- RUNE token price is trading at the supply zone on a daily time frame as it trades in a small range on a higher time frame.
- The token price is forming a symmetrical triangle pattern on a daily time frame.
- The pair of RUNE/BTC is trading at the price level of 0.000162 with a decrease of -0.17% in the past 24 hours.
Rune token price is on an upwards trajectory as the price action suggests. Despite the bullishness in the overall cryptocurrency market the token price is yet to break out of the supply zone. The token price has started making higher high and higher low formations on a daily time frame. The RUNE token price started forming higher high and lower low form demand zone and supply zone respectively. As a result, the token formed a symmetrical triangle. Moving forward the token price needs to break the supply zone green trendline for a further up move. At present, the token price is trading at the above 14 SMA and 50 MA following the bullish momentum. The token price is yet to cross the 100 MA and therefore moving upwards the token price can face strong rejection of the 100 MA.currently the token price is trading in the middle of the Bollinger band indicator after failing to surpass the upper band of the indicator. Volumes have increased causing the volatility to increase therefore investors should remain cautious and wait for a particular trend.
The RUNE token price is trading at the demand zone on the 4-hour time frame
Relative Strength Index: The token is forming higher low and higher high formation on a daily time frame as the token shows bullishness in the higher time frame. RSI curve is trading at the price of 51.02 as the token nears the supply area on an hourly time frame. At present, the RSI curve is yet to cross the 20 SMA. The RUNE token price can be seen moving when it breaks out of the small range and the RSI curve moves higher.
Supertrend: The RUNE token price rose above the supply zone with a strong bullish candlestick pattern. The token broke out of the super trend sell line which triggered the buy signal. As of now the RUNE token is trading above the super trend buy signal line. Going forward this line could act as a strong support zone.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token gave a breakout of the small term hourly supply zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly in a 4-hour time frame. Recently the RUNE token price fell after the breakout of small resistance. Once the token price starts moving up again after breaking the supply zone, the gap between the blue and orange lines can be seen widening supporting the trend.
CONCLUSION: RUNE token price is trying to jump into a strong bullish trajectory. As of now, the token is consolidating on a smaller time frame while on a larger time frame the token is forming a reversal pattern. For the token price to turn bullish and start-up move it needs to break the symmetrical triangle pattern. Until then investors should wait for a clear trend.
SUPPORT: $2.50 and $2.40
RESISTANCE: $2.9 and $3.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/07/rune-token-price-analysis-rune-token-price-is-getting-ready-for-a-big-move-how-long-will-it-take-for-a-breakout/