Market Overview: SUIUSDT 24-Hour Candlestick Analysis

Summary
• Price closed lower at $2.0824 from $2.0814, with a 24-hour low of $2.0613 and high of $2.1946.
• Volatility expanded after a midday rally, with volume spiking on the break of key resistance.
• RSI entered oversold territory, suggesting potential for a short-term bounce.

The Sui/Tether (SUIUSDT) pair opened at $2.0814 on 2025-11-07 at 12:00 ET and closed at $2.0824 the following day. The 24-hour candle reached a high of $2.1946 and a low of $2.0613, forming a large-bodied bearish candle with a long upper wick. Total volume amounted to 13,875,296.2, and notional turnover (volume × close) reached approximately $28.8 million.

Price action revealed a strong bearish impulse following a failed rally to $2.1946. A key resistance level was broken on the 15-minute chart at $2.15–2.16, followed by a pullback into oversold RSI territory. A notable doji formed at the 24-hour low, indicating indecision in the market. The 20- and 50-period moving averages on the 15-minute chart converged below price, confirming the short-term downtrend.

Bollinger Bands expanded significantly during the sharp sell-off, with price closing near the lower band on the 15-minute chart. A 61.8% Fibonacci retracement level of the $2.0613–$2.1946 swing is at $2.109, which may offer some near-term support if buyers step in. MACD remains bearish but with narrowing divergence, suggesting a potential pause in the downward move.

The “RSI Oversold, 1-Day Hold” strategy was tested over the period from May 3, 2023, to November 8, 2025. The results indicate a modest total return of +1.8%, with an annualized return of approximately 1.1%. However, the strategy faced significant volatility, as evidenced by a maximum drawdown of 17.1% and a Sharpe ratio of 0.10. The average trade profitability was low at 0.36%, with small gains of 4.8% and larger losses of -5.0%. The strategy appears to struggle in environments of high volatility and bearish momentum, suggesting it may not be well-suited for the current market conditions where SUIUSDT is trading below key support levels and exhibiting strong bearish sentiment.

Looking ahead, SUIUSDT may find near-term support around the $2.06–2.07 range, with potential for a short-term rebound if RSI continues to show oversold divergence. However, sustained momentum below the 50-period moving average suggests caution. Investors should watch for a break of the doji low or a test of the 61.8% Fibonacci level, with a risk of further downside into $2.05 territory if selling pressure persists.