Market Overview for Rune/Tether (RUNEUSDT) on 2025-11-07

Summary
• Rune/Tether edged higher with a bullish close amid rising volume.
• Price found support near 0.730 and tested resistance at 0.780.
• RSI suggests overbought conditions, while MACD signals fading momentum.

RUNEUSDT opened at 0.724, reached a high of 0.804, and a low of 0.717, closing at 0.797 at 12:00 ET. Total 24-hour volume amounted to 3.94 million RUNE, with a notional turnover of ~$3.13 million. The pair exhibited a strong late-day rally, with price climbing from below 0.740 to a high of 0.804.

The 15-minute chart reveals several key support and resistance levels. A strong support appears at 0.730–0.735, which held during multiple dips and provided a base for several rebounds. Resistance levels were observed at 0.740–0.745, 0.760, and 0.780. A notable Bullish Engulfing pattern formed around 15:30–15:45 ET, confirming a potential short-term reversal. The price action appears to be building bullish momentum, but divergence in volume at the peak suggests caution.

On the 20- and 50-period moving averages, price broke above both during the final hours, indicating a potential shift in trend. MACD showed a narrowing histogram, signaling that momentum may be slowing despite the sharp rise. RSI reached 70–75, suggesting overbought conditions and a potential for a near-term pullback. Volatility, as measured by Bollinger Bands, widened significantly during the late-day surge, with price closing near the upper band, suggesting a high-risk, high-reward scenario.

Fibonacci retracement levels from the key swing low at 0.717 to the high at 0.804 show the 61.8% level at 0.778, where price stalled before the final breakout. A retest of this level may be expected in the near term. Volume and turnover both spiked during the final 6-hour window, but the price failed to hold above 0.780–0.785 during that time, indicating that buying pressure may be thin.

The late-day rally appears to have been driven by a combination of breakout confirmation and order-block accumulation. While the immediate outlook is bullish, a key risk is the overbought RSI and the lack of sustained volume above 0.780. Traders should watch for a pullback to the 0.740–0.745 zone for a potential second wave higher—or for a breakdown below 0.730 that could trigger a deeper correction.

Backtest Hypothesis

The recent bullish pattern and volume action suggest a possible short-term breakout trade. To validate this, a backtest for Bullish Engulfing candles in the 15-minute RUNEUSDT data would be informative. The strategy would involve entering on close confirmation, holding for three days, and exiting at the close of the third day. However, since the Bullish Engulfing pattern data is not available, the next step would be to either:

1. Use an in-house script to detect these patterns from the provided 15-minute OHLCV data.
2. Switch to a supported asset if the user prefers immediate backtesting without data preparation.

Either way, this pattern-based signal appears to have strong visual and volume support in the most recent candle.