Breakdown Of RUNE price Over Daily Chart

Aug 14

The RUNE had manifested gains of more than 1200% by the first quarter of 2024 from the last quarter of 2023. The RUNE gained this heightened gains from the critical support of $0.833 to $11.474.

But, thereon, the accelerated gains in RUNE lost fuel, which led to a deceleration of gains. The price plummeted nearly 70% of gains by August 5th, 2024. Overall, this price activity led to a declining wedge, narrowing the price range.

Moreover, the price has followed the wedge by discipline, and recently, this week, it rose from the lower border and headed for the upper border.

The 50-day and 200-day EMA's are looming above as a hurdle, but the price has been approaching to pierce them below. If the RUNE price surpasses these EMA's and coincidingly breaks past the horizontal resistance level of $5, this could show a Change of Character (CHoCH) for bullish confirmation.

Meanwhile, the RSI has rebounded from oversold territory, where it was at 48.72. MACD showed a bullish cross, where the histogram was at 0.022.
Therefore, based on its recent price performance, if the price breaks past the upper border, then the aimed targets could be at $6.0 and $9.0, respectively.

However, the slippage of $2.57 support could lead to $2, as well.