RUNE - Updated Weekly Chart
This is an updated chart to the post we made all the way back in November of 2023 which can be found here: https://www.tradingview.com/chart/RUNEUSDT/lhOqQNWS-RUNE-Fighting-Important-Structural-Level/
We identified this important purple trendline from the past and so far it has continued to be important. Right now price is fighting that purple trendline, if we are able to close above that should give us the signal of a momentum flip back to the upside.
Here are some other reasons RUNE is starting to look like a good buy on the weekly:
- Bottom held white trendline (important based on weekly candle bodies)
- RSI held the 37-38 level (Yellow line on bottom chart)
- Price held the 100 MA on the weekly (red MA)
- Price held the 0.786 fib level (lower blue line)
A break above our last high of $11.50 ish should lead price towards $16 then look to retest the previous highs around $20.
We identified this important purple trendline from the past and so far it has continued to be important. Right now price is fighting that purple trendline, if we are able to close above that should give us the signal of a momentum flip back to the upside.
Here are some other reasons RUNE is starting to look like a good buy on the weekly:
- Bottom held white trendline (important based on weekly candle bodies)
- RSI held the 37-38 level (Yellow line on bottom chart)
- Price held the 100 MA on the weekly (red MA)
- Price held the 0.786 fib level (lower blue line)
A break above our last high of $11.50 ish should lead price towards $16 then look to retest the previous highs around $20.
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