Market Overview for SUIUSDT: Sui/Tether

Summary
• Price opened at $2.0122 and closed at $2.0505 after a volatile 24-hour session.
• A sharp rebound from the low of $1.8202 marked a 15% reversal in 6 hours.
• Turnover surged 35% in the last 12 hours, aligning with bullish price action.

The Sui/Tether (SUIUSDT) pair opened at $2.0122 on 2025-11-04 at 12:00 ET and closed at $2.0505 on 2025-11-05 at 12:00 ET, after trading as low as $1.8202 and high as $2.0653. The total volume for the 24-hour period was approximately 87.5 million, with a total turnover of roughly $170 million, reflecting increased participation and volatility.

Key support levels observed in the 15-minute chart were around $1.88 and $1.92, while resistance emerged at $1.96, $2.01, and $2.04. A notable bullish engulfing pattern appeared around $1.90–$1.93 at 20:30–21:00 ET as the price reversed sharply. A long upper shadow on the $2.05–$2.06 range at the 12:00 ET close may suggest temporary resistance. The price also formed a small bullish flag pattern following the sharp decline and recovery between 20:30 and 21:30 ET, indicating potential for a continuation of the upward trend.

On the 15-minute timeframe, the 20-period and 50-period moving averages showed a narrowing convergence as price rose above both, with the 20-period moving up faster. This suggests a strengthening short-term bullish bias. The daily chart indicated a bearish bias with the 50-period SMA at $1.92, 100-period at $1.90, and 200-period at $1.87 all below the current price, suggesting a potential retest of these levels in the near term.

The MACD line crossed above the signal line in the 24-hour period, signaling a potential golden cross and reinforcing the short-term bullish momentum. However, the RSI showed overbought conditions for brief periods above 65, particularly in the late afternoon, which could indicate a potential short-term correction. Bollinger Bands widened significantly during the recovery phase, especially from 20:30 to 02:00 ET, suggesting an increase in volatility. The price currently sits near the upper band, indicating a strong upward trend but also a potential short-term overextension.

Turnover increased dramatically during the recovery phase, aligning with the price rally. This suggests strong buying pressure as the price rebounded from key support levels. However, a divergence appears in the 22:00–00:00 ET timeframe where volume increased but price remained stagnant, which could signal exhaustion in the upward move. Overall, the volume and turnover dynamics indicate strong conviction in the recent bullish move, but caution is warranted due to overbought conditions and the potential for a pullback.

Fibonacci retracement levels for the recent 15-minute swing from $1.8202 to $2.0653 identified 38.2% at $1.943 and 61.8% at $1.976 as key support and resistance levels. On the daily chart, the 50-day high was at $2.07, just below the recent high, suggesting the price may be approaching or already testing the upper boundary of a longer-term channel. These levels could become critical in the next 24 hours as the market consolidates or extends the current bullish trend.

Backtest Hypothesis
The MACD Golden-Cross strategy, tested from 3 May 2023 to 5 Nov 2025, revealed mixed performance with a cumulative return of –38.1% and a Sharpe ratio of –0.05. The strategy suffered from significant drawdowns, particularly during periods of high volatility and overbought conditions, which align with the RSI and Bollinger Band analysis from the recent 24-hour chart. These findings suggest the need for additional filters or risk management tools to improve signal quality and protect against adverse price swings. Integrating volatility or trend confirmation filters—such as using the 20-period moving average to confirm bullish bias—could enhance the effectiveness of the MACD signal.