Market Overview: SushiSwap/Tether (SUSHIUSDT)

• SushiSwap/Tether (SUSHIUSDT) edged lower over the past 24 hours, closing at 0.5675 after opening at 0.5479.
• Price formed a bearish pattern as it failed to break above resistance near 0.574 and fell below key moving averages.
• Volatility increased sharply after 19:00 ET, with a 15-minute high of 0.574 at the peak before a sharp retracement.
• Notional turnover hit $43.2 million, with the highest 15-minute volume spike at 0.5744, confirming bearish momentum.
• RSI and MACD both showed weakening bullish momentum, with RSI hovering around the 50 mark and MACD trending downward.

SushiSwap/Tether (SUSHIUSDT) traded between 0.5454 and 0.574 over the past 24 hours, closing at 0.5675, down from an open of 0.5479 at 12:00 ET – 1. Total volume reached 6.2 million, with notional turnover hitting approximately $43.2 million. The price action suggests a loss of bullish control, especially after a failed attempt to break above 0.574, a critical resistance level that had previously capped gains.

Structure and key price levels suggest a bearish bias. The 0.574 resistance was tested and rejected, with a strong bearish engulfing pattern emerging on the 15-minute chart as price collapsed from 0.574 to 0.5675. A doji formed near 0.5744, signaling indecision among buyers. Below, the 0.5675–0.5665 range appears to be a potential support cluster. The 20-period EMA on the 15-minute chart is currently at 0.571, while the 50-period EMA is at 0.568, both above the current price, reinforcing bearish momentum. On the daily chart, the 50-day and 200-day EMAs are aligned above the price, indicating a broader bearish trend.

The RSI is trending sideways near the 50 mark, indicating a loss of momentum on both sides. The MACD histogram has turned negative and is trending downward, suggesting that selling pressure is gaining strength. Bollinger Bands have widened from a contraction phase, with price currently sitting near the lower band at 0.5675. This suggests a potential mean reversion play back toward the 0.57–0.572 range, but only if the lower band holds. Volume spiked during the retracement to 0.5635, confirming the bearish move. However, a divergence between price and RSI in the 0.5635–0.5675 range hints at potential support and a possible short-term bounce.

Fibonacci retracement levels from the 0.5454–0.574 swing place the 0.5675 close near the 61.8% level, which appears to be a strong area of consolidation. A breakdown below this would target the 50% level at 0.560. A failure to hold 0.5675 may indicate a deeper correction toward 0.558 or lower. The 38.2% level at 0.5675 is already in play, and it appears to be a key turning point for the next 24 hours.

Backtest Hypothesis: The absence of any RSI > 70 events for SUSHIUSDT since 1 January 2022 is unusual and suggests the pair has remained range-bound or in a prolonged bearish phase without significant overbought conditions. This makes it challenging to test RSI-based exit strategies effectively. One approach is to lower the overbought threshold to RSI > 65 to generate enough sample events for a meaningful backtest. Alternatively, a different indicator—such as MACD crossover or volume divergence—could offer more actionable insights. If we maintain the strict RSI > 70 condition, extending the analysis period further into pre-2022 might yield relevant historical data. Investors should consider this context when evaluating potential momentum-driven strategies for SUSHIUSDT.