Market Overview for SushiSwap/Tether (SUSHIUSDT) – 24-Hour Report (2025-09-21)

• Price tested key support at 0.7680 and rebounded into a bullish consolidation.
• Volume surged in the final 4 hours, confirming a potential short-covering rally.
• RSI remains in neutral territory but MACD shows bearish divergence in the afternoon.
• Volatility expanded post-12:00 ET, pushing price near a 61.8% Fib retracement level.
• A 15-minute bullish engulfing pattern formed after 07:00 ET, suggesting a short-term reversal.

On 2025-09-21 at 12:00 ET, SushiSwap/Tether (SUSHIUSDT) opened at 0.7667, reached a high of 0.7919, a low of 0.7633, and closed at 0.7649. Total volume was 1,369,428.6 and turnover was $1,067,164.6. Price showed a volatile but ultimately bearish bias over the 24-hour period.

Structure & Formations

Price spent much of the 24-hour period consolidating within a descending triangle pattern, with a key support level forming at 0.7680-0.7664 and resistance at 0.7705-0.7715. A bullish engulfing candle appeared at 07:00 ET, indicating a potential short-term reversal. However, price failed to hold above 0.7715 and subsequently pulled back toward the lower end of the triangle. A doji formed at 03:45 ET, signaling indecision and a potential pause in the downward trend.

Moving Averages

The 15-minute chart showed the 20-period and 50-period moving averages crossing into bearish territory in the final 4 hours of the session. On the daily timeframe, the 50-period MA acted as a minor resistance near 0.7700, while the 200-period MA remains well below current levels at around 0.7500. Price appears to be testing the 50-period MA on the daily chart, suggesting potential for a continuation of the current trend.

MACD & RSI

The MACD line showed bearish divergence in the late afternoon, with the histogram shrinking despite the price remaining near the 0.7680 level. RSI remained within neutral territory throughout most of the session, briefly dipping below 40 in the late evening before rebounding. This suggests that while there was selling pressure, it was not extreme. However, the MACD crossover to bearish territory in the final hours suggests a potential continuation of the downward bias.

Bollinger Bands

Volatility expanded significantly in the late morning and early afternoon, with price moving to the upper band at 0.7919 before retracing back to the lower band. The narrowing of the bands in the early hours suggested a period of consolidation, while the recent expansion points to increased trading activity and uncertainty. Price has remained within the bands for most of the session, with no signs of a breakout at the time of writing.

Volume & Turnover

Volume remained relatively consistent in the morning, but spiked in the final 4 hours of the session, especially during the 15:45–16:00 ET timeframe, when turnover reached $45,559. This late-session increase suggests strong participation from traders, possibly related to short-covering or attempts to push price back above key resistance levels. However, price failed to sustain the momentum, and the increased volume did not translate into a clear directional move.

Fibonacci Retracements

Fibonacci retracement levels for the recent 15-minute swing from 0.7633 to 0.7919 show key levels at 0.7778 (38.2%), 0.7812 (50%), and 0.7845 (61.8%). Price has spent much of the day consolidating near the 61.8% level. The 61.8% level may now act as a potential support if price continues to retrace lower. On the daily chart, the 61.8% retracement level from the broader trend remains at 0.7730.

Backtest Hypothesis

A potential backtesting strategy could be to enter a long position on the 15-minute chart when the price closes above the 50-period moving average and the RSI crosses above 40, with a stop-loss placed below the nearest support level and a target at the 38.2% Fibonacci retracement level. This setup aims to capture short-term bullish reversals within a larger bearish trend. The recent bullish engulfing pattern and volume surge in the late session support the validity of this approach, though traders should remain cautious as price may still retest key support levels before confirming a reversal.