Market Overview for Rune (RUNEUSDT): 24-Hour Technical Summary

• Rune (RUNEUSDT) fell 16.5% over 24 hours, breaking below key support at 1.500.
• Strong bearish momentum persisted with RSI near oversold territory, suggesting exhaustion.
• Volume spiked during the sell-off, confirming bearish bias but hinting at potential short-term reversal.
• A large bearish engulfing pattern formed near 1.550, signaling a shift in market sentiment.

24-Hour Price Summary

Rune (RUNEUSDT) opened at 1.544 on July 23 at 12:00 ET and dropped to a 24-hour low of 1.424 before closing at 1.459 at 12:00 ET on July 24. The price action reflected a bearish trend, with a high of 1.556 and a low of 1.424. Total volume amounted to 10,945,108.1, and notional turnover was approximately $16.66 million (calculated as total volume × average price of 1.522).

Structure & Formations

The 15-minute chart showed a strong bearish bias throughout the session, with a significant breakdown below key support at 1.500. A bearish engulfing pattern formed at 1.550–1.538, confirming a shift in sentiment from bullish to bearish. A doji appeared near 1.500, hinting at a possible short-term reversal or consolidation.

Moving Averages

On the 15-minute chart, the price remained below both the 20-period and 50-period moving averages, reinforcing the bearish trend. The daily chart showed the 50-period MA at ~1.515, slightly above the 200-period MA (~1.495), indicating a potential base for a short-term bounce.

MACD & RSI

The MACD line remained negative throughout the session, with bearish divergence visible in the histogram. The RSI reached oversold territory (around 30), suggesting that the sell-off could be nearing a temporary pause. However, without a strong reversal candle, the RSI may remain in oversold for some time.

Bollinger Bands

Volatility expanded as the price moved lower, with the bands widening from ~1.545 to ~1.435. The price closed near the lower band at 1.459, indicating a potential bounce or further bearish continuation. A contraction in the bands is expected if the price consolidates near current levels.

Volume & Turnover

Volume surged during the sell-off from 1.520 to 1.424, confirming the bearish move. Turnover increased in tandem with the price decline, showing strong conviction in the downward move. Divergence between volume and price was not observed, suggesting the move remains valid for now.

Fibonacci Retracements

A key 61.8% retracement level on the 15-minute chart sat near 1.475, which the price briefly tested before continuing lower. On the daily chart, the 38.2% level (~1.495) appears to offer some short-term support. A break below 1.424 would bring the 78.6% level (~1.390) into focus.

Forward-Looking View

In the next 24 hours, Rune could test the 1.430–1.440 range for potential support. A bounce from this area may offer a short-term trading opportunity, but a break below 1.424 could extend the decline further. Investors should remain cautious and monitor volume for signs of reversal or exhaustion.