RUNE recovery in progress




Market & Ticker: THORCHAIN– RUNE/USDT 

Date: 10/08/2023 

Horizon / Timing:  Tactical Mid-term / 1 to 3 months 




RUNE recently confirmed a pre-signal from the technical elements calling for further bullish momentum gain. At the current price the potential of RUNE token stands at 1,50 and 1,85 maximum. On the near to mid-term basis 0,89 is acting as robust support to add in dip in the 1,04/0,95. For now the moving averages are still capping the recovery but the RSI indicator is already progressing in positive area above 50% providing the buy signal. 


Technical Key Elements: 


- Auto similar move potential shows target at 3,40 
- RSI indicator already confirmed the bullish momentum and keeps potential to the upside 
- The Moving average are resistance 
- Fibonacci key support is adjusted at 0,89 while the Elliot wave shows upside potential towards 0,0820 and 0,1110 

Trade Idea conclusion:  Buy - Conviction:





Target 2: 1,85 

Target 1: 1,50 

Buy: add in dip area 1,04/0,95 

Stop: 0,89 (Daily close) 




Chart: Daily Basis (Candle Stick) - Logarithmic  

Indicators: Exponential Moving Average (21/34/89) - RSI (21) 



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