Market Overview for Steem/Tether (STEEMUSDT) – 24-Hour Technical Summary

• STEEMUSDT traded in a tight range early, with a low-volume breakout attempt forming after 19:00 ET.
• Price surged to a 24-hour high of $0.1228 before correcting into a consolidation phase ahead of 11:00 ET.
• RSI showed divergence around 06:00 ET, suggesting weakening momentum, while Bollinger Bands tightened ahead of a breakout.
• On-chain volume spiked during the 00:00–03:00 ET period, with a large bearish candle signaling distribution.
• The final hour saw a retest of key support at $0.1223–0.1225, ending the session in neutral consolidation.

Price Action and Range

Steem/Tether (STEEMUSDT) opened at $0.1208 on 2025-09-22 at 12:00 ET and closed at $0.1227 on 2025-09-23 at 12:00 ET, with a high of $0.1231 and a low of $0.1198 over the 24-hour period. The pair traded in a relatively tight range for the first 6 hours but saw a sharp upward move between 23:00 and 01:30 ET, pushing past $0.1220. Total trading volume was approximately 787,469.3 units, with a notional turnover of $96,707.01, indicating significant activity during key price levels.

Structure & Formations

The 24-hour candlestick chart for STEEMUSDT revealed a bearish consolidation pattern followed by a bullish breakout. A bearish engulfing pattern emerged around 03:15 ET, signaling a potential reversal from an upward trend to consolidation. Later, a bullish breakout candle formed at 23:00 ET, with a close near the high, suggesting renewed buyer interest. Key support levels include $0.1220 and $0.1213, while resistance appears to be consolidating at $0.1228–0.1230. A doji formed around 09:00 ET, indicating indecision and possible reversal, followed by a retest of the $0.1223–0.1225 range.

Moving Averages

On the 15-minute chart, the price broke above the 20-period moving average around 23:00 ET and closed above it for the last 8 hours, suggesting short-term bullish momentum. The 50-period MA remained relatively flat until the breakout. On the daily chart, the 50-period MA is at approximately $0.1224, with the price hovering slightly above it, indicating a potential short-term uptrend. The 200-period MA is at $0.1215, suggesting that the asset is testing its medium-term support.

MACD & RSI

The MACD crossed above the zero line around 22:30 ET, confirming bullish momentum as the price broke out. However, by 06:00 ET, the MACD histogram started to contract, signaling weakening momentum despite continued price gains. The RSI reached overbought territory (above 70) around 01:30 ET but failed to hold there, dropping back below 60 by 04:00 ET, indicating potential exhaustion in the upward move. A divergence appeared between the RSI and price action during the consolidation phase, suggesting caution for further bullish bets.

Bollinger Bands

Bollinger Bands showed a period of contraction between 03:00 and 05:30 ET, signaling a possible breakout. The price subsequently broke above the upper band between 22:45 and 23:45 ET, indicating strong volatility and bullish momentum. The bands have since widened again, and the price is currently trading near the upper band, suggesting a continuation could be in play if buyers remain aggressive. However, a failure to stay above the upper band may signal a return to consolidation.

Volume & Turnover

Volume spiked significantly during the 00:00–03:00 ET period, with a large bearish candle forming around 03:15 ET. This was followed by a sharp drop in volume as the price consolidated for the next 4 hours. A second volume spike occurred between 23:00 and 01:30 ET, confirming the breakout attempt. Notional turnover peaked at $1,166.59 during the 11:15 ET candle, corresponding to a sharp bearish reversal from $0.1230 to $0.1221. The divergence between volume and price during the 03:00–05:00 ET consolidation suggests a possible bearish reversal is in play.

Fibonacci Retracements

On a 15-minute chart, the recent swing high at $0.1231 and swing low at $0.1219 defined a key retracement level. The price found support at the 61.8% level ($0.1223) before testing the 38.2% level ($0.1227) and consolidating. On the daily chart, the $0.1220 level acts as a key Fibonacci support (61.8% of the move from $0.1198 to $0.1231). A break below $0.1213 would trigger the 78.6% level, potentially opening the door to $0.1206.

Backtest Hypothesis

The backtest strategy described leverages a combination of breakout entry, RSI divergence, and volume confirmation to filter high-probability trade setups. Given the recent STEEMUSDT price behavior—particularly the breakout above the 20-period moving average and the divergence in RSI—this strategy would have triggered a long entry at the 23:00–23:30 ET breakout candle, with a stop-loss placed below $0.1220. A take-profit target of $0.1230–0.1235 would align with the upper Bollinger Band and the 38.2% Fibonacci level. This approach could be applied to other altcoins with similar patterns, especially those in low-volatility ranges looking to break out.