- The RUNE coin holders stand on a crossroad.
- The trading volume rose by almost 50% amounting to $22.226 million.
- The price can face a sell-off.
The RUNE coin has had quite a hopeful week with consistent performance and an engaging market. Currently, the analysts are in a dilemma as the price shows mixed signals and does not confirm the future surge. Last week’s liquidity pool saved well but was not strong enough to hold the users for long durations as investors need a newer and stronger aspect to look forward to. This might be problematic as the lower the confidence holders have, the higher the chances of the sell-off.
The char-t-ale
The price forms a parallel channel, consistently experiencing resistance at the $1.260 price level. If it manages to close higher than this level and successfully maintain the price level, it may mark an uptrend, swinging to the price level of $1.570. The volume also depletes as the price crunches. It has recently reclaimed the 20-EMA and, if it surges, can aim for higher.
The CMF indicator goes perpendicular as the price slightly rises and penetrates the baseline from below to reach the range closer to the baseline. It may oscillate about this range until the price shows some greater movement. The RSI indicator moved closer to the 50-mark average as the price rises but may retrace as the price receives resistance at the ceiling. The MACD indicator coincides and diverges in bull mode but way below the zero mark. It may keep transitioning time and again as the market is yet to decide if it’s bullish or bearish.
The peephole
The RSI indicator surges before going flat and then possibly dropping closer to the neutral zone. The MACD indicator rotates between the phases as both forces try to take control of the market. It may remain in the same cycle until the breakdown or breakout, whichever may occur. The CMF currently slopes downwards. It may also match its movement with the rest of the aspects, as everything is indecisive for now.
Conclusion
The market is at a crossroads as the price can go either way from here. The indicators suggest a rise, but that is not a strong enough signal as it currently has not been able to break its oscillatory range and rally. All the holder can do right now is wait and see what the future holds.
Technical levels
Support levels: $1.01 and $1.57
Resistance levels: $1.56 and $1.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/29/do-or-die-for-rune-thorchain-in-dilemma/