Market Overview for SushiSwap/Tether (SUSHIUSDT)

Summary
• Price formed a bearish engulfing pattern near 0.3308 and tested support at 0.3266.
• Momentum weakened as RSI fell below 50, signaling potential bearish bias.
• Volatility expanded in the afternoon, with volume peaking at 117,740.8 around 18:00 ET.
• Price remained above 20-period moving average, but closed below 50-period.
• Bollinger Bands widened after the midday decline, suggesting renewed directional potential.

SushiSwap/Tether (SUSHIUSDT) opened at 0.3308 at 12:00 ET-1 and traded between 0.3339 and 0.3184 over the past 24 hours, closing at 0.3298 as of 12:00 ET. Total volume reached 769,466.7, with notional turnover of 251,954.3.

Structure & Moving Averages

Price action formed a bearish engulfing pattern near 0.3308 during the early session, followed by a sharp decline to test 0.3266, where it found temporary support. The 50-period moving average on the 5-minute chart crossed below the 20-period, signaling a shift in short-term bias. Daily moving averages remain broadly neutral, with no clear long-term divergence observed.

Momentum and Volatility

Relative Strength Index (RSI) dropped below 50 after midday, confirming weakening bullish momentum. MACD turned negative in the afternoon, aligning with the bearish price action. Volatility expanded significantly around 18:00 ET as the pair fell to 0.3266, with Bollinger Bands widening in response to the sharp price movement.

Volume and Turnover

Volume spiked to 117,740.8 during the 18:00 ET candle, the highest of the session, as price dropped to 0.3272. Notional turnover also surged during this period, confirming the bearish move. However, the pair has since recovered some ground, with volume moderating in the latter half of the day.

Fibonacci and Key Levels

A 38.2% Fibonacci retracement of the 0.3329–0.3266 swing sits at 0.3301, a level that may offer resistance. The 61.8% level at 0.3279 has already been tested twice and may act as a support/resistance pivot in the near term.

The market appears to be consolidating within a range between 0.3266 and 0.3309. A break below 0.3266 could signal a test of deeper support, while a retest of 0.3309 may gauge bullish conviction. Investors should remain cautious for volatility and sudden directional shifts amid thin liquidity and mixed momentum signals.