Sun/Tether Breaks Key Support — Bearish Candles Confirm the Move

Summary
• Price declined sharply on expanding volume, breaking below key support levels.
• RSI and MACD signaled bearish momentum with no immediate overbought conditions.
• Bollinger Bands widened as volatility surged, with price near the lower band.
• A potential 61.8% Fibonacci retracement level at 0.0190 appears to be holding temporarily.

Sun/Tether (SUNUSDT) opened at 0.02022 at 12:00 ET−1 and closed at 0.01795 by 12:00 ET, hitting a high of 0.02027 and a low of 0.01856 during the session. Total traded volume amounted to 61,535,884.0, while notional turnover reached 1,157,989.08.

Structure & Formations

Price experienced a steep decline after 18:45 ET, breaking below 0.02013 and failing to recover. A key support level at 0.02006 was quickly invalidated, with a subsequent bearish trend forming. A large engulfing candle at 20:45 ET confirmed the breakdown, while a 0.01984 low marked the start of a 61.8% Fibonacci retracement from the initial 0.02027 high. The 0.0190 level could be a critical near-term support if the bearish trend continues.

Moving Averages

On the 5-minute chart, the 20- and 50-period moving averages are both in a bearish crossover, reinforcing the downward momentum. On the daily chart, the 50-period moving average sits at 0.0186, and the 200-period is near 0.0192, suggesting potential bearish alignment if price continues to trend below these.

MACD & RSI

The MACD crossed into negative territory with a bearish divergence forming after 02:00 ET. RSI dropped below 40 by 07:00 ET and continued falling into the 30s, signaling weak bullish momentum without entering oversold territory. This suggests the bearish trend may not yet be exhausted but lacks strong signs of overextension.

Bollinger Bands

Bollinger Bands expanded significantly after 01:00 ET as volatility increased. By 07:00 ET, price was trading near the lower band at 0.0185, suggesting potential for a bounce or further consolidation before the next directional move.

Volume & Turnover

Volume and turnover spiked sharply after the 20:45 ET breakdown, with a 3.3 million volume candle confirming the move below key support. Subsequent volume remained above average, confirming the bearish trend. No significant price-turnover divergence was observed, suggesting continued conviction in the downward movement.

Fibonacci Retracements

The 61.8% Fibonacci retracement level at 0.0190 appears to be a key short-term target if the current bearish trend continues. A break below this could extend the move toward 0.0185 and even 0.0180.

Sun/Tether appears to be in a strong bearish phase, supported by both price action and momentum indicators. The next 24 hours may see further testing of the 0.0190 level, with a risk of a renewed decline if buyers fail to step in. Investors should watch for signs of a reversal or a continuation of the trend.