In the second half of October, RUNE soared on the price charts. In the 2 weeks from October 19th to November 2nd, this coin brought investors more than 140% return.

Immediately after breaking the local high of $ 17.27, the price started falling. For most of November, RUNE remained submerged in a descending canal.

However, by November 1st, the altcoin showed signs of a trend reversal. Interestingly, the next day, RUNE successfully broke the aforementioned channel and hit the $ 13.5 mark today.

RUNE / USDT | Source: TradingView

What will happen in the future?

The uptrend of the past few hours has been mainly driven by momentum. RUNE’s trading volume is far higher than it was in early October, so RUNE-focused trades need to hover around the current level for the uptrend to continue.

Mass RUNE | The source: mood

At the same time, the open interest (OI) of the RUNE futures is also increasing. With new money pouring into the ecosystem, it can be seen that traders are reasonably confident about the prospect of this coin.

The funding rate remains positive on most exchanges, hovering around 0.01% to 0.05% at the time of analysis, suggesting stronger upside sentiment. In fact, the long-short spread data also shows that the majority of traders are now long and prefer the uptrend.

OI Futures contract RUNE | The source: CoinGlass

While it’s impossible to say for sure, the chances of this altcoin rising in price seem pretty high at this point. Massive rallies are not uncommon for RUNE and as mentioned above, there was just a bull run in October.

Compared to this period, the status of most of the indicators is similar or better. So if everything goes well, RUNE could soon double in value.

Even the fundamentals are pretty strong at this point. As for the people building and developing the network, they seem very enthusiastic at the moment. Actually, Timetable Your next few weeks look pretty promising.

So, given the above trends, any price around the current $ 11 mark seems like a good entry point in the medium to long term.

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Minh Anh

According to AMBCrypto

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