Market Overview for Sui/Tether (SUIUSDT): 24-Hour Downtrend and Technical Indicators

• SUIUSDT dropped 13.5% over 24 hours, with volatility spiking during the early morning ETH-UTC selloff.
• A bearish breakdown below 3.550 confirmed a continuation of a prior downtrend, with low RSI suggesting oversold conditions.
• Volume surged at the 00:45 ET–01:00 ET timeframe, confirming the price drop with high notional turnover.
• The 3.344–3.474 zone is forming a key short-term support area, while 3.400–3.420 is a critical pivot for near-term traders.

Sui/Tether (SUIUSDT) opened at 3.6323 on 2025-09-21 12:00 ET and closed at 3.3589 the following day, with a 24-hour high of 3.6444 and a low of 3.235. Total volume for the 24-hour window was 240.4 million SUI, with a notional turnover of $816.2 million. The pair experienced a sharp bearish swing late at night, which accelerated during the 00:45–06:15 ET window.

Structure & Formations

Price action for SUIUSDT revealed a strong bearish bias during the early morning hours of 2025-09-22, marked by a breakdown below 3.550, followed by a 3.400–3.235 sell-off. This move formed a bearish flag pattern within the larger downtrend, with the most significant bearish confirmation occurring at 3.5544 → 3.5100 in the first hour of the selloff. The candle at 00:45–01:00 ET (closing at 3.5193) was a large bearish engulfing pattern, which confirmed the breakdown. A doji formed at 01:45–02:00 ET, suggesting exhaustion in the downward momentum, but it failed to reverse the trend.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were both bearish, with price action staying well below both. The 200-period moving average on the daily timeframe also remained a strong resistance, acting as a ceiling during the rebound attempts. The 50-period MA on the daily chart was at ~3.495, which served as a pivot point for bulls trying to stabilize the pair.

MACD & RSI

The MACD turned strongly bearish during the selloff, with the histogram showing large negative divergences starting at 00:45 ET. RSI hit oversold territory at 25–28 during the early morning ETH-UTC window, suggesting potential for a bounce, though the bearish momentum was too strong to reverse. Both indicators confirmed the continuation of the downtrend, with no signs of a reversal yet.

Bollinger Bands

Volatility expanded significantly during the selloff, with price breaking well below the lower Bollinger Band at around 3.51–3.50 level. This expansion signaled a breakout in volatility, with price remaining below the 2σ threshold throughout the morning. As the pair approached the 3.400–3.420 range, volatility began to contract again, suggesting possible consolidation in the near term.

Volume & Turnover

Volume spiked dramatically during the early hours of the selloff, particularly in the 00:45–06:15 ET window, with the largest single 15-minute candle (00:45–01:00 ET) showing a notional turnover of $47.7 million. This suggests significant institutional selling pressure, especially as price moved from 3.5986 to 3.5193. However, the lack of a corresponding rebound in volume after the 02:45–03:00 ET candle (closing at 3.5009) suggests fading short-term bearish momentum.

Fibonacci Retracements

Applying Fibonacci retracement levels to the key 3.6444–3.235 move, the 61.8% level is at 3.367, which has acted as a temporary floor since 07:00 ET. Bulls failed to reclaim the 3.400–3.420 area, which corresponds to the 50% and 38.2% levels. This area is critical for any near-term reversal attempt, and a break above 3.420 could signal a potential bounce to 3.474–3.500 before testing higher levels.

Backtest Hypothesis

Given the recent bearish momentum and key Fibonacci levels, a potential backtesting strategy could involve entering short positions on a breakdown below the 3.344–3.365 range with a stop-loss placed above the 3.400–3.420 area. This strategy would aim to capture continuation of the downtrend while limiting risk if the price shows signs of reversal. Indicators like MACD and RSI could act as confirmation signals, with a bearish divergence in MACD and RSI in oversold territory offering high-probability entry points.