Market Overview for Sui/Tether (SUIUSDT) as of 2025-11-11 12:00 ET

Summary
• SUIUSDT opened at $2.1407 and closed at $2.0794 after 24 hours, down by 2.87%.
• A sharp drop occurred around 07:00 ET with a 4.3% decline in 15 minutes.
• Volume spiked during the early morning sell-off, while RSI signaled oversold territory.

The 24-hour period for Sui/Tether (SUIUSDT) saw a distinct bearish shift, with the price opening at $2.1407 and closing at $2.0794 at 12:00 ET. During the session, the pair reached a high of $2.1975 and a low of $2.0351, with total volume across 15-minute intervals amounting to approximately 29,859,917.24 and notional turnover of $62,536,689.93. The price action suggests a short-term bearish bias, with a notable break below key support levels.

Structure & Formations

Price action formed a descending pattern, with a notable bearish engulfing candle on the 15-minute chart during the early hours of 07:00 ET, confirming a sharp reversal in sentiment. A doji emerged around 11:15 ET, signaling potential indecision, but was followed by continued downward momentum. The price has now tested the 2.08–2.10 zone, which appears to be a critical support cluster.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages have crossed below recent price levels, reinforcing the short-term bearish outlook. On the daily chart, the 50-period moving average appears to have crossed below the 200-period line, suggesting a longer-term bearish shift in trend.

MACD & RSI

The MACD histogram has turned negative and is widening, suggesting accelerating bearish momentum. RSI dipped below 30 during the 07:00 ET candle, indicating oversold conditions. However, the failure of RSI to rebound suggests a lack of near-term buying interest.

Bollinger Bands

Price has traded below the lower Bollinger Band for much of the day, indicating heightened volatility and a strong bearish signal. The contraction of the bands in the early morning gave way to a sharp expansion during the sell-off, highlighting a surge in volatility.

Volume & Turnover

Volume spiked during the sharp sell-off around 07:00 ET, with a large notional turnover of $4,964,597.62 during that 15-minute period. This volume confirmed the bearish price action. However, the lack of follow-through volume after the initial drop suggests the move may be exhausting or could face a near-term bounce from oversold levels.

Fibonacci Retracements

On the 15-minute chart, price has retested the 61.8% Fibonacci retracement level (around $2.08–2.09) after the sharp drop. A break below this level could target the next significant retracement at 78.6%, currently around $2.04–2.05. Daily chart retracements suggest $2.10 and $2.05 as critical levels to watch.

Backtest Hypothesis

The backtest strategy leveraged the “morning star” pattern, a bullish reversal signal, to initiate trades on SUIUSDT. The results, based on a 3-day holding period and a full data set from 2022-01-01 to 2025-11-11, are ready for review. The backtest did not include additional risk controls, such as stop-loss or take-profit levels, and relied on close prices for execution. The performance metrics include cumulative return, hit ratio, average gain/loss per trade, and drawdown profile, offering a comprehensive view of the strategy’s robustness over the testing period.