Market Overview for Sun/Tether (SUNUSDT) - 2025-11-09 12:00 ET

Summary
• SUNUSDT fell from $0.02262 to $0.02234, showing bearish momentum and weak volume in early hours.
• Price found temporary support near $0.02232–$0.02235 range, but failed to sustain a rebound.
• Large-volume downswing after 03:00 ET confirmed a breakdown, with over 3.5M USDT turnover in that hour.

At 12:00 ET–1 on 2025-11-08, SUNUSDT opened at $0.02258 and traded as high as $0.02262 before declining to a 24-hour low of $0.02232. It closed at $0.02239 at 12:00 ET. Total volume over the 24-hour window was 103,129,087.0 SUN tokens, with a total notional turnover of approximately $2,331,265 USDT.

The price action displayed a clear bearish bias throughout the session. After a modest early rally into $0.02262, a sharp breakdown occurred between 17:30 and 19:30 ET, with price falling to $0.02246 by mid-evening. A further selloff accelerated after 03:00 ET, with volume spiking on the $0.02234–$0.02232 move. The breakdown below prior intraday support at $0.02245 was confirmed with high conviction.

Price appears to have formed a bearish continuation pattern during the morning session, with a series of lower highs and lower lows. Key support levels to watch include $0.02234 and $0.02232, which have held as price consolidation zones. Resistance is now redefined at $0.02245–$0.02247, where previous intraday bounces failed.

Bollinger Bands indicate a moderate expansion in volatility during the late-night and early-morning selloff, with price closing near the lower band. The 20-period and 50-period moving averages are in a steepening downtrend, reinforcing the bearish bias. While momentum appears exhausted at current levels, a short-covering bounce could emerge if bulls show strength near the $0.02234–$0.02237 range. Investors should remain cautious, however, as any rally faces immediate overhead pressure.

The MACD line and signal line were both negative throughout the 24-hour period, with MACD divergence appearing as price made a low at $0.02232 while the indicator failed to make a lower low. This suggests a potential short-term bottoming process, though confirmation is pending. RSI bottomed at 23–27, indicating oversold conditions, yet volume failed to support a rebound, suggesting caution around aggressive short-covering.

Backtest Hypothesis

The lack of a usable MACD series from the data source prevents a direct backtest using the original strategy. However, the observed bearish divergence in the RSI and the breakdown from key support levels suggest that a backtest based on these signals could have triggered a sell or short signal. If the strategy had relied on RSI oversold conditions and confirmed price breaks, the current move could have aligned with a long-term bearish setup. In future analyses, ensuring the correct symbol format and data source is essential to avoid missing critical technical inputs.