In my previous post RUNE WATCH | Looking to set up buys at 3.00 (+/- 0.50), I broke down where I thought price would be headed in the course of the week.
This is just a brief callback to that article to see if the analysis was accurate.
In that article, I had identified the next zone of support. It was between $3.5 and $2.5.
Just like clockwork, after the price of RUNE collapsed sharply from around $5, the bulls have slowly come back in at our support, creating an accumulation zone.
This is a very good signal. It confirms that this is a very strong support zone. And as I said in the previous article, Head and Shoulder patterns are usually very strong bearish or bullish signals, which is how we identified our support zone.
Now the only thing that is left is to test this support zone. If it breaks, it only confirms that we are going to see RUNE go to $2 or even lower.
Let's wait and see.