RUNE Price Analysis

After a period of sideways trading, in early trading today, the price of RUNE experienced a valuation correction of more than 10%, becoming the currency with the largest decline in the industry that day.

RUNE token price was trading within a range between $4.843 and $5.849 before bulls gained momentum and the price broke out of the range. However, the gains were short-lived as the price found rejection at $6.455.

Thereafter, the price continued to trade under the bearish influence and wiped out all the gains from the advance. Subsequently, RUNE price traded within a closed range between $5.373 and $5.849 for some time, after which the price showed continued volatility and traded between $4.843 and $5.849 for about a week.

The RUNE token’s valuation saw a correction of around 20% as the market lost momentum. Thereafter, the price traded within a closed range between $4.347 and $4.843.

After several attempts, the price successfully broke out of the range, but the price encountered rejection at $5.373, and RUNE price subsequently pulled back within the range.

Since then, the price has been trading sideways, indicating weak buying and selling pressure on the coin in the market. Recently, the price fell below its key support level, highlighting the rising bearish influence in the cryptocurrency space.

Will RUNE prices regain value?

The Moving Average Convergence Divergence (MACD) shows rising red bars, indicating increasing selling pressure in the market. Furthermore, the averages show bearish convergence, indicating that the RUNE price will continue to depreciate in the coming period.

If the bulls push the price above the resistance at $4.347, RUNE price will soon test its overhead resistance at $4.843. Furthermore, if the market continues to gain momentum, RUNE price will be ready to test its resistance at $5.373 in the coming week.

On the contrary, if the bears remain in control, the RUNE coin will decline and test the support at $3.588. Furthermore, if the market continues to trade under the bearish influence, the price will plummet and prepare to test the lower support at $3.

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