TradeCityPro | RUNE: Decoding Its Descent in DeFi Markets👋 Welcome to TradeCity Pro!
In this analysis, I want to discuss the RUNE coin, which was requested in the comments of yesterday's analysis. This project is one of the DeFi projects, with a market cap of $383 million, ranking 118th.
📅 Weekly Timeframe
In the weekly timeframe, as you can see, it has started a downward leg from the peak of 6.894 and is moving downwards, reaching the area of 1.110.
✔️ Currently, it seems that the downward momentum has slightly decreased, and the price is moving downward more slowly. The RSI oscillator is also near the 30 area, ready to enter into Oversell and introduce a new downward momentum into the market.
💫 If this occurs and the price consolidates below 1.110, the next support will be 0.816, which is a very important floor, and if this area breaks, the last support the price will have is 0.386.
🔑 On the other hand, if the price is supported at 1.110 and breaks the trend line that the price has, we can confirm a trend change and the start of a new upward trend. The main trigger will still be 6.894.
📅 Daily Timeframe
In the daily timeframe, the price has a range box between 1.091 and 1.504, and after the downward leg following the break of 3.210, it has now entered a ranging phase and is ranging in this area.
🔽 For a short position, given that the price has hit a lower high compared to 1.504, the likelihood of breaking the floor of the box is high, and with the break of 1.091, we can enter a short position.
📊 An important point is that the market volume in this range box has decreased significantly and keeps decreasing. With the entry of volume in any direction, the market can start moving in that direction.
📈 If buying volume enters the market, the first long trigger is the break of the 1.504 area. This area overlaps with the 0.236 Fibonacci, and breaking this area, the next important levels are 0.382, 0.5, and 0.618 Fibonacci.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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