from April to mid-June when it hit $0.78, down by more than 50% when the bulls finally started rejecting the fall of the price.
RUNE price started rising in June 2023, although some corrections came during July when the coin was struggling to rise. The bullish momentum arrived when the coin broke above its 50 EMA.
Chart provided by tradingview.com
RUNE Recent Price Action and Technical Analysis
Currently, RUNE price has seen a very bullish sentiment. It broke past its first resistance and is trading at the level of $1.33 at the time of writing. The price is between some supports and resistances, while the indicators are also giving some insights for the near future.
Support
The immediate support is at the level of $1.17. The second support is being made at the price value of $0.8842.
Resistance
The first and immediate resistance is at the level of $1.47, and it is a level with a good amount of volume. The second resistance is at $1.66.
MACD
The MACD graph is showing how the recent price action has made the MACD line surge up toward the signal line, indicating a very bullish trend in the market. The signal line is currently at the level of 0.01426 and the MACD line is at the level of 0.05738.
RSI
The RSI graph is indicating a sudden and immense strength in the bulls, as the RSI line rises above the level of 70 and is currently at 86 points. The SMA line is just above 55 points.
EMAs
On August 8th, the 50 EMA provided support for the price surge, showcasing its relevance as a dynamic support level during the upward movement. Additionally, on August 12th, the price moved above and crossed past the 200 EMA, which can be seen as a bullish signal.
Currently, the 50 EMA is positioned below the price level at $1.02, suggesting that it could potentially act as a support level if the price retraces or corrects. The 200 EMA is positioned just below the current price at $1.28, indicating its proximity to the price action and its potential to influence the price movement.
Conclusion
The price prediction for RUNE suggests that the current price movement is likely to involve consolidation, especially after a rapid increase in price, which often leads to corrective phases. The significant gap between the EMAs could be indicative of sudden price momentum, potentially leading to a trend reversal in the near term.
The RSI has exhibited a similar pattern in the past, where the price briefly crossed the level of 70 but did not sustain above it for an extended period, implying potential overbought conditions.
In the event of a trend reversal, the price is expected to find support at its initial support level, which is accompanied by significant trading volume. However, if the trend continues, the price could return to the recent consolidation range between $0.884 and $1.172.
Technicals
Support: $1.172, $0.884
Resistance: $1.471, $1.662
RSI: 85
50 EMA: $1.021
200 EMA: $1.281
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
