Market Overview for SushiSwap/Tether (SUSHIUSDT) – 2025-11-04

Summary
• SUSHIUSDT edged lower in a volatile 24-hour session, closing near session lows.
• Volatility spiked after 20:00 ET, with a 1.5% intraday swing observed.
• MACD and RSI signaled weakening momentum and oversold conditions.

SushiSwap/Tether (SUSHIUSDT) opened at $0.449 on 2025-11-03 12:00 ET and closed at $0.4428 by 12:00 ET on 2025-11-04, dipping below key support levels. The 24-hour high was $0.4597, while the low hit $0.4323. The pair traded with a total volume of 15.4 million units and a turnover of approximately $6.7 million.

The 15-minute chart reveals a distinct bearish bias after 19:00 ET, as price failed to hold above the 50-period moving average. A series of lower highs and lower lows emerged, forming a descending channel. A bearish engulfing pattern appeared at the top of the move around $0.4597, signaling a shift in sentiment. On the daily chart, the 50- and 200-period moving averages are converging, suggesting a possible retest of longer-term support at $0.435.

Relative Strength Index (RSI) hit oversold territory below 30, indicating possible near-term support, while the Moving Average Convergence Divergence (MACD) turned negative with bearish divergence. Bollinger Bands expanded as volatility increased during the evening hours, with price frequently touching the lower band, suggesting a potential bounce.

Fibonacci retracement levels are key to watch: 61.8% at $0.440 and 78.6% at $0.432 appear critical, as they align with recent volume spikes. Volume and turnover surged during the downward move, with the largest turnover spike at $0.4467 following the bearish engulfing pattern. This suggests strong participation in the short-term bearish momentum.

The pair may find support near $0.432–0.435, where buyers could step in. A break below this range would likely trigger a retest of $0.425. However, a bounce from current levels could lead to a test of $0.450–0.452 resistance. Traders should remain cautious as momentum indicators suggest a possible rebound, but trend confirmation is pending.

The backtest hypothesis aims to evaluate the performance of a rule-based trading strategy on SUSHIUSDT. The initial setup encountered issues due to zero close prices for certain event dates, which disrupted calculations. To resolve this, it's recommended to filter out these zero-price events or switch to open prices as the basis. Another alternative is to shift the entry to the next non-zero price day or convert the test into a full strategy backtest using the strategy_backtest_engine. This would allow for sell signals to be triggered on pattern days and closed 7 days later. For accurate performance evaluation, it's crucial to address the zero-price issue to ensure the strategy reflects realistic market conditions.