Market Overview: SushiSwap/Tether (SUSHIUSDT) - 24-Hour Analysis

• SUSHI/USDT declined from 0.7389 to 0.7070 in 24 hours, closing near support.
• Volatility expanded with a 15-minute high of 0.7389 and low of 0.7063.
• RSI remains in oversold territory, suggesting potential for short-term bounce.
• Volume surged during the drop, confirming bearish momentum.

The SushiSwap/Tether pair (SUSHIUSDT) opened at 0.7219 on 2025-10-03 16:00 ET and closed at 0.7149 by 2025-10-04 12:00 ET, recording a 24-hour low of 0.7063 and high of 0.7389. Total volume reached 2,481,297.9, while total turnover amounted to approximately 1.74 million USDT, reflecting elevated volatility and trading intensity.

Structure & Formations

Price action revealed a bearish trend, marked by a strong bearish engulfing pattern around 0.7280–0.7235, confirming a shift in sentiment. A potential support level formed near 0.7100–0.7085, where price repeatedly found a floor. A doji candle near 0.7120–0.7102 suggests indecision, potentially signaling a short-term reversal. A key resistance level appears to be at 0.7250–0.7265, with multiple failed attempts to break above this range.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages (20SMA and 50SMA) both trended lower, with the 20SMA crossing below the 50SMA to form a death cross. This reinforces the bearish momentum. On the daily chart, the 50DMA and 200DMA remain in a bearish alignment, with price trading below both indicators, suggesting continuation of the downtrend.

MACD & RSI

The MACD line crossed below the signal line during the early part of the session, forming a bearish crossover. Momentum has been negative throughout, with the histogram showing a consistent contraction. The RSI reached oversold territory (below 30), which typically indicates a potential bounce, though without a strong bullish catalyst, a bearish continuation cannot be ruled out. Divergence between price and RSI remains limited, offering no clear reversal signal.

Bollinger Bands

Volatility has expanded, as evidenced by a widening of the Bollinger Bands. Price touched the lower band multiple times during the session, especially near 0.7085 and 0.7063. This indicates oversold conditions and potential for a reversion to the mean. The middle band is currently sloping downward, aligning with the bearish trend.

Volume & Turnover

Trading volume surged during the downward move, particularly between 19:00 and 00:15 ET, confirming the bearish momentum. Notional turnover also increased, aligning with price. Divergence between volume and price was not observed, reinforcing the bearish narrative. However, the high volume at 0.7100–0.7085 suggests potential for a short-term bounce or consolidation.

Fibonacci Retracements

Applying Fibonacci levels to the 15-minute move from 0.7389 to 0.7063, key retracement levels include 0.7247 (38.2%) and 0.7155 (61.8%). Price tested the 61.8% level at 0.7155, forming a potential support area. On the daily chart, Fibonacci levels from the recent high of 0.7389 to low of 0.7063 suggest a 0.7155–0.7247 range for potential support/resistance consolidation in the near term.

Backtest Hypothesis

The backtest strategy described focuses on a mean-reversion model using a 15-minute timeframe. It involves entering long positions when price closes above the 20SMA after an RSI dip below 30, or short positions when price closes below the 20SMA after an RSI rise above 70. Given today’s price action, the conditions for a long entry appear favorable near 0.7100–0.7085, where RSI is in oversold territory and price is bouncing off the lower Bollinger Band. However, the absence of a bullish breakout or strong buying volume suggests that such a signal would carry higher risk without confirmation from higher timeframes.