Market Overview: SushiSwap/Tether (SUSHIUSDT) Faces Key Support Test on Volatile 24-Hour Session

Summary
• SUSHIUSDT tested 0.2808–0.2830 support cluster, with bearish momentum resuming post-0.2969 peak.
• 24-hour volume surged over 1.2 million at 0.2882–0.299 range, confirming a key reversal.
• MACD showed bearish divergence after an overbought RSI peak at 0.2969, signaling exhaustion.
• Price spent most of the session inside contracting Bollinger Bands before a sharp break below the lower band.
• Fibonacci levels at 0.2861–0.2843 appear to be immediate resistance, with 0.2824–0.2830 key support.

SushiSwap/Tether (SUSHIUSDT) opened at 0.2841 on 12/26 at 12:00 ET, reached a high of 0.2990, touched a low of 0.2808, and closed at 0.2882 on 12/27 at 12:00 ET. Total volume exceeded 1.7 million units, with a notional turnover of 492,897.86 USDT over the 24-hour period.

Structure & Formations

The 5-minute chart displayed a distinct bearish reversal after a sharp 0.2838–0.2969 bullish thrust. A long lower wick at 0.2882–0.2861 hinted at rejection at that level. Notable bearish engulfing patterns emerged at 0.2969–0.2882, while a potential support pivot formed at 0.2824–0.2830.

A bearish breakdown from the upper Bollinger Band occurred late in the session, aligning with the Fibonacci 61.8% retracement level from the 0.2808–0.2990 swing.

Momentum and Volatility

The 20-period and 50-period moving averages remained bearish on the 5-minute chart, with price closing below both after a late morning rally. The RSI peaked at overbought territory near 0.2969 but crashed to neutral levels by 0.2882–0.2861, showing exhaustion. MACD turned bearish with a negative divergence, confirming the reversal. Bollinger Bands had been in a tight contract during the consolidation phase but expanded rapidly during the sharp 0.2969–0.2882 decline.

Volume and Turnover Dynamics

Volume spiked dramatically during the 0.2838–0.2969 move, with a large 5-minute candle at 0.2838–0.2969 printing over 1.1 million in volume. Notional turnover confirmed the move, with the largest amount occurring during the 0.2838–0.2969 bar. The subsequent breakdown at 0.2882–0.2861 also saw strong volume, suggesting conviction in the bearish phase.

Fibonacci and Key Levels

Fibonacci levels played a key role in defining structure. The 61.8% retracement at 0.2861–0.2843 acted as a short-term resistance cluster after the 0.2808–0.2990 swing. A break below 0.2824–0.2830 could target the 78.6% level at 0.2808–0.2824. The 50-period moving average on the daily chart now sits just above 0.2835, suggesting potential near-term support.

The market appears to be in a bearish consolidation phase, with Fibonacci and moving average levels likely to dictate near-term direction. A break below 0.2824–0.2830 support could accelerate the downward trend, while a retest of 0.2861–0.2843 resistance may see renewed short-term bearish pressure. Investors should remain cautious about volatility and divergence signals in the coming 24 hours.