Anyone who has read my charting posts has likely seen that I am a fan of the 10 day moving average.
I used it as sort of an overbought-oversold gauge in relation to the speed of price movement.
When price gets overstretched to far in one direction or the other, it is a decent indication that we will see price consolidate or move in the opposite direction, if only briefly, while the moving average catches up so to speak.
As you can see looking at the chart after RUNE made its crazy moonshot the past couple weeks some profit taking finally ensued.
A red topping candle followed by another red day took price into the low 9s, still nearly $1 away from the 10 moving average.
Now we are seeing a reversal candle to the upside possibly with today's long lower wick.
Granted the MA is going to move up in price, but will likely still be below $9 as price currently sits at $9.79 as of the chart screenshot.
Granted, anything can happen over the next 48 hours and another red day would let the moving average catchup. Point is, RUNE is still displaying alot of strenght, even in the midst of a well needed profit taking pullback.
Again, the looming mainnet launch is a big catalyst behind all this so take the technical analysis with a grain of salt as that even certainly has an impact.
All I know is, none of my buy orders are getting filled because price doesn't pull back to any of the technical levels. Guess I will just enjoy holding what I have.
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