Market Overview: SUNUSDT – 24-Hour Price Action and Momentum Analysis

Summary
• SUNUSDT traded in a narrow range but displayed rising highs and a bullish bias in the latter half of the session.
• Price hovered near key resistance levels with MACD divergence suggesting potential volatility.
• Volume surged during the 22:15–23:45 ET window, confirming strength above 0.0216.

Sun/Tether (SUNUSDT) opened at 0.02145 on 2025-11-05 at 12:00 ET and closed at 0.02177 by 12:00 ET the following day. The pair reached a high of 0.0218 and a low of 0.02143, with total trading volume amounting to approximately 40,986,962.0 SUN and notional turnover of around $895,167 (based on average price). The 24-hour chart shows a modest but consistent upward drift, supported by increasing volume in the final hours of the session.

Structure & Formations

The 15-minute chart reveals a pattern of bullish consolidation. A key resistance level formed near 0.0216 after a sharp push in the 22:15–23:45 ET window, with price closing above it in subsequent candles. A minor bearish correction attempted around 02:30 ET, but the market quickly rebounded. Notable patterns include a bullish engulfing near 0.02163 and a morning star-like formation in the early hours of 11-06. These suggest a potential short-term reversal or continuation of the upward trend, depending on follow-through.

Moving Averages

On the 15-minute chart, the 20-period moving average is trending higher, currently sitting below the 50-period line, suggesting a bullish tilt. The 50-period MA crossed above the 20-period line at ~0.02157, indicating a potential buy signal. On the daily chart, while the 50-period MA lags behind the 100- and 200-period lines, the 50-line has begun to flatten, hinting at a potential convergence that may support a bullish breakout.

MACD & RSI

The MACD line turned positive in the late hours of 11-05 and remained above the signal line, indicating bullish momentum. However, a slight divergence appears as the MACD histogram peaks while the price continues to rise, suggesting caution. RSI values have fluctuated between 50 and 60, showing neither overbought nor oversold conditions, but indicating strengthening buying pressure.

Bollinger Bands

Price action remained within the Bollinger Bands for most of the session, with volatility increasing as the day progressed. By the final hours, the bands had widened slightly, reflecting higher trading activity and a potential breakout attempt. The close near the upper band, especially in the last few hours, may suggest continued upward momentum, but a retest of the 0.0216–0.0217 range could trigger corrections.

Volume & Turnover

Volume surged notably between 22:15 and 23:45 ET, with a 15-minute candle recording 15.6 million SUN traded. Turnover spiked accordingly, reinforcing the bullish breakout attempt. However, a divergence appears after 02:00 ET—price continues upward while volume tapers—raising questions about sustainability. A follow-through move above 0.02175 with increased volume would likely confirm the bullish bias.

Fibonacci Retracements

Applying Fibonacci to the key swing from 0.02143 to 0.0218, the 38.2% retracement level is at ~0.02162 and the 61.8% at ~0.02157. Price held above the 38.2% level for most of the session and closed near the 0.02177 mark, suggesting further bullish momentum is likely if support at the 38.2% level holds. On the daily chart, the 61.8% retracement is around 0.02155, which has held well as dynamic support.

Backtest Hypothesis

The backtest strategy focuses on identifying and acting on Bullish Engulfing patterns in SUNUSDT. These candlestick formations typically signal a short-term reversal from bearish to bullish momentum, especially when they occur near key support levels or after a consolidation phase. However, the data-service encountered an issue locating the correct symbol “SUNUSDT”, likely due to its format not being recognized. A potential solution is to use an alternative ticker such as “SUN-USD” or “SUNUSDT.BINANCE”, which are more widely accepted by data feeds. Once corrected, the backtest will evaluate the performance of signals generated from such patterns between 2022-01-01 and 2025-11-06, with a 1-day holding period. This will help assess the pattern’s predictive power and optimize entry/exit rules for future trading decisions.