Market & Ticker: THORCHAIN– RUNE/USDT
Horizon / Timing: Tactical Mid-term / 1 to 3 months
RUNE recently reached the 1,85 target area corresponding to the initial tactical target defined in august 2023. At current level the bullish trend keeps upside potential towards 2,20 and 2,50 maximum as long as 1,32 tactical support remains valid in daily close.
Technical Key Elements:
- Auto similar move potential shows target at 3,40
- RSI indicator is above 50% but presents a risk of divergence (exhaustion of the bullish trend)
- The Moving average are support at 1,32
- Fibonacci key support is adjusted at 1,32 while the Elliot wave shows upside potential towards 2,20 and 2,50
Trade Idea conclusion: Buy - Conviction:
Target 2: 2,50
Target 1: 2,20
Buy: add in dip area 1,73
Stop: 1,32 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.