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Market Direction

It’s time to take profits on RUNE

Updated: Jul 25, 2024
Published: Oct 31, 2023
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Profit is profit – but that’s only if you take it off the table.

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It’s been an exciting ride on RUNE so far. But after being skyborne over the last few weeks, it is starting to look overheated. 

If you missed the earlier train on RUNE, you are probably late to this party. If you are already at the party, maybe it’s time to book your Uber. 

TLDR

  • RUNE has experienced a massive upward move, but caution is advised due to overheating.
  • Technical analysis suggests a resistance box and potential rejection unless BTC drives higher.
  • RSI is heavily overbought, signalling a need for caution despite no bearish divergences.
  • We recommend exercising caution and considering profit-taking, looking for opportunities during a potential 20-30% pullback.
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.

Technical analysis

RUNE has had a huge move higher, and sure, this could go to the $3.38 horizontal resistance, but RUNE does look very overheated here. RUNE is currently in a resistance box we have outlined. Unless BTC pushes meaningfully higher, we feel this RUNE may reject from this area. 
RUNE 12-hour 
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RSI and funding rates

The RSI is now heavily overbought but is not creating any bearish divergences, so caution should be exercised here despite the lack of bearish divergences created. 

Cryptonary’s take

RUNE has moved fantastically, but it’s now looking overheated. We would not want to be taking fresh longs or adding to positions at current prices. 

If anything, we’d be looking to trim our position slightly and buy that size back when RUNE inevitably falls 20-30%. 

Does that fall come at a higher level? Possibly. 

But we would look to buy our size back on any meaningful pullback. We would not be looking to chase this higher. 

Action

  • We would exercise real caution here, to the point of profit-taking on a small size of our RUNE holdings. 
  • Meaningful pullbacks of 20-30% could be good points to begin buying back that size sold to take profits.

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