And we’ve got quite a lot to cover – starting with the leverage drain in RUNE and the potential for a bullish reversal from current levels.
On LINK, the coin looks rangebound and needs a strong breakout to halt the current decline.
With AVAX, the dip gets deeper, but we see long-term potential, and we also identified some potential accumulation zones.
We analyse HONEY’s breakdown relative to key support levels. And for MINA, we set our sights on possible buy zones for if further downside materializes.
Let’s dive in.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
RUNE update
- The excess leverage built up in RUNE 6 weeks ago (OI was $133m) has drained out on the recent price pullback. OI has now dropped to $49m over this period, so this is a much healthier leverage setup.
- As expected, price couldn't break above the horizontal resistance of $4.78, rejecting into that level and breaking down further from there.
- Price has now entered the main yellow box and doesn't really look like it can bounce despite the smaller timeframe putting in bullish divergences.
- If there were to be a bullish reversal for price, this would come on a bounce from the yellow box. It would be a break out of the red downtrend line and also a break out above the horizontal resistance of $4.78. In our opinion, we don't expect this anytime soon. Price is likely to stay stagnant if it doesn’t go down further.
Cryptonary's take
Long-term, this will likely be a winner in the next bull run.However, if BTC continues to trend lower, or at best, stagnates over the coming month or two, RUNE will likely continue in its move lower.
For now, we are not taking action in terms of buying RUNE.
We will wait for more price action to see how price behaves in the yellow box. Based on the assessment of this price action over the next 3 to 7 days, we'll make a stronger decision on buying or not based on whether the price shows strength in the yellow box.
LINK update
- Price action seems to be struggling, having been unable to climb significantly up to $17.50 despite the price closing positively above the local resistance of $15.33.
- Price is now battling at a local uptrend line. However, this is a dirty uptrend line (not perfect).
- The major support zone is the main horizontal support and the local, so it is between $13.36 and $13.88.
- If price does fall to the low/mid $13s, then it'll need to bounce from here. If not, the yellow box will be the main target, and where DCA buys would be reasonable or relatively attractive again.
Cryptonary's take
LINK is heavily range-bound and has been for a good few months now.Ultimately, the time to re-buy or add to positions will be to see a break into the yellow box and begin DCA'ing again there.
Until then, we will wait. If we don't get it, we will reassess.
AVAX update
- As we commented in the last update a break below the local uptrend line is usually bearish for price. This is what we've seen on AVAX.
- Price was at a local support at $33.60, which could not hold it up.
- Price has now entered the first yellow box. However, price action continues to look really weak.
- AVAX has entered oversold territory on the smaller timeframes: 4-hour and 12-hour.
Cryptonary's take
AVAX could be a good play for the next bull run in the second half of 2024 and the first half of 2025.However, if we would get into AVAX, we’d want it at an attractive/cheap price.
Therefore, we will wait for the lower yellow box to start adding light DCA orders between $24.05 and $26.53.
HONEY update
- HONEY has finally broken down below the horizontal support of $0.23 and the uptrend line.
- Price is now in what should be a stronger liquidity zone between $0.185 and $0.237.
- At $0.185, this could be an area to begin very light DCA buys.
- If price breaks below the horizontal support of $0.185 and the main uptrend line (thicker yellow line), this would be the time to exercise heavier DCA buys in HONEY for the long term.
Cryptonary's take
HONEY is one we would like for the long run.The level for buying that we are eyeing is to layer bids low, between $0.10 and $0.16, and hope we get a break below the uptrend line and the horizontal support.
If so, these bids will likely be filled. If price holds up at the horizontal level of $0.185, we will reconsider the strategy and consider buying in at higher prices.
MINA update
- MINA has an interesting setup, with price now balancing on the top of the yellow box and a horizontal support of $1.02.
- Price rejected from the horizontal level of $1.30; hence, we have seen a 25% or so decline from there.
- The RSI, even on smaller timeframes, is not in oversold territory yet, so this may have more downside in the short term.
- If there is a bounce higher for price, you'd want to see the key horizontal resistance level broken, the $1.28 level.
Cryptonary's take
For long-term buys of MINA, the place to buy, in our opinion, would be to buy up a deviation break below the horizontal support at $0.93.This would be an attractive level. Again, we will reassess and alter the strategy if we don't get this opportunity.
Recommended from Cryptonary
