Market Overview: Steem/Tether (STEEMUSDT) 24-Hour Analysis

• • Steem/Tether (STEEMUSDT) declined 7.2% over 24 hours, closing near 0.1188 after a sharp selloff post-18:00 ET.
• • Momentum indicators signaled oversold conditions, with RSI falling below 30 and MACD trending lower.
• • Volatility expanded in the 01:00–06:00 ET window, with a 0.0022 range, but failed to trigger a breakout.
• • Volume surged >150,000 during the 05:00–07:00 ET window, confirming the bearish price action in that period.
• • A key support level at 0.1175–0.118 appears critical, with a possible rebound expected if buyers step in.

Price Action and Key Levels

Steem/Tether (STEEMUSDT) opened at 0.1246 on 2025-09-24 at 12:00 ET and closed at 0.1188 on 2025-09-25 at the same time, with a 24-hour high of 0.1246 and a low of 0.1175. Total volume reached 1,484,641 and turnover was approximately 171.1 (steem). The pair formed several bearish candlestick patterns, including a hanging man, bearish engulfing, and a long lower shadow, indicating weakening bullish conviction. Key support levels are forming at 0.1175–0.118 (recent low), 0.1191 (intraday pivot), and 0.1204 (prior low). Resistance is likely at 0.1215 and 0.1227, where previous bearish reversals occurred.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages are both trending lower, reflecting bearish bias. The 50-period SMA currently sits near 0.1205, forming a dynamic resistance. The daily chart shows the 50, 100, and 200-period SMAs in descending order, with the 50-period at ~0.1230, reinforcing the downward trend. The RSI dropped below 30 during the 04:00–06:00 ET window, signaling oversold conditions. MACD is negative and trending lower, with the signal line pulling away, indicating weak bearish momentum. However, the RSI's failure to break below 20 may hint at a near-term rebound.

Volatility and Bollinger Bands

Volatility was low early in the day but surged in the 01:00–06:00 ET window, coinciding with the price's drop to 0.1175. The Bollinger Bands expanded, with the price dropping below the lower band and lingering near it for several hours. This suggests a sharp sell-off and possible exhaustion. The bands have since retracted slightly, narrowing as the price consolidates near the key support level. A break above the middle band could signal a short-term recovery, but given the weak volume, this would require strong buyer participation.

Fibonacci Retracement and Turnover

Applying Fibonacci retracements to the 0.1175–0.1246 swing, the 0.618 level sits at 0.1196, which coincided with a temporary bounce. The 0.382 level at 0.1217 also saw a brief pause. Turnover spiked during the 05:00–06:00 ET window, with over 345,951 volume traded, but failed to confirm a bullish reversal as the price continued lower. This divergence suggests a lack of conviction from buyers. A break below 0.1175 could trigger a deeper decline toward 0.115, while a rebound above 0.1196 may attract short-term buyers.

Backtest Hypothesis

The backtesting strategy involves entering long positions when price closes above the 50-period SMA on a 15-minute chart, with a stop-loss 2% below the entry point and a target at the nearest resistance level. Conversely, short positions are entered when the RSI drops below 30 and price closes below the 20-period SMA, with a stop-loss 2% above the entry and a target at the nearest support level. Given the current scenario, the strategy would likely trigger a short signal at 0.1188, with a target at 0.1175 and a stop-loss at 0.1208. The MACD and RSI confirm oversold conditions, making this a viable setup for a bearish trade. However, due to the low volume at the moment, confirmation is pending, and the strategy may require additional filters to avoid false signals.