The daily chart for $RUNE /USDT indicates the following observations:
1. Chart Pattern Analysis:
• Ascending Triangle Formation: The price appears to be forming an ascending triangle pattern. This is evident from the upward-sloping trendline (support) and the relatively flat resistance level near $6.2. Ascending triangles are typically bullish patterns, indicating that the price may break upward if buying momentum increases.
2. Indicators:
• RSI (Relative Strength Index):
• The RSI values (55.09, 52.46) are in the neutral zone, suggesting the market isn’t overbought or oversold. A value above 70 indicates overbought conditions, and below 30 indicates oversold conditions. At these levels, there is moderate strength in the price action with room for further upside.
• Parabolic SAR:
• The Parabolic SAR dots are above the candles, indicating bearish momentum on the short-term. A shift in dots below the candles would signal a potential reversal to an upward trend.
3. Volume Analysis:
• Money Flow:
• The trading volume shows a general decline compared to previous spikes, indicating reduced participation recently. However, the 90-day volume change (+37.65%) suggests consistent interest in the asset. If volume picks up near resistance, a breakout may follow.
• The candlestick patterns combined with volume spikes near support levels show buyers defending the lower boundary.
4. Outlook:
• A breakout above $6.2 with strong volume would confirm the bullish continuation.
• If the price breaks below the ascending trendline support, it may invalidate the bullish bias and lead to a retest of lower support zones near $5 or $4.5.
