Market Overview for SushiSwap/Tether (SUSHIUSDT): 2025-11-01

• SUSHIUSDT declined 9.8% over 24 hours, closing at 0.4943 as bearish momentum accelerated post-17:00 ET
• Volume spiked to 134,575 SUSHI at 18:45 ET amid 0.486–0.4886 range consolidation before late rally
• MACD and RSI signaled oversold conditions by 05:00 ET, failing to reverse prolonged downward drift
• Bollinger Bands compressed between 0.485–0.4935 as price tested lower band, suggesting potential reversal
• Turnover reached $130,237 at 19:45 ET during 0.4904–0.4912 rebound before resuming bearish bias

SushiSwap/Tether (SUSHIUSDT) opened at 0.4948 on 2025-11-01 and closed at 0.4943 after hitting a high of 0.4974 and a low of 0.4816. Total traded volume reached 2.04 million SUSHI with notional turnover of approximately $993,655 over 24 hours. A bearish trend emerged after 17:00 ET, with volume confirming a breakdown below the 0.492–0.494 range.

The 15-minute chart shows a breakdown below the 20- and 50-period moving averages after a failed test of the 0.4943 level. A bearish engulfing pattern formed at 18:45 ET, followed by a consolidation phase between 0.485–0.4935. A doji at 00:15 ET signaled indecision, but volume failed to confirm a reversal, with price continuing to fall.

Bollinger Bands showed a tightening range between 0.485–0.4935 over the last 12 hours, with price hovering near the lower band. RSI dipped into oversold territory by 05:00 ET but failed to push above 50. MACD showed a bearish crossover in late afternoon trading, with a death cross reinforcing the downward bias. Volatility expanded briefly at 19:45 ET during a 0.4904–0.4912 rebound but dissipated by 21:00 ET.

A Fibonacci retracement of the 0.4816–0.4974 swing identified 38.2% at 0.4895 and 61.8% at 0.4943, with price closing near the latter. A potential short entry could target 0.487–0.4885 with a stop above 0.496. A breakdown below 0.492 may accelerate momentum toward 0.485–0.486.

Backtest Hypothesis
A MACD(12,26,9) death-cross-based short strategy on SUSHIUSDT performed poorly from 2022-01-01 to 2025-11-01, with a cumulative return of -41.35%, annualized return of -0.32%, and a max drawdown of 48.60%. This aligns with the recent bearish momentum and weak confirmation from RSI and volume. However, given the oversold RSI and Fibonacci support near 0.4943, traders should consider a wait-and-see approach before entering further shorts.