RUNE Price Pushes Through $5 Level Challenges Key Pivot Point
The price of RUNE has pushed through the prior price support level at the $5 area. The important level we are watching now is the pivot low from back in late March.
Price is currently testing it as we speak. If that fails, then RUNE has essentially given back the entire bull run of 2021.
ThorChain Hack Probably Not Helping...
Looking at the chart you can see what I described above and if the pivot bottom of 4.70 doesn't hold then the next support is 3.50 area. Which for the most part would represent a full round trip of the 2021 bull move.
Volume has spiked the last couple days which often can mark bottoms, but that is no guarantee. You also have to assume that the thorchain hack costing about the equivalent 4,000 ETH has been a catalyst for the selloff and increased volume and volatility.
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