Market Overview for Rune/Tether (RUNEUSDT)

Summary
• Rune/Tether tested key support near $0.585 before rebounding, forming a bullish engulfing pattern at the end of the 24-hour period.
• Price volatility increased during the first half of the period, with Bollinger Bands showing a recent contraction.
• Volume remained elevated during the morning hours, peaking at 15:30 ET, but declined during the afternoon without clear directional confirmation.
• RSI crossed into oversold territory below 30 during the afternoon session, hinting at a potential short-term reversal.

Rune/Tether (RUNEUSDT) opened at $0.594 on 2026-01-06 12:00 ET, hit a high of $0.607, and a low of $0.580 before closing at $0.583 on 2026-01-07 12:00 ET. Total volume was 2,083,006.4, with $1,202,431.4 in notional turnover.

Structure & Key Levels

Price tested key support levels around $0.585 twice during the day, forming a bullish engulfing pattern at the 24-hour close. A potential short-term resistance is at $0.592, which acted as a psychological level during earlier parts of the session. A bearish breakdown below $0.580 could extend the downward move toward $0.575.

Momentum and Volatility

The 20-period and 50-period moving averages on the 5-minute chart showed a bearish crossover early in the session, but prices diverged later as RSI moved into oversold territory. Bollinger Bands contracted after 05:00 ET, suggesting a possible short-term breakout.

Volume and Turnover Divergence

Volume spiked during the early morning with a large candle at $0.607, but turnover failed to confirm the bullish move as the afternoon progressed. A divergence between price and turnover appeared around 14:15 ET when volume surged but price declined.

Key Fibonacci Levels

The most recent 5-minute swing from $0.607 to $0.580 showed 61.8% retracement at $0.594, which coincided with a key psychological level. Price currently sits near the 50% retracement level at $0.593, indicating potential for a short-term bounce or consolidation.

Market appears to be testing key support areas with potential for consolidation or a countertrend rally. A breakout above $0.594 may attract buyers, but sellers remain active near $0.585. Investors should remain cautious of thin volume and divergence in the afternoon session.