- RUNE Token price moves sideways above the $3 mark and fails to sustain above the $4 mark.
- The opposition from the 20-day EMA holds the price below.
- The pair of RUNE/BTC trades at 0.0001193 BTC with an intraday fall of -14.88%
RUNE Token price broke the $6.5 mark before finding support near the $3 mark. The support from the $3 mark helped the price rise higher to halt the downfall and move sideways.
The token price is trading below the 20-day EMA, while the sloping 100-day EMA reflects a high probability of a bearish crossover following the recent death cross.
The rise in intraday trading volume above the 20-MA projects an increased number of players ready to change the RUNE price trend.
Presently, the intraday market capital of the token has fallen almost 13.58% within the last 24 hours. Furthermore, the RUNE token price trades at $3.96, with an intraday gain of 144.36% in the intraday trading volume.
EMAs Not So Friendly With The Bulls In RUNE Token Price
Rune token price has been trending lower after reflecting from the $6 mark. However, the latest rise in token price made with higher highs projects the possibility of an uptrend crushed later with a humongous bearish engulfing candle.
However, the token price managed to fight back and bears failed to follow through the fall. As a result, the token price is rising higher and facing opposition from the 20-period EMA.
If the bears’ attack again, the price action analysis suggests that the coin price could support the $3-$1.5 mark. If the rising channel continues, the price could find resistance at $5 or $8.
Recent bearish crossovers of 50-day EMA and 200-day EMA have increased bearishness. There is also a high probability of a bearish crossover between 50-day EMA and 100-day EMA.
The 4-hour chart shows that all significant EMAs are in bearish alignment, and they oppose any attempt to be bullish.
As the RSI line moves in neutral, the relative strength indicator (Neutral) projects a draw between bearish and bullish powers.
The ADX indicator projects a decrease in trend momentum with a price drop and a greater chance of rising again.
Conclusion – The RUNE token price moves sideways above a critical support level. Investors must wait for the price to either rise above all EMAs in the 4-hour timeframe or break below the $3 mark before making any speculations.
Support – $3 and $1.5
Resistance– $5 and $8