Market Overview for Steem/Tether (STEEMUSDT) – 2025-11-06

Summary
• Steem/Tether traded with a 24-hour range between $0.0742 and $0.0781, closing at $0.0751 with increased bearish momentum.
• Total volume reached 3,915,478.3 STEEM, while notional turnover hit $278,085.80, showing elevated selling interest.
• A deepening bearish divergence in price and volume emerged in the last 6 hours, signaling potential for further downside.

The 24-hour period for STEEMUSDT (Steem/Tether) began at $0.0760 and saw a high of $0.0781 and a low of $0.0742 before closing at $0.0751 by 12:00 ET. The pair experienced a total volume of 3,915,478.3 STEEM and a notional turnover of $278,085.80, indicating significant selling pressure. The price action revealed bearish dominance, particularly in the last 12 hours.

Structure & Formations

The price formed a bearish engulfing pattern in the early morning session (02:45–03:00 ET), confirming a shift in sentiment. Key support levels emerged at $0.0760 and $0.0742, while resistance is likely at $0.0775–0.0777 and $0.0780. A bearish flag pattern developed between 16:00–17:00 ET, reinforcing the downward bias.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are in tight alignment, supporting consolidation before a possible breakdown. On the daily chart, the 50/100/200-period MAs are broadly aligned to the downside, suggesting a bearish trend with limited reversal signs.

MACD & RSI

The MACD has turned bearish with negative divergence, indicating weakening bullish momentum. RSI declined to 45, approaching oversold territory (30), but has yet to trigger a reversal signal. The bearish momentum may continue unless RSI rebounds above 55, signaling a short-term stabilization.

Bollinger Bands

The price has spent much of the session within the lower half of the Bollinger Bands, indicating elevated bearish volatility. A recent contraction in band width from 01:00–03:00 ET suggests a potential breakout is due—likely to the downside given the prevailing trend.

Volume & Turnover

Volume spiked in the late afternoon (14:15–17:00 ET), confirming the bearish break below $0.0760. However, the price closed lower in most high-volume candles, pointing to distribution rather than accumulation. Turnover also rose with price, confirming conviction in the bearish move.

Fibonacci Retracements

The recent swing high at $0.0781 and low at $0.0742 align with key Fibonacci levels: 38.2% at $0.0766, 50% at $0.0761, and 61.8% at $0.0758. The current price is near the 61.8% level, which may offer temporary support or resistance, depending on how volume reacts.

Backtest Hypothesis

Given the observed behavior of RSI and the strong bearish divergence in the last 24 hours, a backtest of RSI-14 oversold entry dates could be valuable to understand whether STEEMUSDT historically has bounced after RSI drops below 30. However, the inability to retrieve the correct RSI data for STEEMUSDT suggests a need to clarify the correct ticker and exchange—such as BINANCE:STEEMUSDT or KUCOIN:STEEMUSDT—to proceed. Once that is confirmed, a 5-day-hold backtest can be executed to assess the effectiveness of oversold-based long entries.