RUNE seems to be done pulling back from its local high, and in the same instance, LINK signs off its consolidation period and sets the stage for a breakout.
And while MINA has had an impressive 19% pump and chasing the high may be reckless, THOR is gradually becoming more attractive again as it pulls back to key support levels.
Ready to play this game? LFG!!!
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
Is RUNE done pulling back?
- RUNE is battling at the local support of $5.30 and now squeezing into the local downtrend line and looking for a breakout.
- There is a heavy resistance above the current price, with the convergence of the main downtrend line and the horizontal resistance of $5.81.
- RUNE is likely to stay range-bound until there is a break out of the main resistance at $5.81.
- The RSI has reset on all major timeframes, with the Weekly now also just below overbought territory.
- Open Interest is up with Funding in the 0.03%'s which means there is a significant bias to be Long here.
Cryptonary's take
Despite price just missing the green buy box, price could bounce from current levels and retest $5.80.However, this is a key area for price to overcome.
It may be the case that this is the pullback RUNE has needed, however, we don't rule out a more significant pullback.
Ultimately, RUNE is at a key level here. $5.80 is the breakout target, with $4.80 as the support target.
LINK is getting ready to break out again
LINK update- LINK has pulled back and consolidated for a while, which is positive as it has reset a lot of the more major timeframes which were considerably overbought and are now not.
- The local support of $13.88 has held as support for now, and the price is attempting a bounce.
- The local resistance of $15.33 is a key level for price to get above. If it can, then this opens the door to $16.50 and then potentially $17.78.
Cryptonary's take
LINK has been in a really wide range for approximately a month, from $13.30 to $17.00.However, this consolidation period has most likely been positive for price as it has reset a number of the timeframes that are now no longer over-exhausted to the upside.
We like LINK here for a further move higher to at least test $15.33, and then potentially $16.50.
If the rest of the market holds up, LINK could be good for further upside here.
Respect MINA's pump, wait for the next wave
- Bouncing off the local support of $0.69, MINA has now shot up 19% on the day.
- MINA is now butting into a key horizontal resistance of $0.93.
- The larger timeframes are not overbought, although close and some are putting in bearish divergences.
- Local highs have been cleared, which is really positive. Now we just need to see MINA close at these highs and ideally get above $0.93.
Cryptonary's take
MINA has had a really lovely move higher and up 19% on the day.We would exercise more caution here until there is a breakout of the resistance of $0.93, and therefore we wouldn't look to buy into this.
If a pullback happens, we'd look at $0.76 as the first area of interest to lightly add to our bags.
THOR is starting to look attractive again
- We've got this one pretty spot on so far, calling for a potential local breakout to test the horizontal resistance of $0.34, which we got and rejected from.
- The lack of strength and lack of volume is why we continued to lack confidence in THOR in the short term. However, THOR is now beginning to get to a more interesting level.
- Price is now testing a very local support of $0.26, with the main horizontal support at $0.225.
- This more significant move lower has really pulled down the RSI on the medium timeframes. Some are close to, if not already in oversold territory - potentially opening the door for another bounce play.
Cryptonary's take
If you're a fan of THOR, then THOR is beginning to come down to a level where we'd be interested again.The local support of $0.26 and the main support of $0.225 could be an area we lightly DCA into for a potential pop back to $0.32 to $0.34.
Recommended from Cryptonary
