RUNE Price Analysis: Is $7 on the Horizon?

Current State: RUNE price faces a downturn, currently trading at $4.53, teetering around a key support level.
Recent Drop: Experienced a significant 10.54% fall last night, signaling potential market volatility.
Key Support: Finds itself at the critical $4.50 mark, a pivotal point for the upcoming price trend.
Technical Formation: A potential double bottom pattern is forming, indicating a possible bullish reversal.
Below 50D EMA: RUNE is currently trading lower than the 50-day Exponential Moving Average.
Fibonacci Levels: The price aligns with the 50% Fibonacci retracement level, adding to the crucial support.
Bearish Engulfing Pattern: The formation of a bearish engulfing candle at the 50D EMA hints at heightened selling pressure.
Market Sentiment: Despite the broader market downtrend, RUNE's technicals suggest a reversal might be imminent.
Intraday Candle: A Doji stick in the daily chart is teasing a potential morning star pattern, a bullish sign.
RSI Indicator: Shows bullish divergence, further supporting the reversal theory.
Volume Spike: A noticeable spike in trading volume could fuel the potential upside.
Upside Potential: If the bullish reversal materializes, RUNE could target the $7 level.