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Cryptoknowmics 2022-08-25 11:02:32

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

RUNE technical analysis shows a fallout rally reversing to retest the bearish breakout as the market recovers. Should you consider buying for the short term? 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: The RUNE price trend sustains above the psychological mark of $2. The 50 and 100-day SMAs merge, but the downtrend lowers the bullish crossover possibility. With a market cap of $748 million, the intraday trading volume of Thorchain has increased by 4.95% to reach $90.8 million. 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...