RUNE Technical Analysis in a Weekly Timeframe

5 set

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Now, let’s dive into this chart analysis:

RUNE is one of the oldest Layer 1 projects with solid utility. The price recently faced rejection at the 50 EMA resistance and is now leaning toward the $3 support level.

This support is crucial for RUNE because a breakdown, followed by a weekly close below it, could push the price down to $1.2. For a bullish scenario, RUNE needs to rebound from the $3 support and break above the 50 EMA to test the resistance trendline around $7.4.

The RSI is nearing the oversold zone, suggesting there is still some room for the price to drop further.

Key Levels:

- Crucial Support/Accumulation: $3.
- Lower Support/Strong Buy: $1.2.
- Primary Resistance: 50 EMA & $7.4.
- Long-Term Target: $21.28.

DYOR, NFA.

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