RUNE/USDC - (Target Reached - new analysis coming soon) 3,60 Tactical support penetrated - Alternative scenario confirmed

Market & Ticker: THORCHAIN– RUNE/USDC

Date: 18/07/2023

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

Scenario: 

RUNE dropped sharply after having failed to accelerate to the upside before penetrating 3,60 key tactical support in Daily close. 

The next key level to focus on area at 1,48 (Strategic support) and 2,35. 
 
A new analysis will be published in case of new clear bullish set up.

Technical Key Elements:

• Consolidation still in progress (Orange pattern)
• RSI indicator is positive with bullish signal
• The Moving average are resistance at 5.00
• Fibonacci key support is adjusted at 3,60 while Fibonacci resistance levels are at 5,95 and 7,60

Trade Idea conclusion: Buy 

• Target 2: 7,60
• Target 1: 5,95
• Buy: add in dip area 4,40
• Stop: 6,60 (Daily close)

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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