Market Direction

Where will RUNE go from here?

Updated: Jul 25, 2024

Published: Nov 22, 2023

RUNE’s Open Interest has pulled back substantially whilst positioning is now in better balance.

But RUNE is pushing into the local resistance at $5.80, bouncing from the $4.80's, so we may get a small pullback to $5.50 here.

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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 is currently butting into the local resistance at $5.80.
RUNE is beneath its downtrend line, which may suppress price from going higher. • The local support zone below current price ($5.78) is $5.37 to $5.50.
The RSI has reset on all major timeframes except for the 3D and the Weekly timeframes, which remain overbought.

Market mechanics

RUNE's Open Interest has pulled back substantially to $71m from $117m just days ago.
The Funding Rate has remained relatively flat over the past day, with Longs and Shorts in even balance. This is a healthy setup in terms of mechanics, with neither side being overweight.

Cryptonary's take

From a mechanics perspective, RUNE is in a healthy position. However, with BTC looking like it's rejecting from its local level of $36,700, and with RUNE seeming to do the same at $5.80, there's potential for RUNE to pull back further here.

RUNE may pull back to the $5.37 to $5.50 area, before retesting the $5.80 local resistance again.

We're not looking for any short-term trades on RUNE. However, we will identify long-term DCA entry zones if RUNE can pull back more meaningfully. The first area of interest would be sub $4.78.