Market Overview for Sonic/Tether USDt (SUSDT) – 2025-09-11

• Sonic/Tether USDt (SUSDT) traded in a narrow range, with price consolidating below key resistance.
• Momentum indicators signal moderate bearish pressure but no overbought or oversold extremes.
• Volatility dipped after a sharp selloff mid-day, while volume spiked during the 18:30–19:30 ET selloff.
• A bearish engulfing pattern and 61.8% Fibonacci level were tested but not decisively broken.
• Bollinger Bands show a contraction phase, hinting at potential for a breakout or breakdown in the near term.

Sonic/Tether USDt (SUSDT) opened at $0.3036 on 2025-09-10 at 12:00 ET and closed at $0.2993 by 12:00 ET the following day, with a high of $0.3041 and a low of $0.2956. Total volume across the 24-hour window was 48,572,609.6, while total turnover reached approximately $14,536,295.51. The pair spent much of the session in a tight consolidation phase following a mid-day selloff.

Structure & Formations

Price action on the 15-minute chart revealed a bearish engulfing pattern during the selloff between 18:30 and 19:30 ET, as a large bearish candle engulfed the preceding bullish one. This confirmed a short-term shift in sentiment. A key support level was retested at $0.2972, aligning with the 61.8% Fibonacci retracement level of a prior bullish swing, but it held during the final hours of the session. No strong reversal patterns were observed, though a doji formed near the close, suggesting indecision.

Moving Averages

On the 15-minute chart, price has remained below both the 20-period and 50-period moving averages, which slope downward. This reinforces a short-term bearish bias. On the daily chart, the 50- and 200-day moving averages are further apart, with price currently below both, reinforcing a medium-term bearish trend.

Backtest Hypothesis

The backtesting strategy suggests using the 61.8% Fibonacci level as a dynamic support threshold with a stop loss placed slightly below it to capture rebounds from key areas. Traders could look to enter short positions after a bearish engulfing or doji pattern forms at or near this level, with a target near the 38.2% retracement and a stop at the 78.6% level. This aligns with the observed behavior during the 18:30–19:30 ET sell-off, where price bounced off $0.2972.

MACD & RSI

The MACD line remained below the signal line for the entire 24-hour period, with a bearish crossover occurring during the selloff, reinforcing the bearish momentum. The RSI lingered in neutral to slightly bearish territory (below 50), with no clear overbought or oversold readings, indicating a lack of extreme momentum. The MACD histogram showed a shrinking bearish divergence as the session progressed, hinting at potential stabilizing forces.

Bollinger Bands

Volatility tightened toward the end of the session, with price trading near the lower Bollinger Band for several hours. This contraction suggests a possible breakout or breakdown is pending, although no decisive break was seen before the 12:00 ET close. The narrowing bands could indicate a period of consolidation before a larger move.

Volume & Turnover

Volume spiked sharply during the mid-day selloff, particularly around the 18:30–19:30 ET period, where a large volume candle marked the breakdown of a key level. Notional turnover aligned with these volume spikes, confirming the bearish move. No divergences were observed between price and turnover, suggesting the selling pressure was genuine and supported by liquidity.

Fibonacci Retracements

The most recent bullish swing on the 15-minute chart ended at $0.3041, with the 61.8% retracement at $0.2972. Price tested this level twice before consolidating, suggesting it remains a critical area. On the daily chart, the 61.8% retracement from the longer-term high is near $0.2940, which may come into play in the next 48 hours if the downward trend continues.

Looking ahead, traders should monitor the $0.2972 support and the $0.3010–0.3015 resistance cluster for any breakout or breakdown. A test of $0.2940 could follow if bearish momentum continues, while a retest of $0.3010 may offer a near-term floor. As always, volatility and liquidity can shift rapidly in crypto markets, and caution is warranted.