Rune buy zone?
RUNE has been on a tear recently. I'm not sure if it's just my twitter feed, but it pops up a few dozen times a day as the next best thing since sliced bread. Honestly, I find the idea intriguing, and the whole "rune's MCap will be 3x of platform TVL" with Luna and IBC interoperability, as well as being able to buy native currencies instead of wrapped tokens, it has a pretty strong narrative.
So where to buy? S/R levels obtained by looking at monthly S/R and checking against daily charts, seem to fit pretty well. I always think of these as a GENERAL price, meaning if a few candle bodies dip below or above by a small fraction I don't sweat it. This is crypto, after all, and I'm just drawing lines on a chart to make myself feel better about potentially buying a new asset.
Looking at the daily, Rune clearly got overbought. RSI bouncing off of .8 and turning down. Volumes falling. I expect a correction. But how far? There is a prior S/R around 6.5 which would be an awesome entry. Looking at volume at various price points on the right, pretty strong volume and a potential for further support at 7.5. This would fit a 0.382-0.5 retracement of the most recent price action when you look at the fibs.
So, I'm going to be watching for a retracement back to 6.5-7.5 range. Obviously wait for a meaningful bounce before taking a position, you don't want to catch a falling knife.
So where to buy? S/R levels obtained by looking at monthly S/R and checking against daily charts, seem to fit pretty well. I always think of these as a GENERAL price, meaning if a few candle bodies dip below or above by a small fraction I don't sweat it. This is crypto, after all, and I'm just drawing lines on a chart to make myself feel better about potentially buying a new asset.
Looking at the daily, Rune clearly got overbought. RSI bouncing off of .8 and turning down. Volumes falling. I expect a correction. But how far? There is a prior S/R around 6.5 which would be an awesome entry. Looking at volume at various price points on the right, pretty strong volume and a potential for further support at 7.5. This would fit a 0.382-0.5 retracement of the most recent price action when you look at the fibs.
So, I'm going to be watching for a retracement back to 6.5-7.5 range. Obviously wait for a meaningful bounce before taking a position, you don't want to catch a falling knife.
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