Market Overview for SushiSwap/Tether (SUSHIUSDT) on 2025-09-23

• SushiSwap/Tether (SUSHIUSDT) traded in a 24-hour range of $0.6624–$0.6857, closing near the mid-range at $0.6777.
• Price consolidated after a sharp pullback, with key support at $0.6742 and resistance at $0.6825.
• Volume spiked during the decline, but waned in the final hours, signaling potential exhaustion.
• RSI and MACD show mixed momentum with overbought readings in the morning followed by a bearish divergence.
• Volatility expanded during the sharp drop, but Bollinger Bands have since narrowed, suggesting possible consolidation.

SushiSwap/Tether (SUSHIUSDT) opened at $0.6733 on 2025-09-22 at 16:00 ET and closed at $0.6777 at 12:00 ET on 2025-09-23. The pair reached a high of $0.6857 and a low of $0.6624, with a total volume of 2,270,627.0 units traded and a notional turnover of approximately $1,537,655 (based on volume-weighted average price). The price action was marked by a sharp pullback and retest, with key support and resistance levels forming during the session.

Structure & Formations

The 15-minute chart showed a clear bearish reversal pattern after the price reached a peak of $0.6857. A large bearish candle formed at $0.6857–$0.6772, followed by a retest of the $0.6742 support level. This level acted as a strong floor, preventing further downside. A bullish engulfing pattern emerged near $0.6742, suggesting potential short-term support. A doji at $0.672–$0.6725 also indicated indecision and potential consolidation.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages (SMA) crossed into a bearish alignment during the decline, reinforcing the downward momentum. On the daily chart, the 50/100/200-period SMAs remained relatively flat, indicating a lack of strong directional bias at the longer timeframe. The 50-period SMA was slightly above the 100-period SMA, suggesting a slight bearish slant in the intermediate term.

MACD & RSI

The MACD histogram showed a bearish divergence in the morning hours as the price rallied but momentum waned. By the afternoon, the MACD crossed into negative territory, confirming the bearish bias. The RSI fluctuated between overbought (above 70) and neutral levels, with a brief overbought spike followed by a decline toward oversold (around 30) by the close, indicating possible exhaustion in the downside move.

Bollinger Bands

Volatility expanded significantly during the sharp decline from $0.6857 to $0.6624, with price falling below the lower band. Since then, the bands have begun to contract, suggesting a potential period of consolidation. Price remains above the lower band and within the middle band, indicating a potential bounce from key support levels.

Volume & Turnover

Volume spiked during the morning hours as the price moved lower, with the most significant spike occurring at $0.6639–$0.6669, where turnover was $2,353,300. However, volume dropped off sharply in the final hours, indicating potential exhaustion in the downward move. The price action and volume profile suggest that the bearish move may have run out of steam, but confirmation is needed above $0.6785 to validate a reversal.

Fibonacci Retracements

Applying Fibonacci retracement levels to the key swing from $0.6624 to $0.6857, the 38.2% retracement level is around $0.6743 and the 61.8% level is near $0.6784. The price found support at the 38.2% level and is currently testing the 61.8% level. A breakout above $0.6784 would confirm a bullish retest and suggest a potential move toward the $0.6800–$0.6825 resistance zone.

Looking ahead, SUSHIUSDT could consolidate near $0.6742–$0.6785 in the next 24 hours. A break above $0.6800 could trigger a retest of the $0.6825–$0.6857 resistance zone, but a failure to hold above $0.6742 could lead to a test of lower support levels. Investors should remain cautious of potential bearish follow-through or consolidation around key Fibonacci levels.

Backtest Hypothesis

Given the recent price action and technical setup, a potential backtest strategy could involve a bullish breakout above the $0.6785 level with a stop loss placed just below $0.6742. The target would be set to $0.6815–$0.6835, based on the 61.8% Fibonacci retracement and recent resistance levels. This strategy would be most effective in a low-volatility environment where the market is consolidating after a sharp move, as is currently the case. The MACD and RSI divergence also supports a potential bounce, making this a viable candidate for a short-term breakout trade.