If RUNE can't comfortably close above $6.53, we'd expect a pullback to $5.80 and then $4.80 if the uptrend line breaks.
TLDR
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RUNE bounces from $5.30 support to $6.53 resistance twice.
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Failure to break above that level signals upcoming pullback.
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Supports to watch at $5.80, $5.30 and uptrend line.
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Bearish mechanics hint retail is more bullish than bigger players.
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.
RUNE 12hr
Technical analysis
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Price bounced from the local support of $5.30, with price now potentially forming a double top at the horizontal resistance of $6.53.
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If price rejects then $5.80 will need to hold as local support; otherwise, $5.30 and the uptrend line will be in question as to whether they can provide support for price.
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If $4.80 is lost, then it’s likely that we’ll see price move down to $3.50 to $3.80.
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On the RSI, all timeframes have reset except the 3D and the Weekly, which both remain overbought.
Market mechanics
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Open Interest has spiked high in the past few days from $77m to $111m.
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The OI-Weighted Funding Rate is at 0.0090%, but it has come down from 0.015% yesterday, indicating that more of the Open Interest that has been added is likely Short.
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The Long/Short ratio was 1.0125 over the past 24 hours. This suggests that more participants have gone Long - retail-dominant. But Funding has gone down, meaning bigger players are Shorting.
Cryptonary’s take
If RUNE cannot get above $6.53, then its double top formation will likely bring price much lower.
The mechanics suggest that bigger players are Short while retail is more Long. This setup usually sees retail lose.
Unless Bitcoin can break out and lead the market higher, we would say RUNE is more likely to see a deeper pullback with an initial target of $5.80 and then, if broken, $4.80.
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