SushiSwap/Tether (SUSHIUSDT) Market Overview

• SushiSwap/Tether (SUSHIUSDT) closed 0.24% lower at 0.766 after a 0.7731 low and 0.7817 high.
• Volatility expanded midday, with price breaking above 0.7750 before consolidating.
• Volume surged in late afternoon and early evening, but failed to confirm a bullish breakout.
• RSI remained neutral near 50, suggesting indecision, while MACD showed fading momentum.
• Price hovered near the 20-period MA for much of the session, showing no clear directional bias.

Market Opening and Closing

SushiSwap/Tether (SUSHIUSDT) opened at 0.7737 on 2025-09-19 12:00 ET and closed at 0.766 on 2025-09-20 12:00 ET, with a high of 0.7817 and a low of 0.7613 over the 24-hour period. Total volume traded was 1,513,145.5, and notional turnover (volume × average price) was approximately $1,160,104. The pair spent much of the session consolidating near 0.7750 but failed to break out convincingly.

Structure & Formations

Price action was characterized by a series of smaller bullish and bearish engulfing patterns during the late evening and early morning hours. A notable bearish engulfing pattern appeared around 0.7700 in early morning hours, signaling potential short-term weakness. In contrast, a bullish engulfing at 0.7757 later in the morning hinted at buyer interest, though volume failed to confirm a strong reversal. Doji were observed around key levels such as 0.7690 and 0.7750, indicating indecision and potential inflection points.

Support levels are emerging at 0.7640 and 0.7610, with the former showing repeated rejections in the last 24 hours. Resistance remains at 0.7750 and 0.7780, where price has struggled to close above in recent 15-minute bars.

Moving Averages and Trend Context

On the 15-minute chart, the 20-period MA (0.7725) provided moderate support, while the 50-period MA (0.7742) acted as a ceiling. Price oscillated between these two lines for much of the session, showing a sideways bias. On the daily chart, the 50-period MA (0.7765) sits slightly above the 200-period MA (0.7690), suggesting a slightly bullish bias over the longer term, but the 100-period MA (0.7730) is in the middle, indicating no strong trend formation.

MACD and RSI

The MACD crossed below the signal line early morning, signaling bearish momentum, though it remained near neutral for much of the day. The histogram showed small contractions in the morning and late evening, indicating weakening bearish pressure. RSI spent the session between 40 and 60, indicating indecision and a lack of overbought or oversold conditions. The absence of RSI divergence suggests that traders are not overextending either side.

Bollinger Bands

Volatility expanded in the late afternoon and early evening, with the upper band reaching 0.7797 and the lower band hitting 0.7625. Price spent most of the session near the midline, indicating consolidation. A brief break above the upper band occurred around 0.7764, but it was quickly rejected, suggesting that the range remains intact. The narrowing of bands earlier in the morning hinted at a potential breakout, but it did not materialize.

Volume and Turnover

Volume spiked in late afternoon and early evening, particularly between 0.7690 and 0.7750, but failed to produce a decisive close above 0.7750. Notional turnover also increased during this time, suggesting increased interest. However, a divergence appeared between price and volume in the morning when price fell below 0.7710, but volume did not confirm the bearish move. This suggests that buyers may still be present and could support a rebound from 0.7640.

Fibonacci Retracements

Fibonacci levels were drawn from the recent low at 0.7613 to the high at 0.7817. Key retracement levels of 38.2% (0.7737) and 61.8% (0.7716) have both served as minor support and resistance. Price has shown hesitation at both levels, with 0.7716 currently acting as a soft support. Daily Fibonacci levels from earlier corrections (e.g., 0.7650 to 0.7780) also showed some relevance, with 0.7690 being a key cluster area.

Backtest Hypothesis

The backtesting strategy described involves entering a long position when price closes above the 20-period MA and the RSI crosses above 50 from below, with a stop loss placed below the previous swing low. A short position is initiated when price closes below the 20-period MA and RSI crosses below 50 from above, with a stop loss above the previous swing high. This strategy relies on capturing short-term directional moves during consolidation phases.

Based on the recent 24-hour price action, a long entry could have been triggered around 0.7737 when RSI crossed above 50 and price closed above the 20-period MA. However, the lack of confirmation in volume and the failure to hold above 0.7750 may have led to an early exit or a stop loss. The bearish engulfing pattern at 0.7700 also could have initiated a short trade, but again, volume failed to confirm the bearish breakout.

The strategy’s effectiveness depends heavily on accurate placement of stop-loss levels and the ability to filter out false signals. In the current market environment, with high volatility and mixed momentum signals, the strategy may benefit from additional filters such as higher time frame alignment or divergence confirmation before entry.