Market Overview for SUIUSDT on 2025-10-06

• SUIUSDT opened at $3.5957 and closed at $3.6728, with a 24-hour high of $3.6811 and low of $3.5219.
• Price surged 2.24% on strong afternoon buying, forming a bullish engulfing pattern near support at $3.56.
• Volatility expanded in the final 6 hours, with volume surging to 4.1 million SUI traded.
• RSI reached 68 at peak, suggesting overbought conditions, while MACD crossed into positive territory.
• Bollinger Bands tightened in early morning before a breakout, confirming renewed bullish momentum.

Sui/Tether (SUIUSDT) opened at $3.5957 on October 5 and closed at $3.6728 on October 6, with a 24-hour high of $3.6811 and low of $3.5219. Total volume amounted to 10.67 million SUI, representing $37.4 million in turnover. The pair formed a bullish engulfing pattern and broke above a key resistance at $3.6431, signaling potential for further upside.

Structure & Formations

Price action formed a bullish engulfing pattern at $3.56–$3.62, confirming a short-term reversal from a downtrend. A key resistance at $3.6431 was tested and cleared in the morning, followed by a strong breakout. Notable bearish divergence emerged at $3.57–$3.62, but was invalidated by renewed buying pressure. A multi-hour consolidation between $3.61 and $3.63 appears to have formed a rising wedge, suggesting a possible continuation above $3.68.

Moving Averages

On the 15-minute chart, the 20-period EMA crossed above the 50-period EMA in the early morning, forming a golden cross. This was followed by a sharp rally into the afternoon. On the daily chart, the 50-period SMA at $3.623 and 200-period SMA at $3.597 are both now supporting the current trend. Price is well above all key moving averages, indicating a strong bullish bias.

MACD & RSI

The MACD histogram turned positive at 09:00 ET and remained bullish throughout the session, with a strong divergence forming in the afternoon. RSI climbed to 68 at peak, entering overbought territory, but remained above 50, suggesting sustained momentum. A potential pullback may test the 55–60 RSI level for a continuation or consolidation.

Bollinger Bands

Volatility tightened significantly between 00:00 and 06:00 ET, as price moved within a 3.6% range. A breakout occurred at 06:45 ET when price surged above the upper band, confirming a bullish shift. Price remained above the 20-period moving average and within the upper band for most of the afternoon, indicating strong buying pressure.

Volume & Turnover

Volume surged to 4.1 million SUI in the final 6 hours, with a notable increase in notional value to $15 million between 15:00 and 16:00 ET. The price move during this period was strongly supported by volume, suggesting a genuine breakout. A divergence between the volume profile and price during the 03:00–05:00 ET consolidation suggests some profit-taking occurred before the final rally.

Fibonacci Retracements

Key Fibonacci levels from the $3.5219 low to $3.6811 high were retested throughout the session. The 61.8% level at $3.635 and 78.6% at $3.665 were both approached and held. A potential target for further upside is the 127.2% extension at $3.717, which could be tested if the current bullish trend continues.

Backtest Hypothesis

The backtesting strategy involves entering long positions on a bullish engulfing pattern confirmed by a close above the 20-period EMA, with a stop-loss below the engulfing pattern's low. This aligns well with the 09:00–10:00 ET move, where price confirmed the pattern and surged past key moving averages. A trailing stop at the 50-period EMA could have captured most of the upward move, with RSI overbought readings offering a natural exit point. Historical data suggests this strategy performs best when combined with a volume filter to confirm genuine momentum rather than false breakouts.