Market Overview: SushiSwap/Tether (SUSHIUSDT) on 2026-01-08

Summary
• Price fell 12% from $0.3353 to $0.3270, showing bearish control in late ET hours.
• High volume at 03:45–05:45 ET suggests increased selling pressure and distribution.
• Bollinger Band contraction in early ET hours preceded a sharp break lower, indicating a potential trend shift.
• RSI hit oversold territory near 28 but failed to trigger a rebound, suggesting caution.
• A bearish engulfing pattern formed at the 03:45–04:00 ET window near $0.336, confirming a key reversal.

SushiSwap/Tether (SUSHIUSDT) opened at $0.3353 on 2026-01-07 at 12:00 ET and reached a high of $0.3395 before closing at $0.3270 at 12:00 ET on 2026-01-08. The 24-hour low was $0.3230. Total volume was 1,958,660, and turnover was $653,653.

Structure and Candlestick Patterns

The price action displayed a bearish reversal at key levels, with a bearish engulfing pattern confirming the breakdown below $0.335. A strong support level was tested at $0.325, while resistance appears to be redefining around $0.333–0.335. A doji formed at $0.3325 around 05:45 ET, suggesting a pause in bearish momentum but not a reversal.

Moving Averages and Momentum

Short-term moving averages (20/50-period) dipped below the price during the 03:00–06:00 ET window, reinforcing bearish bias. The 20-period MA crossed under the 50-period MA, indicating a potential short-term downtrend. MACD turned negative and remained bearish, with RSI dipping into oversold territory, suggesting a possible rebound but not a reversal.

Bollinger Bands and Volatility

Volatility contracted significantly in the early hours before an expansion at 03:45 ET. The price broke below the lower Bollinger Band, signaling increased bearish momentum. The narrowing of bands earlier in the day indicated a consolidation phase before the move lower.

Volume and Turnover

Volume spiked sharply in the 03:45–05:45 ET window as price broke key support. Turnover aligned with these volume spikes, showing no divergence. However, after 09:00 ET, volume declined while price continued lower, indicating potential exhaustion in the bearish move.

Fibonacci Retracements

The recent 5-minute swing high at $0.3395 and low at $0.3230 saw a 61.8% retracement at $0.3313, which is now acting as a key resistance. A 38.2% retracement at $0.3333 failed to hold, reinforcing bearish sentiment. Daily Fibonacci levels show potential near-term support at $0.3210–0.3220.

The price may continue to test lower levels in the next 24 hours as bearish control appears intact. Investors should monitor volume and RSI for signs of a potential rebound. Caution is warranted as oversold conditions may not always lead to a reversal.