A little over a week ago RUNE sold off hard to the 3.50 support area. This area was so important because it marked the level where the coin's bull run started.
Though doing a full roundtrip is never a good thing, not falling below where it all started is probably just as important.
A New Range???
Looking at the chart you can see alot of price action in the 3.50 to 6.90 range, which is quick a large amount of real estate percentage wise given the coin price. However, after floating in there Feb-Apr and now again in June and July it represents alot of trading time for 2021.
It is safe to say there are plenty of buyers and seller in this range.
Price made a nice bounce off the 3.50 level and pushed right through the $5 level and is looking like the steam has run out as it neared the 6.90 area resistance.
It will be interesting to see what price does here, a little breather after such a strong bounce is perfectly sound. Especially when that bounce cam on spiking volume, which is always a good thing to see on up moves.
With the mainnet being taken offline and all that jazz, the worst of it (catalyst-wise) may be behind for price, but one never knows.