Will RUNE continue increasing towards $3, or is the local top getting closer?
RUNE Reaches 430-Day High
The RUNE price has increased since June, when it was trading at a low of $0.78. The price created a higher low in August and accelerated its rate of increase afterward, reclaiming the $1.05 resistance area.
While the upward movement stalled in September, RUNE accelerated the increase further this week, culminating with a high of $2.34 today.
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This was a 430-day RUNE high, since the price was at $2.96 in August 2022.
RUNE/USDT Weekly Chart. Source: TradingView
The weekly Relative Strength Index (RSI) is bullish. With the RSI as a momentum indicator, traders can determine whether a market is overbought or oversold and decide whether to accumulate or sell an asset.
The RSI is increasing and is above 50, both signs of a bullish trend.
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RUNE Prediction: How Long Will Increase Continue?
Technical analysts employ the Elliott Wave theory to identify recurring long-term price patterns and investor psychology, which helps them determine the direction of a trend.
Elliott Wave theory suggests that the RUNE price is in the fifth and final wave of an upward movement that began in June.
If so, RUNE can increase to $2.73, close to the $2.80 horizontal resistance area. The target is found by projecting the length of waves one and three to the bottom of wave four.
The target is nearly 20% above the current price.
RUNE/USDT Daily Chart. Source: TradingView
Despite this bullish RUNE price prediction, a daily close below $2 will mean the local top is in.
RUNE could fall by nearly 40% to $1.40 in that case.
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