RUNE price showed a strong surge in the second part of October. This altcoin returned more than 140 percent to its investors in the two weeks between October 19 and November 2.
This alt began its downtrend shortly after hitting its local high of $17.27. RUNE’s price remained engulfed in its downward channel for most of November.
On November 23, however, this alternative began to show signs of a trend reversal. RUNE, on the other hand, managed to break above the aforementioned channel the next day and breached the $13.5 dollar level earlier today.
Bullish factors for RUNE
The recent few hours’ upswing has been mostly driven by momentum. When compared to early October, the trading volume of RUNE has spent more time on the rise. RUNE-centric transactions must therefore maintain their current levels in order for the upswing to continue.
Open Interest in markets
At the same time, RUNE’s open interest in the futures market has increased. With new money entering the ecosystem, market participants appear to be optimistic about the coin’s future possibilities.
On most exchanges, the funding rate remained positive, cycling in the 0.01 percent to 0.05 percent range at the time of this analysis, showing a larger bullish feeling. In reality, the long-short difference data revealed that the majority of traders are currently placing long bets on the price growth trend.
At this time, even the coin’s fundamentals are pretty robust. When it comes to the network’s builders and developers, they appear to be unstoppable at the moment. In fact, their schedule for the coming weeks appears to be rather good.
In light of the aforementioned patterns, any price level around the present $11 level appears to be a strong entry target for both the mid- and long-term.