Market Overview for Sun/Tether (SUNUSDT): 24-Hour Technical Snapshot

• Price declined from a 24-hour high of $0.02237 to a low of $0.02155 amid rising bearish momentum.
• RSI shows overbought levels early in the session, followed by a sharp pullback into oversold territory.
• Volatility surged during the 3:45–4:00 AM ET window, with over 17.5 million SUN traded in a 15-minute span.
• A bearish engulfing pattern formed around 3:45 AM ET, confirming a potential short-term reversal.
• Bollinger Bands show a significant contraction late in the session, suggesting possible consolidation ahead.

Sun/Tether (SUNUSDT) opened at $0.02236 at 12:00 ET-1, reached a high of $0.02237, and closed at $0.02165 by 12:00 ET. The price dropped to a low of $0.02155 during the session. The total volume traded over the 24-hour period was 51,153,231 SUN, with a notional turnover of approximately $1,105,500, based on the average price.

On the 15-minute chart, key support levels emerged around $0.02200 and $0.02185, while resistance hovered near $0.02230 and $0.02250. A notable bearish engulfing pattern formed at 3:45 AM ET as price gapped down from $0.0219 to $0.02155, closing at $0.02176. This pattern, combined with a drop in volume post-breakout, signals bearish exhaustion. A long lower shadow on the candle suggests rejection at the lower end of the range, reinforcing the strength of the support zone.

Moving averages on the 15-minute chart indicate a bearish crossover as the 20-period MA dropped below the 50-period MA mid-session. On the daily chart, the 50-day MA (not directly computed but inferred from data) appears to be sloping downward, aligning with the 200-day MA. This suggests a continuation of a broader downtrend. RSI crossed into oversold territory in the last two hours of the session, hinting at a potential bounce from $0.02165.

Bollinger Bands displayed a noticeable contraction late in the session, especially after 10:00 AM ET. The narrowing of the bands suggests a period of consolidation, which may precede a breakout. Price currently sits near the lower band, indicating elevated volatility and a possible test of the $0.02185 support level. Divergence between price and volume is also apparent—volume dipped as price continued to fall in the final candle, suggesting weakening bearish momentum.

Fibonacci retracement levels drawn from the high of $0.02237 to the low of $0.02155 show a 61.8% retracement at $0.02187, which coincides with the $0.02185 support level observed in the 15-minute chart. The 38.2% retracement sits at $0.02206, aligning with the 50-period MA. These levels are likely to see increased activity in the next 24 hours, either as price consolidates or initiates a short-term countertrend rally.

Backtest Hypothesis
Given the observed bearish engulfing pattern and the confirmation from RSI entering oversold territory, a viable backtest strategy would be to monitor a potential rebound from the $0.02185 support level, with a stop-loss placed below $0.02165. A long entry could be triggered if price closes above the 38.2% retracement at $0.02206, with a target aligned to the 50-period MA and the 61.8% retracement at $0.02217. This approach would be particularly effective if combined with a Bollinger Band squeeze breakout signal, as the narrowing bands suggest the market is primed for a directional move.