TA: Rune Could Be Set For A Rally As Buyers Step In

Rune could be set for a relief bounce despite having difficulty breaking the daily resistance. The crypto market saw a setback in price after Bitcoin (BTC) saw a retracement back to a key support area leading to a drawback to the likes of Rune, but the market state indicates Rune could be set for a rally. Rune Weekly Chart Analysis The price of Rune has seen a continuous downtrend from a high of $12 to a low of $1.6 in weeks for what seems to be more than an 80% decline. After finding a low at $1.58, it has started making a move with buyers stepping in; Rune has formed strong support at $1.6 with a weekly resistance of $3.7 Major resistance on the weekly chart – $3.7 Major support on the weekly chart – $1.6 Rune Daily Chart Analysis   The daily chart for Rune price shows a rising trend after falling to $1.58. Haven struggled for days to reclaim important support on the daily chart; Rune is finally showing relief as it aims to reclaim significant support just above the 50 exponential moving average (EMA). Although Rune still trades below the 200 exponential moving average (EMA), it gives a sense of relief that on the low timeframe, Rune is doing well. A reclaim above the 200 EMA could send Rune higher. Rune has resistance at $2.85; a breakout and close above this region could send Rune to a region of $3.3, should there be a pullback for the price of Rune, we would see a retest of the daily support at $2.45. Dai...