Market Overview: SUIUSDT 24-Hour Price Action and Momentum Shifts

• SUIUSDT posted a 1.04% 24-hour decline amid declining volume and bearish momentum.
• A bearish breakdown below 2.85 marked a key 20SMA support level, with RSI indicating oversold conditions.
• Volatility remained suppressed with price consolidating within Bollinger Bands as Fibonacci levels hint at potential support at 2.79.

At 12:00 ET on 2025-10-14, SUIUSDT opened at 2.8488, reached a high of 3.0136, and closed at 2.7228 following a low of 2.6708. Total volume over 24 hours amounted to 115.4 million, with a notional turnover of approximately $310.6 million. Price action over the last 24 hours showed a distinct bearish shift, with the market retreating from key resistance levels and failing to hold above 290.

Structure & Formations

SUIUSDT has been in a bearish phase, breaking below the 20SMA (2.91) and testing support at 2.85 and 2.79. A notable bearish engulfing pattern formed on the 15-minute chart around 0700 ET, confirming a shift in sentiment. A doji at 2.795 (2200 ET) signaled indecision, though bearish momentum has since continued.

Moving Averages

On the 15-minute chart, the 20SMA currently sits at 2.91, and the 50SMA is at 2.95. The price is well below both, reinforcing short-term bearish momentum. Daily moving averages (50/100/200) are at 2.97, 2.95, and 2.93, respectively, with SUIUSDT now trading significantly below all of them, indicating a deeper bearish trend forming.

MACD & RSI

The MACD has moved into negative territory and appears to be trending lower, confirming a bearish bias. The RSI is in oversold territory at 28, suggesting the potential for a short-term bounce, but bearish momentum remains intact. The divergence between the MACD and RSI indicates a potential for further bearish movement unless a strong rebound occurs above 2.88.

Bollinger Bands

Volatility remained moderate, with Bollinger Bands tightening around 2.87–2.97. Price recently broke below the lower band, confirming a bearish breakout. If volatility increases, a retest of the upper band may offer a potential entry point for short-term traders.

Volume & Turnover

Volume peaked at 5.75 million around 0700 ET when the RSI was overbought, but has since declined significantly, especially after the 2200 ET bearish reversal. Turnover has mirrored this trend, with a notable divergence appearing as price continued to fall despite lower volume, suggesting weakening bearish conviction.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent swing high (3.0136) and swing low (2.6708), the 38.2% level is at 2.89, and the 61.8% level is at 2.81. The price is currently consolidating near the 61.8% level, indicating a potential support zone. A break below 2.79 could see a retest of the 50% level at 2.84.

Backtest Hypothesis

To validate the bearish bias observed in the technical indicators, a backtesting strategy can be applied to SUIUSDT. Using a 15-minute timeframe, the strategy would involve entering a short position on a MACD bearish crossover, with an exit set three days later at the close. Key metrics to evaluate would include win rate, average gain per trade, and drawdown levels. Given the recent bearish divergence in MACD and RSI, and the clear breakdown below key moving averages, this strategy may offer insights into the potential for a sustained downtrend.