RUNE outperformed the rest of the cryptocurrency market in August, rallying by 66% due to its low positive correlation with Bitcoin [BTC].
Week ahead looks gloomy
On the daily chart, the alt’s price traded above the upper band of its Bollinger Bands indicator. This indicator is used to identify overbought and oversold conditions in a market. Likewise, the K line of the altcoin’s Stochastic RSI indicator was pegged at 80.07%, suggesting that RUNE was overbought. This indicator also measures overbought and oversold conditions in the market.
Moreover, profit-taking activity might have commenced among RUNE’s spot traders at these overbought highs. Although still positive, its Chaikin Money Flow began its descent on 16 September and has since trended south. At press time, the indicator sat on its center line at 0.01
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