Market Overview: Rune (RUNEUSDT) Faces Key Support Test Amid Bearish Momentum

• Rune (RUNEUSDT) declined 9.5% in 24 hours, forming bearish momentum with RSI below 30.
• Price broke key support at 1.29, with high volume confirming bearish sentiment.
• Bollinger Bands show widening volatility, indicating potential for further price swings.
• MACD bearish crossover and negative divergence suggest continued downward bias.
• Key Fibonacci levels at 1.27 and 1.24.5 may offer near-term support.

Rune (RUNEUSDT) opened at 1.315 on 2025-08-01 at 12:00 ET, reached a high of 1.326, a low of 1.249, and closed at 1.252 on 2025-08-02 at 12:00 ET. Total volume was 9,571,246.8, and turnover was $12,639,267.2 over the 24-hour period.

Structure & Formations

Price action formed a bearish breakdown below key support at 1.29, confirmed by high-volume candlesticks. A long bearish shadow at 1.249-1.261 suggests exhaustion in the short term. A bearish engulfing pattern was observed at the 1.27-1.29 level, reinforcing the downward bias.

Moving Averages

On the 15-minute chart, price closed below both the 20-period (1.28) and 50-period (1.29) moving averages, indicating bearish momentum. On the daily chart, price remains below the 50-day (1.31), 100-day (1.33), and 200-day (1.35) averages, maintaining a long-term bearish trend.

MACD & RSI

The MACD crossed below the signal line with a bearish crossover, and the histogram showed a negative divergence. RSI dropped below 30, suggesting oversold conditions, though this may be a continuation of bearish momentum rather than a reversal.

Bollinger Bands

Volatility expanded significantly as price moved from the upper to the lower band over the 24-hour period. The widening bands suggest increased uncertainty and potential for further price swings. Price currently resides near the lower band at 1.252, indicating a potential bounce or continued decline.

Volume & Turnover

Volume spiked during the breakdown below 1.29, confirming bearish sentiment. Turnover increased in tandem, with no signs of divergence between price and volume. The high volume during the 1.249-1.261 range suggests strong conviction in the bearish move.

Fibonacci Retracements

On the 15-minute chart, price tested the 61.8% Fibonacci level at 1.27 before falling further. On the daily chart, the 61.8% retracement is at 1.245, which may offer near-term support. A break below this level could target 1.220-1.230.

Rune (RUNEUSDT) may consolidate near 1.245–1.27 in the next 24 hours, with a potential for a test of 1.245. However, a break below 1.245 could accelerate the decline. Investors should remain cautious due to the high volatility and bearish momentum.