RUNE target reached at 3,80 – Further recovery still expected

RUNE MARKET_MINDS BULLISH

Market & Ticker: THORCHAIN– RUNE/USDT 

 

Date: 13/11/2023 
 


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

 

 

Scenario:  

 

RUNE recently reached the 3,80 target area corresponding to the initial tactical maximum target defined in October 2023 after reaching 1,85 previously target (August 2023). At the current level the bullish trend keeps upside potential towards 7.00as long as 2.00 tactical support remains valid in daily close. 

 

Technical Key Elements: 

 

- Auto similar move potential shows target at 3,40 
- RSI indicator is positive – No Divergence  
- The Moving average are support at 2,10 & 3,20 
- Fibonacci key support is adjusted at 3,10 while the Elliot wave shows upside potential towards 7,00 and 9,80 

 
Trade Idea conclusion:  Buy - Conviction:

 

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High

Target 2: 9,80 

Target 1: 7,00 

Buy: add in dip area 2,20/2,30 

Stop: 3,10 (Daily close) 

 

 

 

Chart: Daily Basis (Candle Stick) - Logarithmic  

 

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

 


 

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