- The RUNE token bears reclaim the 200-day EMA line
- The RUNE/BTC pair traded at 0.0001833 BTC, with a gain of 5.24%
- The 24-hour trading volume in The RUNE token is $139.1 Million
The remarkable rally for the RUNE token reached a retracement phase after reaching a peak at 0.12 on September 6th. This minor pullback plunged the price to the crucial support of $6.7, where the price tried to bounce back with a bullish engulfing candle. However, the token price could rally much higher and showed an even stronger bearish engulfing candle at the $8.2 resistance level.
The EMA’s indicate that RUNE is in a bearish trend, as the price has just dropped below the crucial EMA OF 200. However, the Crypto traders should wait for the candle to close below this level for final confirmation.
The RSI value is 43, indicating a bearish sentiment within the RUNE token. Moreover, the coin shows a steady fall towards the oversold zone.
The RUNE Token Crypto Chart in the 4hr Time Frame
With this unwavering fall, the token price will soon encounter the nearest strong support of the $6.7 mark. As mentioned above, the price has recently obtained good support from this level. Thus, the Cyroto traders should be sharp near it as the price will react to this level. The current price of the RUNE token is $7.8, with an intraday loss of $17.6.
The moving average convergence/divergence indicator (BEARISH) shows that both the MACD and the signal line are moving below the neutral area(0.00), indicating bearish momentum in the RUNE token. These lines are also on the brink of forming a bearish crossover, providing more confirmation for the market bears.
Conclusion: Technical outlook for RUNE tokens remains bullish. However, the current price action suggests the price falling to the lower levels, where the first barrier they will face would be the $6.7 support level.
Support- $6.7
Resistance: $9.2