$RUNE , the native token of THORChain, is gaining traction as it exhibits strong bullish momentum, reclaiming the 200-day EMA and forming a higher low near support. The technical structure signals the potential for a significant breakout as it consolidates above critical trendlines, making this an exciting opportunity for traders.
Bullish Momentum Building for $RUNE
RUNE’s recent price action showcases a well-defined bullish structure, signaling the potential for further upside. The token’s ability to hold above the 200-day EMA, a key indicator of long-term trend strength, confirms growing buyer confidence.
Additionally, the formation of higher lows near support highlights accumulating buying pressure, setting the stage for a breakout.
Key Levels to Watch
RUNE’s price action is closely tied to several important levels. Here’s a breakdown of the trade setup and targets:
Entry Zone
$4.30 - $4.70: This range provides an ideal entry for those looking to capitalize on the potential breakout. The accumulation in this zone indicates strong buyer interest.
Take Profit Targets
1. TP1: $6.00
The first major resistance level, representing a near-term target for profit-taking.
2. TP2: $8.00
A mid-level target where momentum could further accelerate.
3. TP3: $13.00
The ultimate breakout target, marking a significant rally if the bullish structure continues.
Stop Loss
Daily Close Below $4.00
A stop-loss at this level helps manage downside risk while preserving capital.
Technical Analysis: Why $RUNE is Ready to Rally
1. 200-Day EMA Reclaimed: The recovery above this critical moving average signals a potential trend reversal to the upside.
2. Higher Low Formation: The creation of higher lows near support levels confirms sustained buying interest.
3. Trendline Support: RUNE is consolidating above key trendlines, strengthening its bullish case.
This combination of factors indicates that RUNE is well-positioned for a breakout if the price continues to hold above support zones.
Potential Risks to Consider
While RUNE exhibits strong bullish signs, it’s essential to remain cautious:
A daily close below $4.00 could invalidate the bullish setup.
External market conditions, such as Bitcoin’s performance or broader crypto trends, could impact RUNE’s price trajectory.
Why This Setup Matters
RUNE’s current price action provides a well-defined trade setup, allowing traders to enter with a clear risk-reward strategy. The token’s technical strength, combined with strong support levels and upside targets, makes it a compelling opportunity for those seeking a breakout play.
Conclusion: Will RUNE Hit $13?
As RUNE holds above its key support levels and builds bullish momentum, the potential for a breakout is growing stronger. With clear entry zones and profit targets, this setup offers an exciting opportunity for traders to capitalize on the next big move.
Stay focused, manage your risk wisely, and watch these levels closely. RUNE could be one of the most exciting tokens to track in the coming days!
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