- The RSI shows a significant divergence concerning to RUNE token price
- The RUNE/BTC pair was traded at 0.000213 BTC, with a gain of 3.07%
- RUNE tokens have a 24-hour volume of $87 Million.
On September 7th, the RUNE token experienced intense selling pressure from crypto traders, which resulted in a minor retracement in the technical charts. After the price plunged to the 0.5 FIB level, the buyers stepped in, and the price obtained excellent support from that level. Thus, this suggests the end of its retracement phase as the price is now continuing to rally. The current price of the RUNE token is $10.3, with an intraday gain of 6.72%.
The RUNE token price is higher than the important EMAs (20, 50, 100, 200), indicating a bullish trend. Moreover, the price has just reclaimed the 20 EMA, supporting the ongoing rally.
The RSI value of 5 indicates a bullish sentiment about the RUNE token. However, the RSI shows a strong bearish divergence in relation to the token’s price movements, indicating the decreasing strength of the market buyers.
The RUNE Token Price Reclaims The $9.5 Mark.
The RUNE token traded mostly between $9.5 and $.7.7 for more than a week; this was a short rectangle pattern for Crypto traders, providing a great entry opportunity for them. Thus, on September 16th, the price gave a decisive breakout from the overhead resistance of this range, and today performed a proper retest to validate that breakout.
The MACD indicator (BEARISH), which shows that the MACD and signal lines are above the neutral zone, indicates a bullish trend. These lines could also be on the brink of a bullish crossover which will provide more confirmation to the bull rally.
Conclusion: The technical view of the RUNE token is a bullish trend, and Its price action and indicator in its chart indicate a strong bullish outlook. The price bounced off $7.7 support, showing the continuing of its uptrend. However, the price will give a better confirmation if it breaks the previous high of $12.
Support – $9.5
Resistance – $12