Market Overview for SushiSwap/Tether (SUSHIUSDT) on 2025-10-10

• SushiSwap/Tether (SUSHIUSDT) traded in a 24-hour range of $0.6636–$0.7190 with a final close near resistance at $0.6675.
• A sharp decline from $0.7190 to $0.6636 occurred over the last 15 minutes of the cycle, indicating bearish pressure.
• Volume spiked during the decline, with $1.46M in turnover at the bottom of the range.
• RSI reached oversold territory near the close, suggesting potential for a short-term bounce.
• Bollinger Bands widened during the drop, confirming increased volatility and possible consolidation ahead.

SushiSwap/Tether (SUSHIUSDT) opened at $0.6675 on 2025-10-10 and traded within a 24-hour range of $0.6636–$0.7190, closing at $0.6675 at 12:00 ET. The total volume traded over the period was 14,983,330.4 SUSHI with a total turnover of approximately $10,123,541.45, indicating heightened participation during the bearish phase. The pair experienced a sharp retracement from $0.7190 to $0.6636, driven by strong bearish momentum.

Structure & Formations

Key support levels were identified near $0.6651–$0.6636, with a breakdown occurring after a long bearish candle on the 15-minute chart. A doji formed at $0.6675, suggesting indecision among traders. An engulfing bearish pattern emerged between $0.7083 and $0.6861, signaling a strong shift in sentiment. Resistance levels remain at $0.6804 and $0.6919, with the former being a psychological level that may trigger a bounce or another sell-off depending on volume.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart have been bearishly aligned, with price closing below both at the end of the period. The 50-period MA on the daily chart also sits above the 200-period, indicating a broader bearish bias. Price appears to be in a downside channel, with the 50-day MA currently at $0.6919, which may act as a key psychological resistance level.

MACD & RSI

The MACD turned negative during the bearish phase, with the signal line crossing below the zero line, confirming bearish momentum. RSI dipped into oversold territory at the 28–29 level near the close, suggesting a possible short-term bounce. However, RSI remains below its 50-level, indicating that the broader trend is still bearish. A reversal in the RSI could be an early sign of a potential short-covering rally.

Bollinger Bands

Bollinger Bands expanded during the sharp selloff, with the low of $0.6636 reaching the lower band. Price has closed near the lower band, indicating high volatility and potential exhaustion in the bearish move. A bounce off the lower band could trigger a temporary retest of the $0.6804 level, with volume and RSI divergence acting as key confirmation for a reversal.

Volume & Turnover

Volume spiked dramatically during the bearish leg, with $1.46M in turnover during the last 15-minute candle (16:00–16:15 ET). This suggests strong selling pressure and possible profit-taking or stop-loss activity. However, the volume during the potential bullish bounce off $0.6636 was relatively low, indicating lack of conviction in buyers. A divergence between price and volume could signal an impending reversal.

Fibonacci Retracements

Applying Fibonacci retracements to the swing high of $0.7190 and the swing low of $0.6636, the key levels include $0.6952 (38.2%) and $0.6826 (61.8%). The pair retested the 61.8% level during the 15-minute chart action and failed to break through, which may indicate strong resistance at this level. A move above $0.6952 would be a positive sign for buyers.

Backtest Hypothesis

The recent price action aligns well with a backtest strategy that uses a MACD crossover and RSI divergence as entry signals, particularly in a bearish environment. The MACD signal line crossing below the histogram and the RSI hitting oversold levels near $0.6636 could have triggered a short-term buy on dip strategy. For confirmation, traders could have waited for a bullish engulfing pattern or a retest of the $0.6804 level on increased volume before taking long positions. This suggests a viable setup for a mean reversion strategy in the next 24 hours.