Should you buy the dip in Rune on Friday?
Many coins were trading in the red on Friday after Bitcoin (BTC/USD) was over 2% down.
Rune (Rune/USD) dipped by over 6% on Friday and was back on a crucial demand zone. This could give some great buy the dip opportunities for investors who missed out on the rally which was seen in late October.
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After a 112% sharp rally in October, Rune hit a high of $17.2 however it has been correcting ever since and is now down to $12.
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Rune is back at a crucial demand zone which could be the make or break zone for Rune. If a reversal is seen Rune could start a rally once again and hit a new high.
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After hitting the $12 mark earlier this week Rune has been consolidating and could be gearing up for a new rally soon.
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Rune has corrected to the Fibonacci 0.5 retracement level and a bounceback could be soon as Rune has previously taken support at $12 before the sharp surge in October.
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Rune could also form a double bottom if it reverses which is a strong bullish pattern and could be a great sign for investors.
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A golden cross over was also seen earlier this month which is suggesting that Rune could continue its rally soon.
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Investors must note that an entry should only be taken once a clear reversal is seen and once Rune is able to break through $13.
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A target of $15 can be set followed by a new high above $17.1 can also be set.
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A stop-loss can be maintained below the zone at $11.5.
Conclusion
Rune could be a great pick to buy the dip in however investors must be patient and should wait for a reversal before going long. Rune is looking very bullish for the coming weeks if a reversal is seen now and a new high could also be seen in the coming months.
