Market Overview: Steem/Tether (STEEMUSDT) 24-Hour Price Action and Momentum

• Steem/Tether (STEEMUSDT) fell from a 24-hour high of $0.1371 to a low of $0.1319, closing near session lows.
• A bearish breakdown below the 0.1350 psychological level accelerated selling after 04:15 ET.
• Volume spiked sharply below $0.1340, confirming weak conviction as price drifted lower.
• RSI and MACD show bearish momentum, with RSI reaching oversold territory but no signs of reversal.
• Bollinger Bands widened post-04:15 ET, reflecting heightened volatility during the decline.

24-Hour Summary and Opening Narrative

The Steem/Tether (STEEMUSDT) pair opened at $0.1363 on September 18, 2025, at 12:00 ET, and traded within a range of $0.1319 to $0.1371 over the next 24 hours, closing at $0.1327 by 12:00 ET. The session saw a total volume of 3,062,961.0 STEEM and a notional turnover of approximately $410,398.00. The pair showed a bearish bias for the majority of the session, with a notable breakdown occurring after 04:15 ET.

Structure and Formations

The 24-hour candlestick pattern displayed a strong bearish trend, particularly between 04:15 ET and 05:45 ET, with several long bearish candles confirming weakness. A key support level was identified near $0.1330, which held briefly, but failed to provide a strong reversal signal. A bearish engulfing pattern formed on the 15-minute chart at 04:15 ET, followed by a doji at 05:45 ET, indicating indecision and potential exhaustion of short-term buyers.

Moving Averages and Momentum Indicators

On the 15-minute chart, the price remained below its 20-period and 50-period moving averages throughout the session, indicating a bearish bias. The 50-period moving average crossed below the 100-period line on the daily chart, reinforcing the downtrend. The RSI dropped into oversold territory below 30 after the breakdown, but failed to generate a rebound. The MACD remained negative, with the signal line pulling away from the histogram, showing no signs of reversal.

Volumes and Turnover Divergences

Volume surged during the sharp decline in price after 04:15 ET, confirming bearish momentum. However, as the price continued lower, volume began to wane, suggesting lack of conviction in further declines. A divergence appeared between price and volume in the late session: while prices continued to fall, volume did not increase proportionally, indicating potential short-term exhaustion. This could suggest a temporary pause or consolidation before a further move.

Bollinger Bands and Volatility

Volatility expanded significantly between 04:15 ET and 06:00 ET, with the Bollinger Bands widening as the price broke out to the downside. Price remained below the lower band for several hours, indicating a strong bearish sentiment. After 07:00 ET, volatility began to contract, with the bands narrowing and price moving closer to the middle band. This suggests a potential reduction in momentum and possible consolidation ahead.

Fibonacci Retracements

Fibonacci retracements drawn from the 0.1371 high to the 0.1319 low show key levels at 0.1347 (38.2%) and 0.1333 (61.8%). The 0.1333 level was briefly tested but failed to hold, indicating that sellers remain in control. A further drop below this level could target the next support at 0.1326, based on the 78.6% retracement level.

Backtest Hypothesis

A potential backtesting strategy could focus on short entries triggered by the bearish engulfing pattern on the 15-minute chart, confirmed by a close below the 50-period moving average. Stops could be placed above the recent high of the engulfing candle, while targets could be based on Fibonacci retracements to 0.1333 and 0.1326. This approach would align with the observed bearish momentum and could be refined by incorporating volume divergence as an early exit or filter. The strategy's effectiveness would depend on confirming signals on higher timeframes and managing risk with tight stop-loss orders.