Market Overview for SushiSwap/Tether (SUSHIUSDT) on 2025-10-09

• SUSHIUSDT broke above 0.72 within 15 minutes of the 24-hour window, then consolidated with a high of 0.7256 and low of 0.6952.
• A 1.5% range between 0.6952 and 0.7256 shows significant volatility with a close near the lower half of that range.
• Volume spiked above 195,000 at 01:30 ET, coinciding with a bearish close near 0.7126.
• MACD and RSI suggest overbought conditions near 0.7256 and oversold near 0.6952, hinting at possible reversal points.
• The pair appears to have entered a descending broadening pattern, with 0.70–0.72 as key near-term support/resistance.

SUSHIUSDT opened at 0.6986 on 2025-10-08 at 12:00 ET, reached a 24-hour high of 0.7256, a low of 0.6952, and closed at 0.7147 on 2025-10-09 at 12:00 ET. Total volume over the 24-hour window was 2,339,675, with a notional turnover of $1,666,770 (calculated using the amount × price). The pair displayed a volatile and choppy price path, with sharp swings in both directions.

Structure & Formations

Over the 24-hour period, SUSHIUSDT formed a broadening formation with key support around 0.70–0.71 and resistance near 0.72–0.73. A bearish engulfing pattern emerged at 01:30 ET with a large bearish candle printing 0.7126 after a prior bullish candle near 0.7146. This suggests a short-term bearish reversal. A potential bullish reversal signal occurred at 01:00 ET with a long lower wick and a close near the high of the candle, forming a tentative bullish hammer. These patterns indicate a high probability of consolidation or a breakout in either direction in the coming 24 hours.

Moving Averages

On the 15-minute chart, SUSHIUSDT traded above the 20-period and 50-period SMAs for part of the morning but spent much of the afternoon below both, indicating bearish bias during that period. The 50-period SMA appears to act as a dynamic resistance around 0.715–0.717, while the 20-period SMA oscillated closer to price. Daily data (not provided in this dataset) would require longer-term context but the 15-minute data suggests short-term bearish momentum and a possible return to the 20-period SMA in the next 24 hours.

MACD & RSI

The MACD line showed a bearish crossover during the early morning (01:00–02:00 ET), with the histogram expanding as price moved lower. RSI hit oversold conditions near 0.6952 (RSI ≈ 30) and overbought near 0.7256 (RSI ≈ 70), suggesting that both extremes may trigger corrective price action. The divergence between RSI and price during the afternoon suggests weakening bullish momentum, with a potential bearish continuation likely if price breaks below 0.710.

Backtest Hypothesis

A potential backtest strategy could involve a short-biased trade upon a close below 0.710, with a stop-loss above the 0.717 resistance level and a target of 0.695. The formation of the bearish engulfing candle at 01:30 ET and the RSI divergence support this short setup. The 0.710 level also aligns with the 61.8% Fibonacci retracement of the 0.6952–0.7256 swing, making it a high-probability support-turned-resistance level. This approach leverages price patterns, momentum indicators, and Fibonacci levels to identify a high-probability trade with defined risk parameters.