Summary
• Price action formed bullish engulfing patterns during overnight buying.
• RSI moved toward overbought territory, suggesting potential short-term exhaustion.
• Volatility expanded midday as Bollinger Bands widened and price moved to upper band.
• Volume surged during 3:00 AM–8:00 AM ET, aligning with price highs.
• A key 0.2895–0.2900 level appears to be consolidating as resistance on the 5-minute chart.
Market Overview
SushiSwap/Tether (SUSHIUSDT) opened at 0.2878 on 2025-12-24 at 12:00 ET and closed at 0.2882 by 12:00 ET on 2025-12-25, reaching a high of 0.2927 and a low of 0.2861. Total volume for the 24-hour period was 2,852,125.8, with a notional turnover of approximately $823,864 (using average price).
Structure & Formations
Price action showed clear bullish momentum overnight with multiple bullish engulfing patterns between 3:00 AM and 6:00 AM ET. A bearish pinbar formed near 0.2927 on the 5-minute chart, signaling a potential reversal. On the daily chart, the 0.2895–0.2900 level appears to be a key resistance zone.
Moving Averages
On the 5-minute chart, price moved above both the 20-EMA and 50-EMA after 3:00 AM ET, indicating short-term bullish bias. Daily moving averages show a mixed signal, with the 50-DMA above the 100-DMA but below the 200-DMA, suggesting a longer-term neutral stance.
MACD & RSI
The MACD crossed above the signal line during the overnight rally, reinforcing bullish momentum. RSI moved into overbought territory around 0.2925 and appears to be facing resistance at 70, which may precede a pullback.
Bollinger Bands
Bollinger Bands expanded during the morning session as volatility increased, with price reaching the upper band. This may indicate a period of consolidation is likely in the short term as volatility normalizes.
Volume & Turnover
Volume spiked between 3:00 AM and 8:00 AM ET, coinciding with the price high at 0.2927. Notional turnover increased in line with volume, showing no divergence. A pullback in volume after 10:00 AM ET suggests fading momentum.
Fibonacci Retracements
On the 5-minute chart, the 61.8% retracement of the overnight rally sits at 0.2903 and is acting as a key support. On the daily chart, the 0.2900 level appears to be the 38.2% retracement of a recent bearish leg and may hold in the near term.
Looking ahead,
appears poised to consolidate above the 0.2885–0.2890 level, with a potential test of 0.2900–0.2905 on the horizon. However, traders should be cautious of a pullback into the 0.2875–0.2880 zone, particularly if RSI fails to confirm strength above 70.
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