Market Overview for Sun/Tether (SUNUSDT) – 2025-10-24

• SUNUSDT traded in a tightening range over the 24 hours, with a low of $0.0228 and a high of $0.02319.
• Price action formed multiple bearish consolidations and a potential bearish engulfing pattern near the 24-hour high.
• Volume declined after midday ET, suggesting diminished momentum despite a 2.5% drop in price from open to close.
• A 38.2% Fibonacci retracement level at $0.02295 appears to hold as a short-term support area.
• Divergence between declining price and mixed volume turnover highlights a bearish bias with uncertainty in conviction.

At 12:00 ET–1 on 2025-10-23, SUNUSDT opened at $0.02317 and reached a high of $0.02319 before closing at $0.0229 at 12:00 ET on 2025-10-24. Total volume over the 24-hour window amounted to 3,450,557.0 SUN, while notional turnover came in at approximately $81,920 (using a proxy average of $0.02305 per SUN). Price action reflected a bearish bias with several key patterns emerging during the session.

Structure & Formations

The candlestick structure showed multiple bearish signals, including a bearish engulfing pattern near $0.02317, a 3-candle doji at $0.02308, and a series of lower highs in the latter half of the session. The price range narrowed significantly, indicating a possible exhaustion of short-term bullish momentum. A potential key support level appears to be forming at the 38.2% Fibonacci retracement level at $0.02295, which was tested and held during the final hour.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs both trended downward, with the 50-SMA crossing below the 20-SMA as a bearish signal. The daily chart shows the 50/100/200 SMA structure all trending lower, with price sitting below the 200-SMA, suggesting a bearish trend is in place. Price has yet to show a strong reversal, and further tests of key SMAs may trigger additional selling pressure.

MACD & RSI

The 15-minute MACD histogram showed a bearish divergence with price, as the histogram expanded downward while the price only dipped modestly. The RSI remains in oversold territory for much of the session, indicating a potential floor at around $0.0228–$0.0229. However, RSI readings above 30 after 17:00 ET suggest that some short-term buyers may have entered, though not enough to reverse the overall downtrend. Overbought conditions were observed briefly near the 24-hour high.

Bollinger Bands

Price action remained tightly within the Bollinger Bands throughout most of the session, indicating low volatility. The 20-period Bollinger Bands began to expand slightly after 22:00 ET, signaling potential for a breakout or breakdown. The price hovered near the lower band for most of the session, which supports a bearish bias. A breakdown below the lower band could trigger further selling pressure toward $0.0228.

Volume & Turnover

Volume was relatively consistent for the first half of the session but began to taper off after 21:00 ET. This volume contraction occurred amid a continued price decline, suggesting diminishing bearish conviction. Notional turnover spiked during the 18:00–19:00 ET window during a sharp selloff, but volume failed to confirm the move, hinting at potential short-covering or profit-taking.

Fibonacci Retracements

A 38.2% retracement level at $0.02295 and a 61.8% level at $0.02285 appear to be key support levels for the next 24 hours. The 15-minute chart also shows a retracement swing from $0.02319 to $0.02291, with the 50% level at $0.02299 potentially offering a short-term bounce point. A close below $0.02295 could confirm a bearish continuation.

Backtest Hypothesis

Given the bearish momentum observed in the SUNUSDT pair, a potential backtesting strategy could focus on a 1-day-hold RSI-based approach using the 14-period RSI. For example, if the RSI dips into oversold territory (<30) and shows a divergence from price, it could signal a potential short-term bounce. However, due to a recent data retrieval issue, the RSI values could not be fetched automatically. To proceed, we recommend retrying the data pull using a symbol format like BINANCE:SUNUSDT, which is more universally accepted by data providers. If that fails, we can manually calculate RSI from the provided OHLCV data to complete the backtest. Please specify your preferred approach.