Market Overview for SUIUSDT on 2025-09-21

• Price opened at $3.6898, gapped down to a low of $3.6088, and closed at $3.6298 with heavy bearish pressure.
• RSI entered oversold territory briefly but failed to trigger a strong rebound, suggesting ongoing bear momentum.
• Volume surged in the 9:30–10:00 ET session as price dropped 3.5%, with $1.1M in turnover during that hour.
• Bollinger Bands widened in the morning, reflecting increased volatility, while price remains near the lower band.
• A key 15-minute bullish engulfing pattern emerged briefly in early morning but failed to hold above $3.6600.

The Sui/Tether (SUIUSDT) pair opened at $3.6898 on 2025-09-20 at 12:00 ET and closed at $3.6298 by 12:00 ET on 2025-09-21, with a high of $3.7096 and a low of $3.588. Total traded volume over the 24-hour period reached approximately 6.8M SUI, with a notional turnover of around $24.8M, based on volume-weighted price.

Price action displayed a clear bearish bias throughout the session, marked by a sharp drop in the early hours of 2025-09-21. A key support area appears to have formed around $3.6088–$3.6150, coinciding with a 15-minute doji and a bullish engulfing pattern that failed to reverse the downward trend. On the 20-period and 50-period moving averages for the 15-minute chart, price closed below both, indicating short-term bearish momentum. The 50-period daily moving average is also below the current level, reinforcing the bearish tilt.

Structure & Formations

Significant support levels emerged near $3.6150 and $3.6325, where price found temporary buying interest after several failed attempts to break above $3.6600. A key resistance level appears to be forming around $3.6800–$3.6900, which has acted as a ceiling multiple times in recent candles. A notable 15-minute doji formed at $3.6128, indicating indecision at this level. A bullish engulfing pattern emerged briefly at the start of the session but failed to hold, suggesting buyers remain hesitant.

MACD & RSI

The MACD for the 15-minute chart turned bearish, with the histogram showing a consistent decline in bullish momentum. RSI dipped into oversold territory below 30 during the 9:30–10:00 ET session but did not trigger a strong bounce, which is typically a sign of weak bearish control. This suggests the market may be consolidating for a potential counter-move, but bearish pressure remains dominant in the short term.

Bollinger Bands

Bollinger Bands have expanded notably over the course of the day, especially between 9:30 and 10:00 ET, reflecting heightened volatility. Price has spent the majority of the session near or below the lower band, indicating bearish bias and potential oversold conditions. A potential reversal could occur if price breaks back above the upper band, but this would require a strong buying signal and significant volume.

Volume & Turnover

The highest volume was recorded during the 9:30–10:00 ET session, reaching over $1.1M in turnover during that hour alone. This coincided with a sharp decline from $3.6134 to $3.6088, indicating aggressive bearish selling. Notional turnover and volume moved in tandem during the key down leg, suggesting liquidity and conviction in the downward move. A divergence between volume and price has not yet emerged, but continued bearish volume could signal a deeper pullback.

Fibonacci Retracements

Fibonacci retracement levels applied to the recent 15-minute swing (high at $3.6868 to low at $3.6088) show the 61.8% level at around $3.6350, which has acted as a temporary floor. The 38.2% level is at $3.6520 and has previously failed as a resistance. On the daily chart, the 50% retracement level from the broader downtrend is near $3.6450, which could serve as a potential area of interest in the coming 24 hours.

Backtest Hypothesis

The backtesting strategy proposes a mean-reversion trade when the 15-minute RSI falls below 30 and price retests key Fibonacci levels (particularly 61.8% and 50%) with a bullish engulfing pattern or doji confirming indecision. A long entry is triggered on a close above the doji's high, with a stop below the doji's low and a target at the nearest Fibonacci resistance. Given the recent oversold RSI and failed bearish engulfing pattern in the early hours, this setup could offer a potential short-term reversal opportunity. However, continued bearish volume and a lack of follow-through buying may limit upside potential.