The rune can be set for a relief surge, despite the difficulty of breaking the daily resistance.
The crypto market took a hit in price after Bitcoin (BTC) broke back into a key support area, leading to a decline in the likes of the rune, but market conditions indicate that the rune could be set for a rally. .
rune weekly chart analysis
The rune has seen a steady decline in price in weeks from a high of $12 to a low of $1.6, which appears to be a decline of over 80%.
After finding a low of $1.58, it has started a move with buyers; The rune has formed a strong support at $1.6 along with the weekly resistance at $3.7
Key Resistance on the Weekly Chart – $3.7
Key Support on the Weekly Chart – $1.6
rune daily chart analysis
The daily chart for the Rune price is showing an upward trend after falling to $1.58.
Haven struggled for several days to find significant support on the daily chart; The rune is finally showing relief as it aims to find critical support just above the 50 exponential moving average (EMA).
Although the rune still trades below the 200 exponential moving average (EMA), it gives a sense of relief that on the shorter time frame, the rune is doing well. A recovery above the 200 EMA could send the rune higher.
Rune’s resistance is $2.85; A breakout and close above this area could send the rune to the $3.3 area, if there is a pullback for the rune price, we will see a retest of the daily support at $2.45.
Daily Resistance – $2.85.
Daily Support – $2.45.
Rune Price Analysis on a 4H Chart
The price of the rune on the 4H chart shows that the price has retested both the 50 and 200 EMA, indicating an upward trend if all market conditions remain favourable.
The rune has resistance at $2.85 on the 4H chart to trade higher. A break and closure of this area will be good for the rune holders.
The volume of the rune shows that buyers are entering the market after a series of panic sell-offs due to a downtrend in the market.
Rune’s Relative Strength Index is above 50 which is showing good signs of buy orders in the market.
If the rune fails to move the price higher above $2.85, a pullback to the support corresponding to the 50 EMA is expected with another major support at the 200 EMA.
Resistance on 4H chart – $2.85.
Support on the 4H chart – $2.6, $2.4.
Rune 1H Chart Analysis
The rune on the 1H chart shows good buying volume in the market with an RSI above the 70 mark area. It is a challenge for the Rune to break the $2.85 resistance level, breaking and closing this area is crucial for the Rune to maintain its bullish structure.
The rune has a solid project structure and looks good in higher time frames as these time frames tend to retain trends better.
Featured Image From The Coin Republic, Charts from TradingView.com