Market Overview: SushiSwap/Tether Enters Bearish Momentum on 24-Hour Downtrend

Summary
• Price declined to 0.2793, forming bearish engulfing and breakdown patterns.
• Volume surged to 606,346.5 with a divergence from price as it hit a 24-hour low.
• RSI and MACD signaled weakening momentum, while Bollinger Bands widened, reflecting increased volatility.
• Key support appears at 0.2786, with 0.2863 and 0.2921 as likely near-term resistance levels.

At 12:00 ET on 2025-12-31, SushiSwap/Tether (SUSHIUSDT) opened at 0.2953, reached a high of 0.2953, and closed at 0.2788, with a low of 0.2738. Total volume for the 24-hour window was 919,026.5, and turnover amounted to 243,977.8.

Price Action and Structure

The 5-minute candles showed a consistent bearish bias, with price breaking below key intraday support levels. A bearish engulfing pattern at 0.2854 and a breakdown candle at 0.2793 indicated aggressive selling. Price appears to be testing a multi-hour support at 0.2786, where a potential rebound or continuation could be expected.

Momentum and Oscillators

MACD and RSI both pointed to weakening bullish momentum. RSI entered oversold territory by the close, signaling potential for a near-term bounce. However, the lack of a strong reversal candle at 0.2786 raises the possibility of a further pullback.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the afternoon session, reflecting heightened volatility. Price traded near the lower band in the final hours, consistent with a short-term overextension. A contraction in band width may precede a potential reversal, but the direction is uncertain.

Volume and Turnover

Volume spiked dramatically at 16:45 ET, with 606,346.5 units traded as price hit 0.2793. Notional turnover reached 168,298.65 as price moved lower. However, the price continued to decline despite the large volume, indicating a divergence that may suggest continued bearish pressure.

Fibonacci and Projections

Fibonacci retracement levels from the high of 0.2953 and low of 0.2738 show 38.2% at 0.2858, 61.8% at 0.2805. Price is currently near the 61.8% level, suggesting the 0.2786–0.2793 area as a potential floor for short-term consolidation.

The market may face renewed volatility over the next 24 hours as key support is tested. A close below 0.2786 could signal a deeper pullback, but a rejection here might trigger a rebound into 0.2839 or higher. Investors should remain cautious and monitor volume for confirmation of trend strength or exhaustion.