[Altcoin] RUNE Perspective - Weekly Timeframe - September 4, 202

Context: After breaking out in a Falling Wedge Reversal (FWR) pattern, the price is currently in the process of back-testing a new support area (break-out area around 1.19x). It's also pulling back towards the EMA-20 line, forming a Decrease Triangle Reversal (DTR) pattern. This week's closing candle is a shooting star with a long upper shadow and a small body.

Trendline / EMA: The price is following the DTR pattern in the current price range to retest the FWR pattern, with the Trendline back-test approximately 20% away and EMA about 10%. Additionally, the price is forming a temporary support around 1.3x, which is providing some stability.

RSI / MACD / MFI: These three indicators are showing a declining trend, having formed peaks and moved sideways while the price is retracing. However, they still remain relatively bullish.

Analysis: After more than a year of sideways movement (from May 2022 to August 2023) within the Falling Wedge pattern, the price has finally broken out. Based on the current technical indicators, the likelihood of an upward trend persisting is high. However, from the current price range, there is still a possibility of a further 10-20% decline before resuming an upward trajectory.