On Saturday at around 5 A.M EAT, I was just about to get ready for bed. I have a poor sleep cycle normally but this time around it became more apparent since I had to be on the road at 8 am.

How is that relevant?

Well, as I always do, I went over my favorited crypto markets looking for a potential trade. When I came to RUNE, I noticed a massive dump.

Based on technical analysis, you could see the double top forming. However, I was not expecting such a massive sell-off. Such a sharp red candle mostly indicates a change in the fundamentals.

My first thought was something had gone badly wrong. I Googled - didn't see anything. I went to Twitter - didn't see anything.

Based on that, I pulled the trigger!

I grabbed some RUNE at $3.42 which was around an area of support.

Ordinarily, I would wait for a retest but I just went with the vibes.

Some actual technical analysis.

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Going with the vibes is not exactly a trading strategy. It is a sure way of blowing a margin trading account, that is why spot trading is my bread and butter.

Price blew past that area of support holding just above $3 around an area of accumulation visible on the 1-hour chart.

For margin traders, a retest of this area should validate a long position from here because of the risk of blowing your account or having stop losses triggered, but as a spot trader, this is simply another area where you can buy some more RUNE.

Why?

Like I mentioned in an earlier post, RUNE | Catching Retracements for Quick Scalps, RUNE is an amazing project and I think it is massively undervalued at the moment.

Picking up some at sub $4 is an appropriate entry looking at maybe going to $10 or $20 just like LINK in a few months or a year.

Meanwhile, if you are a scalper like me, that is a quick few bucks that you can pick up. The worst thing that could happen is you get left holding a bag of a very valuable coin on the spot market.

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