Why RUNE Prices Will Struggle to Rise Above $2.5 this Week?

With an increasing selling pressure, the RUNE prices fall below all the crucial SMAs to test the buyers at the psychological mark of $2. After that, however, the bulls reverse the falling trend teasing a retest of the broken $2.50 mark. And the possibility of a post-retest reversal from $2.50 is incredibly high.

Key Points:

Source - Tradingview

RUNE Technical Analysis

With the increase in supply in the crypto market, the RUNE prices fell drastically by 30% within a week resulting in the fall out of a support trend line. However, the buyers at the psychological mark of $2.0 reversed the falling trend, accounting for a 10% recovery in the last five days.

However, the volume indicator displays no significant spike in intraday trading volumes to reflect any noteworthy increase in buying activities. The bullish candles project the possibility of an uptrend to retest the broken $2.50 mark.

The post-retest reversal from the 2.50 mark can break the $2.0 support level to test the $1.78 mark, accounting for a 25% decline in market value. On the other hand, a bullish breakout of $2.50 can retest the broken support trendline close to the $3.0 mark.

Technical Indicators

The RSI slope reverses within the nearly oversold zone, reflecting an increase in the underlying bullishness. Moreover, the MACD and signal lines display a positive reversal below the zero line, teasing a bullish crossover.

Hence, the technical indicators reflect a momentary rise in the underlying bullishness that may soon retain the broken $2.50. Therefore, traders can find short-term buying opportunities at the current market price.

Resistance Levels: $2.50 and $3

Support Levels: $2 and $1.78