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The Rune crypto price surged over 9% in the last 24 hours to trade at $6.51 at press time.
Rune Crypto Price Retraces
The recent performance of the Rune crypto on the 4-hour chart indicates a notable upward trajectory, reflecting a bullish sentiment among investors. The closing prices have steadily increased from $6.259 to a peak of $6.669, before a slight retraction to $6.532. This progression suggests a growing investor confidence and potential for continued upward movement.
The 9 EMA and 20 EMA both illustrate an ascending trend, with the 9 EMA (last recorded at 6.292) consistently above the 20 EMA, reinforcing the bullish outlook. This pattern often suggests that short-term momentum is building, providing a robust support level for the price.
The Moving Average Convergence Divergence (MACD) analysis further supports this optimistic scenario. The MACD line has remained above the signal line throughout the recent intervals, culminating in a latest MACD value of 0.169 with a signal of 0.066. The growing distance between these lines, particularly with histograms peaking at 0.109, underscores a strengthening momentum.
The RSI readings have also been positive, mostly staying above the mid-line 50. The latest reading at 65.98, though lower than the previous 71.83, still indicates a strong buying pressure. It suggests that the market might not yet be in the overbought territory, leaving room for potential price increases.
Key Levels to Watch
Looking ahead, RUNE faces immediate resistance at the $7.44 and $7.56 levels. A break above these could signal continued bullish momentum, possibly challenging further highs near $7.564. On the downside, support levels at $5.926, $5.773, and $5.649 provide safety nets. These levels could be crucial if the market retraces from its current position.
For traders, considering entry points, the area around the current level or slightly above, after confirming a sustained break above the 9 EMA, could be an optimal long entry point. For those looking to short, waiting for potential reversals at key resistance levels, especially if accompanied by bearish indicators like a MACD crossover or high RSI, might be prudent.
Overall, the technical indicators for the Rune crypto are bullish. Traders should monitor these levels closely, adapting their strategies to the shifts in market dynamics. As always, maintaining a rigorous risk management strategy is crucial.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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