Market Overview for SushiSwap/Tether (SUSHIUSDT) – 2025-10-24

• SushiSwap/Tether traded lower over the last 24 hours, closing near session lows amid subdued momentum.
• Price action saw a late-day breakout above 0.5350, but failed to hold gains, indicating bearish pressure.
• Volatility remained compressed within Bollinger Bands, with RSI near neutral territory and no extreme overbought/oversold readings.
• Notional turnover increased in the overnight session, suggesting heightened interest but with mixed directional bias.
• No classic candlestick reversal patterns emerged, though a bearish breakdown in late ET hours reinforced short-term bearish sentiment.

Market Snapshot

SushiSwap/Tether (SUSHIUSDT) opened at $0.5299 on 2025-10-23 at 12:00 ET and closed at $0.5266 on 2025-10-24 at 12:00 ET, recording a 24-hour high of $0.5414 and a low of $0.5232. Total volume amounted to 1,927,034.2 units, with notional turnover reaching approximately $994,000. The pair spent much of the session consolidating, with a sharp bearish breakdown occurring in the 16:00–16:15 ET window.

Structure & Formations

Price action displayed a series of bearish small-body candles from 04:00 to 06:00 ET before a strong rejection at 0.5394–0.5382. A late bearish engulfing structure formed in the 15:45–16:00 ET interval, as a green candle at 0.5293–0.5278 was followed by a red candle engulfing it completely. This pattern, though rare in SUSHIUSDT, suggests a potential short-term reversal. No doji or indecision candles were formed, but the overall structure points to a bearish shift in sentiment.

Moving Averages & Bollinger Bands

On the 15-minute chart, the 20- and 50-period SMAs were closely aligned around 0.5330, reflecting a flat trend. Bollinger Bands remained narrow during the early session, signaling low volatility, but expanded in the afternoon as price dropped below the lower band. This contraction-expansion pattern is typical of a consolidation-breach scenario, and the current price action is now sitting just above the 20SMA, suggesting potential for a retest of key support levels.

MACD & RSI

The 15-minute MACD remained below the zero line, with the histogram showing a bearish divergence as price failed to make a new high while momentum continued to contract. RSI dipped to 50 in the final hour, indicating neutral momentum but lacking overbought signals. The pair appears to be in a phase of exhaustion, with bears gaining control in the final trading window.

Volume & Turnover

Volume surged sharply in the 16:00–16:15 ET window, coinciding with the bearish breakdown from 0.5293 to 0.5266. Notional turnover reached a 24-hour peak during this window, at $52,514.9, suggesting increased selling pressure. The divergence between price and volume is worth noting: while volume spiked, price failed to close above prior levels, signaling a bearish confirmation.

Fibonacci Retracements

On the 15-minute chart, the 0.5350–0.5232 swing low formed a key 61.8% Fibonacci retracement level at 0.5290, which was tested and rejected twice in the late ET hours. This level could serve as a critical support zone ahead. On the daily chart, the 0.5275–0.5414 swing is currently in play, with the 38.2% and 61.8% levels expected around 0.5353 and 0.5299 respectively. These levels may dictate the near-term bias.

Backtest Hypothesis

A recent backtest aimed to evaluate a short-side strategy based on the “Bearish Engulfing” pattern using daily SUSHIUSD data from 2022–2025. The results showed no instances of the strict Bearish Engulfing pattern forming under classical criteria—no prior bullish candle was fully engulfed by a bearish one. While a few partial conditions were met, the full signal never appeared. As a result, the backtest generated no trade entries and returned an error due to an empty signal file. This suggests that SUSHI’s price behavior may not align well with the traditional candlestick pattern as defined. Future strategies could relax engulfing criteria or shift to other bearish patterns like Shooting Star or Evening Star, or consider shorter time frames where such signals appear more frequently.