- RUNE Token price has formed a double top structure in the daily chart, projecting an increase in underlying bearishness.
- The token price has recently breached the 200 EMA in the daily chart and trades below all significant EMAs.
- The RUNE/BTC pair trades at 0.0002066 with an intraday fall of -14.44%.
RUNE Token prices formed a double top pattern in the daily technical chart by getting from the 50 EMA twice. The coin price has breached the 200 EMA in the same chart and indicates a double top breakout.
Investors might see the coin price hitting the $3 mark again shortly due to the increase in underlying bearishness showcased by price action. The level of $6.5 stands as the last line of defense avoiding the fall.
The increasing selling volume adds to the bearish theories on the RUNE token. Investors may find an attractive buy-the-dip moment in the coin if the price hits the $3 mark. As the token is among the top 100 cryptocurrencies as per market cap, ranking at #56.
Presently, the intraday trading volume of the token has surged 60% in the last 24 hours. Furthermore, the RUNE/USD pair trades at $7.14 with an intraday fall of 17.38% in the market cap.
Last Stand Of Bulls In Rune Token
Rune token price has been under a downtrend since the rejection from the $14 level twice, resulting in the double top. However, the recent downtrend seems more severe as the price has yet failed to rise above it.
The $6.50 acts as the last stand for the bulls below, which bears will gain trend control with an estimated fall of 60% at least. The increase in volume threatens the possibility of another profit booking or panic selling, or both.
The coin price may find resistance at $10 and $14 in case of an upside breakout. However, if the $6.50 support level breaks, the coin price may take support from the $3 level.
The 50 EMA (yellow) is below 200 EMA (white), implying a downtrend. Also, the possibility of Death Cross in the daily chart influences increasing bearishness.
The RSI is spiked up but is currently in the neutral zone.
Conclusion – The overall technical analysis of the RUNE token projects an increase in bearish power and expects a 50% to 60% fall if the $6.5 level breaks. It comes as a blessing in disguise for those who missed the previous bull run. However, already invested investors might see this as an exit signal and buy back at a reasonable price.
Support – $6.50 and $3
Resistance– $10 and 14