Market Overview: Sushiswap (SUSHIUSD) 24-Hour Candlestick Analysis

• Sushiswap (SUSHIUSD) traded in a narrow range with a bearish reversal pattern at the session high.
• Momentum remains weak, with RSI and MACD showing no overbought or overbought signals.
• Volatility collapsed following a sharp price drop in early hours, with minimal turnover observed.
• Price consolidated near key support at $0.778, with no clear breakout sign.
• Bollinger Bands constricted, indicating potential for a sharp move, either bullish or bearish.

Sushiswap (SUSHIUSD) opened at $0.778 on August 27, 2025 at 12:00 ET-1, and traded as high as $0.795 before closing at $0.784 by 12:00 ET on August 28. The total 24-hour volume was 52.9 units, with a notional turnover of $38.9. The price action reflected a consolidation phase after a sharp sell-off in early hours.

Structure & Formations

The candlestick pattern revealed a bearish reversal at the session high of $0.795, marked by a long upper shadow and a weak close back to the support level at $0.778. A potential doji formed near the session high in the early hours, signaling indecision among traders. This consolidation pattern suggests a possible breakout attempt from the $0.778–$0.795 range. Key support remains at $0.778, while resistance is likely at $0.795.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages converged around $0.785–$0.790, with the price currently below both, indicating a bearish bias. On the daily chart, the 50, 100, and 200-period moving averages are likely aligned around $0.778–$0.784, suggesting a continuation of the current consolidation phase. The price remains below all three, signaling short-term bearish momentum.

MACD & RSI

The MACD histogram remained flat with no clear divergence, suggesting weak momentum. The RSI hovered around the 50 level, indicating a neutral market with no clear overbought or oversold signals. These indicators suggest that SUSHIUSD may remain range-bound in the short term unless a decisive break above or below key levels occurs.

Bollinger Bands

The Bollinger Bands contracted sharply following the early-hour sell-off, with the price consolidating near the lower band at $0.778. This contraction could signal a buildup in volatility, potentially leading to a breakout. However, the narrow range indicates traders are waiting for a catalyst to move the price decisively.

Volume & Turnover

Volume spiked during the early-hour sell-off, with a large volume of 40.4 at $0.778, suggesting significant selling pressure. In contrast, the majority of the 24-hour period saw zero trading volume, indicating a lack of interest or participation. Turnover remained low throughout the session, with no clear divergence or confirmation of price movement.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 15-minute swing from $0.795 to $0.778, the $0.784 level aligns with the 61.8% retracement level, suggesting a potential temporary floor or continuation of consolidation. On the daily chart, the $0.778 level appears as a key psychological and technical support, with the 50% retracement level at $0.786 also providing a potential barrier for near-term movement.

Backtest Hypothesis

A potential backtesting strategy could involve using a combination of RSI and Bollinger Bands to identify entry points in a range-bound market like SUSHIUSD. The idea would be to enter long near the lower band of the Bollinger Bands when RSI dips below 30 (oversold) and exit short near the upper band when RSI rises above 70 (overbought). This strategy would aim to capture the mean-reverting nature of the asset in a low-volatility environment, using the 15-minute timeframe for execution and daily stops for risk management. The narrow consolidation and low volume over the past 24 hours suggest that such a strategy might be viable if the range persists or expands slightly.