RUNE is ready to rocket

Hypothesis

We have been keeping a close eye on RUNE.

We are also referencing the March-April sell-off for the overall long-term context. This is an important reference point because it was printed across almost all assets in a very similar fashion, only a few days apart.

And now we have BTC, ETH & SOL as the only assets trading above it.

So, it goes to show there is still growth even beneath all-time highs for a lot of assets, including RUNE, which, regardless of opinions, has been performing really strongly recently.

Therefore, we can take advantage of the bullish surge from a technical standpoint.

Disclaimer: This is 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. These are not signals, and they are not financial advice.

Technical analysis

The red dotted line illustrates our reference point. The market has produced four key swing points, and we now have another one forming around the 61.8% FB, which was taken from the recent higher low. This technical setup is based upon anticipating a further upside move from this fib to take out the recent higher swing and beyond.

There are a few ways you can play this.

Play for traders

Leveraged players: This is where you become a really strategic player. You could split your risk allocation into a few orders in anticipation of deeper pullbacks.

One order is executed on the key level, which is 7.300, and the other one on the fib level, which is 7.066. Then, you could place a third on the round number psychological level of 7.000. Or you could choose one of three of the LOI’S. The lower the price point, the better upside, but obviously, it may not be hit. A market order could also be placed in and around where we are now.

Depending on your risk, taking profit could be at the recent higher swing of around $11,000.

LOI’s:

• 7.300
• 7.066
• 7.000

Sell out/Stop loss if you are using leverage and to protect capital would be at a 15% drawdown below key Fib levels of 6.198—do not neglect this; this is where the setup would be invalid and unattractive.

Spot play: Accumulating within this price range is also a good idea.

You could stack spot bids very similarly to how you would as a leveraged player.

Taking profit for big spot players, you could take at 11.000 or even hold to the March-April sell-off, but that may bring about holding through some significant pullbacks, so it's opportunity cost.

You could bank the profits at 11.000, then look for another opportunity.

Play for investors:

Accumulate where we are; we are at a great bid price within the current context, and RUNE has been resilient around its current context.

Cryptonary’s take

Sometimes, price action shapes up beautifully like this.

We have kept a close eye on RUNE, and we know it's a favourite asset for many of our members and community, so take full advantage of this technical setup.

Cryptonary, Out!