As RUNE gears up to launch it's mainnet any day now I thought it a good time to review the price chart and see what the action is telling us.
These are my favorite type of price moves, where what is supposed to be a negative really isn't much of a negative.
Looking at the chart you can see after price spike above $6.50 it has pulled back with the rest of the crypto market.
The thing is though, all price did on RUNE was pull back to the support line of the ascending channel it has been in for the past couple months.
That sounds like a bullish scenario to me, plus we got a double wick bottom between yesterday and today's candles.
It is a rather clean one to read. So long as price holds this ascending channel it is still bullish price action.
The mainnet will likely launch sometime this week so you have that catalyst as well. As the saying goes: Buy the rumor, Sell the News.
My quick take on RUNE, not financial advice ;-)
Posted Using LeoFinance Beta