Market Overview: Rune/Tether (RUNEUSDT) - 24-Hour Price Action and Technical Analysis

• Rune/Tether (RUNEUSDT) traded in a broad 24-hour range of 1.265–1.141, closing at 1.177 after a sharp intraday drop.
• Key support levels appear near 1.172–1.175, with 1.141 serving as critical long-term floor.
• Volatility surged overnight with a massive 187k volume candle on 61500 ET, confirming bearish momentum.
• RSI and MACD show bearish divergence, with price weakening despite moderate volume in morning hours.
• Bollinger Band contraction occurred during consolidation at 1.18, hinting at potential breakout.

The Rune/Tether (RUNEUSDT) pair opened at 1.262 on 2025-09-21 12:00 ET, reaching a high of 1.265 before plummeting to a 24-hour low of 1.141 on 2025-09-22 06:15 ET. The market closed at 1.177 on 2025-09-22 12:00 ET. Total traded volume amounted to 6,096,972.1, with a notional turnover of ~$7,558,874 (assuming $1 = 1 USDT).

Over the past 24 hours, Rune/Tether displayed a bearish bias, with clear support levels forming at 1.172–1.175 and resistance around 1.185–1.189. A large bearish engulfing pattern formed during the early morning hours, confirming a breakdown from key consolidation levels. The price also tested and retested the 1.18–1.182 range, which appears to have become a psychological threshold. The 20 and 50-period moving averages on the 15-minute chart are both below the current price, reinforcing the downtrend.

Bollinger Bands indicate a period of volatility contraction between 1.18–1.183, followed by a significant expansion after the 61500 ET candle, suggesting a potential continuation of the current trend. RSI has moved into oversold territory, but without a corresponding increase in volume, it may not signal a strong reversal. MACD lines are negative and trending downward, with the histogram showing diminishing bullish momentum.

Fibonacci retracement levels on the recent 15-minute move from 1.265 to 1.141 indicate key levels at 1.213 (38.2%), 1.179 (50%), and 1.141 (100%). The 1.179 level has been tested twice, and its current position suggests it may serve as a short-term floor or pivot in the near term.

Backtest Hypothesis

A potential backtesting strategy could involve entering a short position on a break below the 1.175–1.172 support range, confirmed by a closing candle below this level and a negative MACD crossover. A stop-loss could be placed just above the 1.182–1.185 resistance area, with a target aligned to the 1.141 level (100% Fib retracement). This approach leverages both price action confirmation and technical indicators to manage risk while capturing potential continuation of the downtrend.