Market Overview for SUIUSDT (Sui/Tether)

Summary
• Price formed a bearish engulfing pattern at 1.8414, indicating short-term bearish momentum.
• Volatility expanded in the last 8 hours, with price moving from 1.8414 to 1.787, suggesting a key swing low forming.
• RSI remains in oversold territory, suggesting possible short-term reversal, but volume is mixed.

SUIUSDT opened at 1.8304 on 2026-01-09 12:00 ET, reached a high of 1.8498, a low of 1.784, and closed at 1.8294 on 2026-01-10 12:00 ET. Total volume for the 24-hour period was approximately 10,656,212.0 and notional turnover reached around 18,671,793.72.

Structure & Formations

A bearish engulfing pattern formed near 1.8414 after a short-lived bullish rally, indicating a rejection at the key resistance level. A 5-minute doji emerged at 1.7929, signaling indecision. A significant swing low developed around 1.787, potentially forming a new short-term support level.

Moving Averages

On the 5-minute chart, price has closed below both 20 and 50-period moving averages, showing short-term bearish bias. On the daily chart, the 50-period MA is around 1.835, suggesting the 200-period MA may act as a critical support if the downward move continues.

Momentum Indicators

The RSI has dipped into oversold territory, suggesting a possible short-term bounce. MACD has turned negative, with bearish divergence visible as price lows have not been matched by lower MACD lows.

Volatility and Bollinger Bands

Volatility has widened significantly over the last 8 hours, with price dropping to the lower Bollinger Band at 1.787. This indicates increased selling pressure and a potential test of the band’s support level in the next 24 hours.

Volume and Turnover

Volume spiked during the initial bearish move from 1.8414 to 1.7929, with strong turnover confirming the sell-off. Recent volume has moderated but remains above average, suggesting continued caution from traders.

Fibonacci Retracements

Key Fibonacci levels from the 1.8498 high to the 1.784 low suggest 1.8193 (38.2%) and 1.8064 (61.8%) as potential short-term turning points. A break below 1.784 could expose deeper support levels at 1.77–1.76.

Price may find a short-term floor at 1.8064 and could retest 1.8193 if buyers re-enter. Investors should remain cautious of further downside risk as momentum remains bearish and key support levels are untested.