Bitcoin‘s persistent stance above $34,500 has led to a resurgence in altcoins today. Popular cryptocurrencies continue to rise. RUNE Coin has also seen double-digit growth. So what do the current data tell us? Will the RUNE Coin rally continue?
RUNE Coin Analysis
Bitcoin’s unprecedented surge is healing the wounds caused by bear markets. There is significant movement in altcoins. Moreover, many cryptocurrencies have been steadily rising and forming strong bullish candles for about three weeks. The price of RUNE Coin has also been rising for three weeks, surpassing the critical resistance area of $1.9.
Today, the rally gained momentum and the price exceeded the 2023 peak of $2.92. It is now trading within the horizontal resistance area of $2.9. This area is extremely critical because the popular cryptocurrency has not been able to close above the region that was crossed today for 525 days. Moreover, the regions that would limit the rally beyond this strong resistance area are relatively weaker.
The RSI reading on the weekly chart predicts the continuation of the rally. The rising price along with the RSI indicates that the price increase may continue as long as BTC does not surprise us negatively.
RUNE Coin Chart Analysis
The readings on the daily chart are also positive for RUNE Coin. The RSI and Elliot wave count suggest new highs. We have seen many times before that Elliot wave counts have provided accurate results for BTC and altcoins. If the recent readings for RUNE Coin are correct, we can say that the price started a five-wave upward movement in June.
The fifth wave has exceeded the total length of the first and third waves, expanding it. The most likely target is $3.5 because it has surpassed this level. Readings on the weekly chart and RSI data on both timeframes indicate that $3.5 is a reasonable target.
However, the $2.9 resistance area is very fresh, and at the time of writing, the price is fluctuating around this region. If we do not see closings above the critical resistance area, it would not be surprising for RUNE Coin to decline by approximately 30% to the $2 support area.
