RUNE has lost the bullish momentum, what next?

This is a good example of a coin with an ugly close beneath a major uptrend line.

• RUNE is now trying to bounce from the $5.31 horizontal support, having been unable to hold the $5.80 horizontal support.
• It's now possible that the prior support of $5.80 becomes new resistance for price.
• If RUNE can't overcome $5.80 in the short term, it's likely headed for more downside.
• The next major support is $4.78 if $5.31 doesn't hold.
• Open Interest remains extremely high compared to historical levels, although it has pulled back in the last week from its highs.
• The Funding Rate is also relatively healthy.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

Cryptonary's take

RUNE may struggle for further upside in the coming weeks/month. 

 

We see the green box ($4.74 to $4.99) as the key support area that will likely prop price up. 

This would be a light DCA area for us, and we see the price zone as likely to be hit in the coming weeks/month. 

The yellow boxed area is the lowball scenario but is a key fib level.

This is between $3.70 to $4.06.

We would be more aggressive with DCA purchases at this price zone.