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

• SushiSwap/Tether (SUSHIUSDT) traded in a tight range for much of the 24-hour period but ended with a sharp decline in the final hours.
• A bearish reversal pattern emerged in late ET hours, supported by rising volume and declining prices.
• RSI and MACD signaled overbought conditions earlier, but momentum reversed sharply after 8:00 PM ET.
• Volatility expanded as the price dropped below key support levels, indicating increased bearish pressure.
• Large-volume sell-off observed between 8:30 PM and 10:00 PM ET, coinciding with a 3.2% price drop.

The 24-hour period for SushiSwap/Tether (SUSHIUSDT) began at $0.7013 and reached a high of $0.7256 before closing at $0.6730 at 12:00 ET. Total volume amounted to 3,063,680.5, and notional turnover was approximately $2,156,431. The market exhibited a sharp downward shift in the final hours, breaking key support levels.

A bearish breakout occurred as the price closed below the 20-period and 50-period moving averages on the 15-minute chart, reinforcing the downward trend. A large-volume bearish engulfing pattern was visible after 8:30 PM ET, signaling potential short-term bearish continuation. The 50-period MA now acts as dynamic resistance, with a possible test expected in the near term.

The RSI reached overbought territory early in the session but fell sharply to oversold levels, reflecting diverging momentum. MACD crossed below the signal line in the last 4 hours, reinforcing the bearish bias. Bollinger Bands widened in the final 8 hours, indicating increased volatility, with the price currently trading near the lower band—suggesting a possible short-term rebound or continuation of the downward drift.

Fibonacci retracements on the 15-minute chart indicate key levels at 0.6836 (61.8%) and 0.6918 (38.2%), both of which were tested and broken in the final hours. The 0.676–0.678 range appears to offer near-term support, while the 0.685–0.687 level is the immediate resistance. On the daily chart, the 200-period MA at ~0.702 offers medium-term resistance, and a move below 0.669 may trigger further bearish momentum.

Backtest Hypothesis

Given the observed bearish engulfing pattern and RSI divergence from overbought to oversold territory, a backtesting strategy might involve a short position triggered at the close of the 15-minute candle at 8:30 PM ET, with a stop-loss placed above the 0.6918 Fibonacci level. A target would be set at 0.669, aligning with the recent support zone and Bollinger Band break. This approach assumes continuation of the bearish momentum and a lack of meaningful volume-based buy signals. A trailing stop could be activated at 0.6836 to lock in gains if the price bounces. The strategy would require testing across multiple timeframes and market conditions to validate its consistency.