The price of RUNE has been showing an overall bull trend on the daily timeframe, but recent price action suggests a bearish correction. Investor sentiment is currently indecisive, as the price consolidates after a 20% correction. However, there is a possibility of a bullish recovery for the RUNE price if it gains buyer support near the demand zone. The current price is trading near its previous support level.

Based on the previous analysis, the current trading scenario for RUNE indicates that the price is being influenced by the bears. However, the price gained support from buyers after retesting the $1.300 price point, resulting in a 30% surge and a bullish rally that exceeded initial estimates. Despite being in a bearish trend, the analysis suggests that the price could potentially reverse from the 200 EMA.

Source: RUNE/USDT by TradingView

Near early November, the price took a sharp downfall of 38 percent, followed by which the RUNE price took support from the $1.000 level and started a bull trend. In the overall uptrend, the price increased by more than 92%.

However, despite attempting to break through its critical resistance of the 200 EMA, RUNE price was unable to find success after taking resistance from this level and experiencing a death cross from the faster-moving averages. This resulted in a strong bearish candle that broke the uptrend, causing a 22% downfall. Although the price made another attempt to break the resistance, it has not been able to do so yet.

Source: RUNE/USDT by TradingView

The current trend for RUNE price is majorly bearish, with the price trading below the 200-day EMA. Its recent resistance level is near the 100-day EMA, indicating that multiple barrier levels could pose a significant obstacle for the price to overcome in the near future.

The RSI line for RUNE is facing resistance from the 14 SMA and is currently trading below the median line. The RSI line is currently at 40.13 points, with the 14 SMA giving support at 42.79 points. It is possible that the RSI curve may take a small correction before making a reversal.

The Stochastic RSI indicator for RUNE is currently trending close to the oversold level, hovering around 10.12 points. Additionally, the %K line has already crossed above the %D line at approximately 9.10 points, which is below the 30 RSI level. These signals indicate that the stochastic RSI is making a bullish reversal from the current levels.

Based on the analysis provided, the price of RUNE is currently showing signs of a bearish correction but has the potential to take a bullish turn if it gains buyer support near the demand zone. The technical indicators suggest that there could be a small correction before a reversal, but the Stochastic RSI is making a bullish reversal from the oversold levels. The support level for the RUNE price is at $1.200, while the resistance level is at $1.500. Overall, investors should monitor the price action closely and consider the technical levels before making any investment decisions.

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Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.