Market Overview for SushiSwap/Tether USDt (SUSHIUSDT)

• Price fell from 0.8108 to 0.7922 before partial recovery to 0.7922 at 12:00 ET
• Volatility spiked mid-day, with a large-volume 15-minute candle (0.7929–0.7877)
• Momentum turned bearish in the morning but softened in the afternoon, RSI suggests oversold levels
• Key support appears at 0.7922–0.7935, resistance at 0.7985–0.8011
• Notional turnover surged during the bearish swing but declined during consolidation

SushiSwap/Tether USDt (SUSHIUSDT) opened at 0.8079 at 12:00 ET-1 and closed at 0.7922 by 12:00 ET today, with a high of 0.8108 and a low of 0.7869. Total volume traded over 24 hours was 2,447,602.8, while notional turnover was 1,936,524.7 USD. The pair experienced a pronounced bearish move in the early hours before consolidating in the afternoon.

Structure & Formations

Price action showed a strong bearish reversal following a sharp decline from 0.8063 to 0.7877 in the 15-minute timeframe, with a volume spike of 86,685.7, suggesting increased selling pressure. Later in the day, a bullish pinbar at 0.7933–0.7941 hinted at potential support forming in the 0.7930–0.7940 range. A small doji at 0.7946 suggested indecision and potential near-term consolidation. Key resistance levels appear at 0.7985–0.8011, while support is forming at 0.7922–0.7935.

Moving Averages and Momentum

On the 15-minute chart, price closed below the 20- and 50-period moving averages, indicating bearish bias. RSI dipped into oversold territory below 30 by the early afternoon, while MACD crossed below the signal line and remained negative, suggesting continued bearish momentum but potential for a near-term bounce. The daily chart shows a broader bullish trend, with price above the 50 and 200-day moving averages.

Volatility and Bollinger Bands

Volatility increased mid-day as the 0.7929–0.7877 move unfolded. Price then tested the lower Bollinger Band, staying near the bottom of the channel until late afternoon, where it began to move back toward the mean. This suggests a potential rebound could be in play if support at 0.7922–0.7935 holds. Notional turnover aligned with the large-volume bearish candle, with no significant divergence noted between volume and price.

Fibonacci Retracements

Using the key 0.8108–0.7869 swing, Fibonacci levels indicate 0.7935 (38.2%) as a possible support area, and 0.7965 (61.8%) as a potential pivot. Price found a temporary floor at 0.7922, which is slightly below the 38.2% level, suggesting possible further consolidation or a test of 0.7935 in the near term.

Backtest Hypothesis

A backtesting strategy could involve entering long positions on a bullish reversal candle confirming support at 0.7922–0.7935, with stop loss below the 0.7900 level and a target aligned with the 38.2% Fibonacci retrace at 0.7935–0.7950. The RSI oversold condition supports the potential for a near-term bounce. Short-term traders may also consider shorting on a break below 0.7900 with a target at 0.7850, using the large-volume bearish candle as a confirmation signal.

Looking ahead, SUSHIUSDT may remain range-bound if buyers hold at 0.7922–0.7935. A break above 0.7985 could signal a resumption of the broader bullish trend, but traders should remain cautious of potential bearish follow-through from early morning selling pressure.