Market Overview for SushiSwap/Tether (SUSHIUSDT): 24-Hour Analysis

• SUSHIUSDT traded lower with a bearish bias, closing at 0.7703 after opening at 0.7936.
• A key support at 0.7700–0.7720 was tested, while resistance remains at 0.7860–0.7880.
• Volume surged around 13:15 ET with a large bullish candle, but was followed by sharp distribution.
• RSI and MACD signaled bearish momentum with oversold conditions emerging near close.
• Volatility expanded early, then contracted, with price consolidating in a narrow range during the final 4 hours.

SushiSwap/Tether (SUSHIUSDT) opened at 0.7936 on 2025-09-16 at 12:00 ET, reached a high of 0.7960, and closed at 0.7703 by 12:00 ET on 2025-09-17. The pair traded between 0.7701 and 0.7960 over the 24-hour period. Total volume amounted to 648,288.5 with a notional turnover of approximately $499,810.84.

Structure & Formations

SUSHIUSDT displayed a strong bearish structure over the 24-hour period. The price initially formed a bullish divergence with a sharp spike in volume on the 15-minute chart, particularly around 13:15 ET. However, this was followed by a broad distribution pattern, confirming bearish momentum. A key support level at 0.7700–0.7720 was tested late in the session, with a long-legged doji suggesting a potential reversal or consolidation. Resistance remains intact at 0.7860–0.7880, with a potential bearish engulfing pattern forming after the bullish attempt around 19:15 ET. The structure suggests that buyers may attempt a counterattack but face strong resistance at the mid-0.7800s.

Moving Averages & Indicators

The 15-minute chart shows the price closing below both the 20-period and 50-period moving averages, indicating a bearish bias in the short term. On the daily chart, the price remains below the 50-day, 100-day, and 200-day moving averages, suggesting a prolonged downtrend in a broader timeframe. The bearish momentum is confirmed by both MACD and RSI. The MACD line crossed below the signal line with a bearish crossover, and the RSI has moved into the oversold territory (below 30), suggesting a potential short-term bounce but not a reversal.

Bollinger Bands & Volatility

Volatility expanded in the early hours of the session, with the price reaching the upper Bollinger Band at 0.7960. However, it quickly pulled back into the middle band. Later in the session, volatility contracted, and price action remained within a tight range, suggesting consolidation. The final four hours saw the price hovering near the lower Bollinger Band, indicating bearish exhaustion and potential for a bounce.

Volume & Turnover

Volume spiked around 13:15 ET with a large bullish candle, but this failed to produce a sustained move higher. The subsequent bearish volume spike at 19:15 ET confirmed the distribution. Notional turnover mirrored volume patterns, with significant spikes in the mid and late session. A divergence between price and turnover was observed in the last two hours, suggesting some uncertainty among traders despite the bearish trend. This could indicate either a short-term reversal or a consolidation period ahead.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from 0.7960 to 0.7700, the price found support near 0.7700–0.7720, which aligns with the 38.2% to 50% retracement levels. On the daily chart, retracement levels suggest a potential bounce from the 61.8% level at 0.7600, though the current action remains below key support levels. A break of 0.7700 would likely see the next level of support at 0.7650–0.7670.

Backtest Hypothesis

The described backtesting strategy involves using RSI and MACD crossovers to identify potential trend reversal points. Based on today's data, a bearish crossover in the RSI and MACD occurred around 19:15 ET and confirmed the downward move. A long entry could be triggered if RSI moves into oversold territory and MACD shows a bullish crossover, particularly if it occurs around the 0.7700–0.7720 support zone. Given today's action, the next 24 hours could provide a test of whether the bearish momentum has run out or if the trend continues.