Market Overview for SushiSwap/Tether (SUSHIUSDT) on 2025-09-22

• SushiSwap/Tether (SUSHIUSDT) declined sharply over 24 hours, breaking below key support with heavy volume.
• A bearish momentum build-up is evident from oversold RSI and expanding Bollinger Bands.
• Price formed a bearish engulfing pattern near the session high, confirming downward bias.
• Turnover surged during the sharp decline, suggesting significant liquidation or capitulation.
• Fibonacci levels at 0.618 (~$0.685) and 0.786 (~$0.715) now critical for near-term direction.

SushiSwap/Tether (SUSHIUSDT) opened at $0.7650 on 2025-09-21 at 12:00 ET and closed at $0.6717 by 12:00 ET on 2025-09-22, with a low of $0.6350 and a high of $0.7696. The 24-hour notional volume reached ~$23.2M, with total turnover ~$23.2M. A bearish trend dominates with key support levels now at risk.

Structure & Formations

Price action reveals a bearish bias with a strong breakdown below prior support at $0.7300, now acting as resistance. A bearish engulfing pattern formed near $0.7696, confirming the shift in momentum. A doji at $0.7696 suggests indecision, but the following candles continued lower, reinforcing the downtrend. Key support levels now include $0.6700 and $0.6350, with the latter marking the session low. Resistance could appear at $0.7696 if buyers re-enter.

Moving Averages

On the 15-minute chart, the price closed below the 20 and 50-period moving averages, signaling a short-term bearish trend. The 20SMA is currently at ~$0.6810 and the 50SMA at ~$0.6910. On the daily chart, the 50, 100, and 200-day moving averages are all in descending order, suggesting a strong bearish bias. The price has crossed below the 50DMA for the first time in several sessions, reinforcing the bearish momentum.

MACD & RSI

The RSI is currently in oversold territory at ~28, but has not shown a reversal, indicating continued selling pressure. The MACD is negative and the histogram is expanding, suggesting that bearish momentum is intensifying. A failure to rebound above the 30 level on RSI could trigger a test of the 0.618 Fibonacci retracement at ~$0.6850, or even the 0.786 level at ~$0.7150. Traders should watch for RSI divergence to signal potential exhaustion in the downtrend.

Bollinger Bands

Volatility has expanded significantly, with the 20-period Bollinger Bands widening from ~$0.005 to ~$0.035. The price closed near the lower band at $0.6717, indicating extreme bearish pressure. If the bands begin to contract again, it could suggest a potential reversal. For now, the wide bands reflect high uncertainty and aggressive selling.

Volume & Turnover

Volume and turnover spiked during the sharp decline from $0.7696 to $0.6350, with a 15-minute candle at 06:15 ET showing $2.3M in turnover. This suggests aggressive liquidation or panic selling. However, volume has since moderated, and the price appears to have found a temporary floor. Divergence between price and volume could signal a potential reversal, but for now, the volume profile supports the bearish bias.

Fibonacci Retracements

Applying Fibonacci to the major 24-hour swing from $0.7696 to $0.6350, key levels at 0.618 (~$0.685) and 0.786 (~$0.715) are critical. The price is currently at ~$0.6717, just above the 0.618 level. A rebound from here could target the 0.786 level on a bounce, but a breakdown below $0.6700 would likely trigger a test of the 0.786 level on a downward extension. These levels are important for identifying potential reentry or shorting opportunities.

Backtest Hypothesis

The backtest strategy described focuses on identifying key Fibonacci and RSI divergence levels to determine potential reversal points within the current downtrend. Given the current bearish setup, a valid entry would require confirmation that RSI is diverging from price while the price holds above $0.6700. If the price stabilizes and RSI begins to rise without a corresponding rally in price, it could signal a possible short-term bottom. This aligns with the Fibonacci retracement level at ~$0.685, making it a strategic point for a test of bullish strength.