Eyes on $4.50 Breakout

17 sept

RUNE is currently trading at $4.12, showing bullish momentum on both the 1-hour and 4-hour charts. Recent developments in the DeFi space and strategic partnerships, like with Kujira, are enhancing liquidity and platform growth, which could drive further price action.

Indicator Breakdown:
Volume (4H): 1.555M - Significant increase, indicating heightened interest and activity in RUNE.
Parabolic SAR: $3.80 on the 4H, signaling strong bullish support just below the current price.
SMA (4H): $3.96 - Price is above the SMA, reinforcing the bullish trend.
Bollinger Bands:
1H Upper: $4.16 – Price is testing the upper band, signaling overbought conditions in the short term.
4H Upper: $4.16 – Consistency across timeframes suggests further upside potential if the upper limit is breached.
Stochastic (4H): %K at 83.67, %D at 64.88 – Shows momentum in the overbought zone, indicating a possible short-term pullback before continuing upwards.
RSI (4H): 59.02 - Nearing overbought, but with room for growth, supporting the case for continued price increase.
MACD (4H):
Histogram: 0.003 - Positive momentum but mild; MACD line above signal line suggests growing bullish momentum.
ADX (4H): 14.27 - Low trend strength, suggesting a cautious approach, but rising volume could trigger stronger directional moves.

Short-Term Prediction:
RUNE is on the verge of breaking $4.16, which, if sustained with rising volume, could see it pushing towards the $4.50 resistance level. Watch for a breakout here—this level has historically acted as a cap for short-term rallies. However, if RUNE faces rejection at $4.16, expect a pullback towards $4.00 or even $3.80, which are strong support levels.

Call to Action:
We could engage now!
With RUNE approaching key resistance levels and trading at $4.12, this could be a pivotal time for traders and investors. Watch closely for a breakout at $4.16 or a potential retest of $4.00 for a better entry point.