RUNE seems to be making a come back
For anyone who has been hodling RUNE for the past years it's been a roller coaster ride. The debt implosion and hack over the last few years has made its price come tumbling down. But somehow the chain is still holding and I think the reason is actually quite simple: RUNE still has a use case - and its value has become increasingly more obvious to see in a time where control and centralization have grown.
RUNE is permissionless. RUNE is decentralized. And on top of that it features native asset swaps across blockchains.
All of this has become increasingly important when we see CEX gatekeepers trying to snatch a bigger piece of the liquidity pie only to vault it in KYC zones. RUNE is also one of the few remaining projects that carries the torch of the cypherpunk spirit which used to prevail in crypto projects. We don't bow to banks and middle men and we also do not block transactions when some do not see them fit. This of course has many ramifications and not all of them are perhaps always "good" or "fair". But this is the tradeoff for a permissionless economy.
TA
In my last post about RUNE, I gave an optimistic outlook which seems to have been verified over the last few weeks.
Personally, I think RUNE will revisit the $3-$4 range very soon. The more difficult question to me is whether this would already be a top signal or the first move to higher highs.
Here is the chart from back then:
Here is an update:
It seems very clear where price could be heading. The next obvious resistance is in the $3-$5 range depending on how fast price could head back up there. A very similar setup was seen in 2023 when price also broke out of a year long resistance. Together with the fact that RUNE likes to move in a 3 wave pattern, I would say that the chances for a revisit in that area is very high.
As pointed out earlier, the bigger question and uncertainty to me is whether that will remain a top or perhaps just the first leg to higher highs. In any case, it is also very likely that we will see a longer consolidation phase after such a run up. In the best case scenario, I think RUNE should still have some more momentum to reach a new ATH in the coming years, since the end of this cycle will probably be in 2028-2029.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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