AbdulMajeedsaki
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Bearish
weekly chart of $RUNE
1. Downtrend Confirmation:
• The price is trading below the 5-week MA (yellow line) and the 10-week MA (purple line), confirming a bearish trend.
• The long-term momentum appears to be weakening, with the price failing to sustain above critical resistance zones.
2. Bollinger Bands:
• The price has started moving toward the lower Bollinger Band (3.2380), indicating increased selling pressure.
• A break below the middle Bollinger Band (5.0942) also signals bearish dominance.
3. RSI Levels:
• RSI (6, 12, and 24) values (34.05, 42.19, 46.67) are trending lower, indicating decreasing buying strength and the possibility of further downside momentum.
• RSI values below 50 strengthen the bearish outlook.
4. MACD Indicator:
• The MACD line is below the signal line, with negative values (-0.1238), reflecting bearish momentum.
• The histogram shows declining momentum, indicating sellers are in control.
5. Volume Analysis:
• There is declining buying volume on price rallies, suggesting a lack of confidence from buyers.
• Selling pressure appears dominant, which could lead to further downside.
6. Key Levels to Watch:
• Support: The price may test the support zone near $3.2380 (lower Bollinger Band) if the downtrend continues.
• Resistance: The $5.0942 level (middle Bollinger Band) is a critical resistance that the price must overcome to negate the bearish trend.
Conclusion:
The overall chart structure points toward continued bearish pressure unless a significant reversal pattern or bullish catalyst emerges. Traders should remain cautious and monitor support levels for potential breakdowns.
1. Downtrend Confirmation:
• The price is trading below the 5-week MA (yellow line) and the 10-week MA (purple line), confirming a bearish trend.
• The long-term momentum appears to be weakening, with the price failing to sustain above critical resistance zones.
2. Bollinger Bands:
• The price has started moving toward the lower Bollinger Band (3.2380), indicating increased selling pressure.
• A break below the middle Bollinger Band (5.0942) also signals bearish dominance.
3. RSI Levels:
• RSI (6, 12, and 24) values (34.05, 42.19, 46.67) are trending lower, indicating decreasing buying strength and the possibility of further downside momentum.
• RSI values below 50 strengthen the bearish outlook.
4. MACD Indicator:
• The MACD line is below the signal line, with negative values (-0.1238), reflecting bearish momentum.
• The histogram shows declining momentum, indicating sellers are in control.
5. Volume Analysis:
• There is declining buying volume on price rallies, suggesting a lack of confidence from buyers.
• Selling pressure appears dominant, which could lead to further downside.
6. Key Levels to Watch:
• Support: The price may test the support zone near $3.2380 (lower Bollinger Band) if the downtrend continues.
• Resistance: The $5.0942 level (middle Bollinger Band) is a critical resistance that the price must overcome to negate the bearish trend.
Conclusion:
The overall chart structure points toward continued bearish pressure unless a significant reversal pattern or bullish catalyst emerges. Traders should remain cautious and monitor support levels for potential breakdowns.
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