Market Overview for SUIUSD on 2025-08-30

• SUIUSD declined from a 24-hour high of $3.3421 to $3.2639, closing near the session low.
• A bullish reversal attempt emerged around $3.2655, but failed to hold above $3.3178.
• Volume spiked at key turning points, confirming bearish rejection above $3.3178.
• Volatility remained compressed for much of the session, with price consolidating near $3.2639.
• RSI and MACD showed bearish momentum divergence, suggesting further downside risk.

SUIUSD opened at $3.3046 on 2025-08-29 12:00 ET, reached a high of $3.3421, and closed at $3.2639 on 2025-08-30 12:00 ET. Total volume for the 24-hour window was 2,942.3 SUI, with a turnover of approximately $9,672.31. The price action suggests bearish consolidation and potential continuation of downward momentum.

Structure & Formations

The price structure for SUIUSD showed a sharp bearish breakdown starting around 18:30 ET, with a close at $3.2312 signaling rejection above this level. A subsequent attempt to rally above $3.2655 failed, leading to a bearish engulfing pattern forming at the $3.2655–$3.2639 range. This suggests a continuation of the short-term downtrend, with key support likely to be tested at $3.2639.

Moving Averages

On the 15-minute chart, SUIUSD closed below its 20- and 50-period moving averages, confirming the bearish bias. On a daily basis, the 50, 100, and 200-day moving averages are all aligned in a bearish formation, reinforcing the idea that any short-term bounce may be limited in scope and duration.

MACD & RSI

MACD turned negative in the latter half of the session, confirming the bearish shift in momentum. RSI dipped into oversold territory, suggesting the price may stabilize in the near term. However, RSI failed to confirm a bullish reversal above 50, which may indicate that the downtrend could persist. The divergence between price and RSI at the $3.2655 level suggests a possible continuation of the bearish move.

Bollinger Bands

Price action remained within the Bollinger Band midline for much of the session, with volatility compressing during consolidation. A breakdown below the lower band occurred at $3.2639, signaling a bearish continuation. The contraction preceding the breakdown may suggest a low-probability countertrend bounce, but the current bias remains to the downside.

Volume & Turnover

Volume spiked around the 18:30 and 08:15 ET timeframes, confirming key bearish rejections above $3.3178 and $3.2655. The higher volume during these breakdowns aligns with the price action, indicating strong bearish conviction. However, no significant divergence between volume and price was observed during the consolidation phase, suggesting the move was largely in line with market sentiment.

Fibonacci Retracements

On the 15-minute chart, the move from $3.3421 to $3.2639 saw price retesting the 61.8% retracement level at $3.2977, which failed to hold. On the daily timeframe, the 50% retracement of the larger swing high/low is currently at $3.3000, a level that could serve as a key psychological and technical pivot point for the near term.

Backtest Hypothesis

A backtest of the “Buy SUI on a Bullish Engulfing pattern and hold for 24 hours” strategy, applied from 1 Jan 2022 to 30 Aug 2025, revealed mixed results. Out of 33 qualifying events, the strategy had a 33% win rate and an average 1-day return of -0.47%, underperforming the -0.04% benchmark. These results suggest the pattern did not generate a statistically significant positive edge for SUIUSD over the 24-hour period. This aligns with the current technical environment, where bearish momentum indicators and moving averages are aligned against a bullish breakout.