Market Overview for Sonic/Tether USDt (SUSDT)

• Sonic/Tether USDt (SUSDT) declined over the last 24 hours, closing below key support levels with bearish momentum.
• The RSI approached oversold levels, suggesting short-term exhaustion but lacks confirmation from volume.
• Volatility expanded in early morning hours, with a large bearish candle confirming bearish control.
• Bollinger Bands widened as price tested lower boundaries, signaling heightened uncertainty.
• Total turnover reached $129.9 million, while volume surged during the early morning sell-off.

Sonic/Tether USDt (SUSDT) opened at $0.3058 on 2025-09-05 at 12:00 ET and closed at $0.2999 on 2025-09-06 at 12:00 ET. The pair reached a high of $0.3069 and a low of $0.2983. Total volume for the 24-hour period was 12.34 million, with a notional turnover of approximately $129.9 million.

Structure & Formations

Over the past 24 hours, SUSDT displayed a strong bearish bias with a key support level forming around $0.3000–$0.2995. A large bearish candle in the early morning, closing at $0.3003 from an open of $0.3002, suggests aggressive selling pressure. Doji and small-bodied candles appeared toward the end of the period, hinting at potential consolidation. A bearish engulfing pattern formed around $0.3033, indicating short-term bearish exhaustion. Resistance levels appear at $0.3055–$0.3060 and $0.3070.

Moving Averages

The 15-minute chart shows the price closing below both the 20-period and 50-period moving averages, reinforcing the bearish momentum. On the daily chart, the price remains below the 50, 100, and 200-period moving averages, suggesting a longer-term downtrend remains intact. The 20-period MA has been trending downward, indicating short-term bearish bias, while the 50-period MA has been consolidating slightly to the downside.

MACD & RSI

The MACD line crossed below the signal line early in the 24-hour window, confirming bearish momentum, while the histogram expanded during the early morning sell-off. The RSI has dipped below 30, entering oversold territory, but volume has not confirmed a strong short-covering move. This suggests oversold conditions are likely to persist, though a rebound could be driven by accumulation rather than strong buying pressure.

Bollinger Bands

Volatility expanded notably in the early morning, with the Bollinger Bands widening and price testing the lower band around $0.2995. Price action remained within the bands for most of the period, indicating a controlled decline rather than a panic move. A contraction in the bands occurred during the late-night hours, followed by a sharp expansion, suggesting a potential reversal may occur if buyers step in at the lower levels.

Volume & Turnover

Volume spiked in the early morning hours with a large bearish candle at $0.3003, which had a volume of 756,002.3. This supports the bearish move. However, volume has declined significantly in the latter half of the 24-hour period, with small candles and minimal turnover. Turnover peaked in the early morning at $129.9 million and has since dropped, suggesting the bearish momentum may be waning. A divergence between price and turnover could signal a potential reversal if the trend continues.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from $0.3069 to $0.2983, the price has tested the 61.8% retracement level around $0.3003 and is now hovering near the 50% level at $0.2997. This suggests the pair may find support or resistance at these key levels over the next 24 hours. A break below the 38.2% level at $0.2989 could accelerate the downward movement.

Backtest Hypothesis

A potential backtest strategy involves entering short positions on a bearish engulfing pattern confirmed by volume spikes, with stop-loss placed above the high of the engulfing candle and a take-profit at the 38.2% Fibonacci retracement level. This strategy could be tested using historical 15-minute data and refined by adding RSI-based filters (e.g., RSI below 40 for confirmation of bearish momentum). The current price structure and volatility suggest this approach could be viable in the near term.