- RUNE Token price jumps 27% within a day after finding support near the $3 mark.
- The token price is trading below all the critical EMAs in the daily chart.
- The pair RUNE/BTC trades at 0.000136 BTC with an intraday gain of +18.88%
RUNE Token price broke the support level of $6.5 mark leading to the downfall in previous sessions. The downfall resulted in a loss of around 50% within a fortnight. However, the token price found support near the $3 mark.
The token price is trading below all the critical EMAs in the daily chart projecting an overwhelming underlying bearishness. The recent death cross and upcoming bearish crossover of 100 and 200-day EMA might push the price back down.
Presently, the intraday trading volume of the token has risen 24.58% within the last 24 hours. Furthermore, the RUNE token price trades at $4.35, with an intraday gain of 27.36% in the market cap.
V-Shape Recovery May Soon Crumble In RUNE Price Chart
Rune token price recently broke a descending triangle due to a solid supply region travelling with the resistance trendline that pushed the price below $6.5 mark. The bearish breakout led price down to $3.
The Rune token price formed a V-shape recovery after finding demand near the $3 mark. However, the overwhelming bearishness in the price chart may shortly push the price back down.
As per the price action analysis, the coin price may find support near the $3 and $2 if the trend fails to sustain. However, if the uptrend sustains, then the price may find resistance near the $5 and $6.5.
The token price is trading below all the significant EMAs while they move downward in a bearish alignment.
The relative strength index indicator (Neutral) projects some rise in bullishness as the slope of RSI rises from the oversold region: However, the slope is still within neutral zone.
The ADX indicator projects a rise in trend momentum as the price rises.
Conclusion – The RUNE token price found demand near the $3 mark and continues to rise. However, the increased bearishness may shortly push the price down. Investors looking for an uptrend must wait for the price to break above the resistance of $6.5 mark.
Support – $3 and $2
Resistance– $5 and $6.5