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Summary
• Price broke above key resistance with a bullish engulfing pattern at 0.602.
• Momentum accelerated, with RSI reaching overbought territory and MACD showing positive divergence.
• Volatility expanded, and volume spiked during the late-night rally toward 0.606.
Rune/Tether (RUNEUSDT) opened at 0.594 on January 4, reached a high of 0.606, and closed at 0.592 by 12:00 ET January 5. Total 24-hour volume was 1,111,742.7, with notional turnover of 639,052.96.
Structure & Key Levels
Price action revealed a strong upward bias as Rune/Tether (RUNEUSDT) moved from 0.591 to 0.606 over the night session. A bullish engulfing pattern formed near 0.602, suggesting a potential reversal after a period of consolidation. A key support appears at 0.591, where price tested multiple times but held. A breakdown below this level may trigger further bearish momentum.

Momentum and Indicators
The RSI climbed above 70, signaling overbought conditions, while the MACD showed positive divergence, suggesting a continuation of the upward trend. Bollinger Bands widened, reflecting increased volatility, with the price frequently touching the upper band.
Volume and Turnover Analysis
Volume spiked during the 5-minute candles at 01:45 ET and 01:30 ET, aligning with the move toward 0.606. Notional turnover also increased sharply in this period, indicating strong buying interest. However, divergence was noted in the morning session as volume dipped while price drifted slightly lower, suggesting caution ahead.
Fibonacci and Projections
Using the 5-minute swing from 0.589 to 0.606, the 61.8% retracement level sits at 0.601. A move above 0.606 could target 0.610 as the next Fibonacci extension. Daily Fibonacci levels from a recent swing low may also provide reference points as the asset tests resistance.
The forward-looking observation suggests that Rune/Tether may continue to
0.610 in the next 24 hours, supported by positive momentum and volume. However, a pullback to test 0.591 could occur, with caution warranted if RSI fails to sustain above 60.Decoding market patterns and unlocking profitable trading strategies in the crypto space

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