RUNE Token Price Suggests Strong Selling Pressure With A Long Bearish Engulfing Candle
The RUNE token bears reclaim the 200-day EMA line
The RUNE/BTC pair traded at 0.0001833 BTC, with a gain of 5.24%
The 24-hour trading volume in The RUNE token is $139.1 Million
The remarkable rally for the RUNE token reached a retracement phase after reaching a peak at 0.12 on September 6th. This minor pullback plunged the price to the crucial support of $6.7, where the price tried to bounce back with a bullish engulfing candle. However, the token price could rally much higher and showed an even stronger bearish engulfing candle at the $8.2 resistance level.
The EMA’s indicate that RUNE is in a bearish trend, as the price has just dropped below the crucial EMA OF 200. However, the Crypto traders should wait for the candle to close below this level for final confirmation.
The RSI value is 43, indicating a bearish sentiment within the RUNE token. Moreover, the coin shows a steady fall towards the oversold zone.
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The RUNE Token Crypto Chart in the 4hr Time Frame
With this unwavering fall, the token price will soon encounter the nearest strong support of the $6.7 mark. As mentioned above, the price has recently obtained good support from this level. Thus, the Cyroto traders should be sharp near it as the price will react to this level. The current price of the RUNE token is $7.8, with an intraday loss of $17.6.
The moving average convergence/divergence indicator (BEARISH) shows that both the MACD and the signal line are moving below the neutral area(0.00), indicating bearish momentum in the RUNE token. These lines are also on the brink of forming a bearish crossover, providing more confirmation for the market bears.
Conclusion: Technical outlook for RUNE tokens remains bullish. However, the current price action suggests the price falling to the lower levels, where the first barrier they will face would be the $6.7 support level.
Support- $6.7
Resistance: $9.2
Bitcoin (BTC) Creates Bullish Candlestick After Considerable Bounce
Bitcoin (BTC) bounced considerably on Sept 22, creating a bullish engulfing candlestick in the process.
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While BTC is currently trading close to short-term resistance, it’s likely that the low has been reached.
Ongoing BTC bounce
BTC increased considerably on Sept 22, creating a bullish engulfing candlestick in the process.
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The bounce also validated the $40,820 area as support. This is the 0.5 fib retracement support level.
Currently, it’s facing resistance at $44,000. This same area previously acted as support.
Despite the strong bounce and creation of a bullish candlestick, technical indicators for BTC are still bearish. The RSI is below 50, the MACD is decreasing, and the Supertrend line is bearish.
The next closest support area is found at $38,000. This is the 0.618 Fib retracement support level and a horizontal support area.
Future movement
The six-hour chart shows a descending parallel channel in place. Such channels usually contain corrective structures.
On Sept 21, BTC reached the support line of the channel and bounced. It’s currently in the middle of the channel, which coincides with the $44,250 resistance area (0.5 Fib retracement resistance level).
While the MACD and RSI are showing bullish signs, neither has confirmed the bullish reversal. BTC has to reclaim the midline of the channel and validate it as support in order to confirm the possibility of a breakout.
Wave count
The most likely wave count suggests that the completed BTC decrease was part of an A-B-C corrective structure (orange).
The aforementioned Sept 21 low was made very close to the $38,750 level created by giving waves A:C a 1:1 ratio.
Furthermore, there is a completed five-wave bearish impulse (black) in the sub-wave structure.
The minute chart shows that the movement is developing into a wedge-shaped formation, which means that it could be a leading diagonal.
Therefore, the most likely move would be a breakdown from the wedge, the creation of a higher low, and upwards continuation after that.
For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.
Swipe (SXP) Looks to Continue its Bullish Momentum Following Recent All-Time High
Swipe (SXP) has failed to break out above the $4.10 resistance area but temporarily stopped its decrease with a bounce at the $2.05 support area.
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While the token is in the process of creating a bullish candlestick, there is strong resistance left to clear at $2.95 in order for the trend to be considered bullish.
SXP gets rejected
On Aug 25, SXP reached a high of $4.58, but was rejected and created a shooting star candlestick (red icon). This validated the $4.10 horizontal area as resistance. It has been moving downwards since and fell sharply on Sept 7.
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After a brief upward movement, the token resumed its descent on Sept 15.
Technical indicators have turned bearish, supporting the legitimacy of the downward movement. The MACD and RSI are both decreasing. The former is negative, while the latter is below 50. Furthermore, the Supertrend is bearish.
However, SXP has bounced at the 0.786 Fib retracement support level at $2.06 and is in the process of creating a bullish engulfing candlestick.
Therefore, even though readings are still bearish, some sort of relief rally is currently transpiring.
Future movement
Cryptocurrency trader @Thebull_Crypto outlined a SXP chart, stating that the next upward movement could take it above $5
However, a look at the shorter-term six-hour chart shows that SXP has completed a five wave bearish impulse, which ended with the $1.95 low on Sept 21.
While the token is currently in the process of bouncing, there is very strong resistance at $2.95. This is the 0.382 Fib retracement resistance level and a horizontal resistance area which coincides with a potential descending resistance line. In addition to this, it is very close to the Supertrend line from the daily time-frame.
Therefore, while SXP seems likely to eventually get there, the trend cannot be considered bullish until a breakout above that level transpires.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.