Market Overview for SushiSwap/Tether (SUSHIUSDT)

Summary• SUSHIUSDT rallied sharply into the final hours of the 24-hour period, forming a bullish bias in late trading.
• Price action confirmed a breakout above 0.492, with volume intensifying near resistance.
• RSI and MACD suggest momentum is intact, but a pullback into support levels could trigger renewed accumulation.

Opening Snapshot and 24-Hour Movement

SushiSwap/Tether (SUSHIUSDT) opened at $0.4806 (12:00 ET − 1) and closed at $0.4932 (12:00 ET) after a volatile 24-hour period. The pair traded as high as $0.4977 and as low as $0.4664, with a total trading volume of 5.31 million SUSHI and a notional turnover of approximately $2,597,000.

Structure and Formations

The 15-minute chart displayed a series of bullish engulfing patterns, especially in the late hours of the previous day, as price rallied from 0.486 to above 0.492. A key resistance level emerged at 0.492-0.495, where the price has tested multiple times. A large bullish candle at 0.4932-0.4939 in the early morning (00:00-00:15 ET) signaled strong short-term buying pressure. The price has yet to confirm a break above the prior 20-period high, suggesting that a test of 0.4975-0.5000 could be the next target.

Moving Averages and Momentum Indicators

On the 15-minute chart, the 20-period MA crossed above the 50-period MA at 0.4875, signaling a short-term bullish crossover. The daily chart shows a more neutral bias, with the 50-period MA at 0.4815 and the 200-period MA at 0.4730, indicating a possible re-entry into accumulation territory. The RSI is currently at 55, suggesting neutral momentum. MACD lines are rising, crossing the signal line at 0.0003, affirming a potential continuation in the near term.

Volatility and Bollinger Bands

Bollinger Bands show a moderate expansion in the final hours, with price closing near the upper band at 0.4932. This suggests increased volatility and a potential continuation of the bullish trend. The band width has widened from 0.0015 to 0.0031 over the last 6 hours, signaling a period of price discovery and possibly increased market participation.

Fibonacci Retracements

The 61.8% Fibonacci retracement level of the 0.4664-0.4977 rally is at approximately 0.4888, which has already been retested twice. The 38.2% level sits at 0.4815 and appears to be a soft support. On the daily chart, a 50% retracement of the broader 0.4600-0.4920 move is at 0.4760, a potential consolidation zone if buyers fail to break 0.4950.

Volume and Turnover

Trading volume surged to over 531,000 SUSHI in the 15-minute candle at 11:45 ET, as the pair closed near 0.4971. This was accompanied by a sharp increase in turnover to $256,000. However, the subsequent candle at 12:00 ET saw a pullback in price and volume, indicating that some of the momentum may be exhausting. The divergence between volume and price in the final hour suggests caution for near-term buyers.

Backtest Hypothesis

The backtest strategy outlined earlier — buying on a Bullish Engulfing pattern and exiting when price closes above the previous 20-day high — aligns with the recent behavior of SUSHIUSDT, particularly the strong 15-minute candles showing bullish momentum. The recent breakout above 0.492 suggests that a similar exit rule could capture a meaningful portion of the upward move. If the 20-day high is retested and confirmed as a breakout level, the strategy would signal an exit, locking in gains from this wave of buying. This approach, while simple, leverages identifiable and repeatable price patterns, making it a compelling candidate for further testing on historical data.