What Does RUNE Price SIgnify?

By the first quarter of 2024, RUNE had surged over 1200%, climbing from a crucial support level of $0.833 to $11.474 from the end of the last quarter of 2023. However, the momentum fizzled out, and by August 5, 2024, the price had dropped nearly 65%. This sharp decline resulted in the formation of a descending wedge, narrowing the price range.

Recently, the price has adhered to the wedge pattern and bounced back from the lower edge, approaching the upper edge. The 50-day and 200-day EMAs are currently significant obstacles, but a breakthrough could be imminent. If RUNE manages to surpass these EMAs and break through the horizontal resistance at $5, it could signal a Change of Character (CHoCH), indicating a potential bullish trend.

The RSI has recovered from oversold conditions and is at 50.04, while the MACD has displayed a bullish crossover with a histogram reading of 0.055. Given these technical indicators, if RUNE breaks above the upper boundary of the wedge, potential target levels could be $6.0 and $9.0. However, support could move down to $2.