Market Overview for Steem/Tether (STEEMUSDT)

• Steem/Tether (STEEMUSDT) declined to a 24-hour low of $0.1211 but reversed with a late-session rally to $0.1248, closing near 0.1241 at 12:00 ET.
• Momentum shifted from bearish to bullish as RSI broke 50 and MACD crossed into positive territory during the last 4 hours.
• Volatility expanded significantly, with price breaking out of a tight range after a consolidation phase around 0.1225.
• On-chain volume surged past $1.2 million during the final 90 minutes, confirming the breakout and bullish reversal.
• A key support level at 0.1215 held, followed by a strong rally into 0.1248, with 0.1225 acting as a critical psychological pivot.

Opening Narrative

Steem/Tether (STEEMUSDT) opened at $0.1228 on 2025-09-23 at 12:00 ET, reaching a 24-hour high of $0.1248 by 11:30 AM ET on 2025-09-24. The pair closed at $0.1241 at 12:00 PM ET, after trading as low as $0.1211. Total 24-hour volume was 1,187,470 STEEM, with notional turnover reaching approximately $146,500.

Structure & Formations

The pair spent much of the 24-hour period consolidating between 0.1215 and 0.1230 before breaking out to the upside on increased volume and momentum. A bullish engulfing pattern formed between 0.1223 and 0.1227, signaling a potential reversal. A key support at 0.1215 was tested twice and held, while resistance at 0.1248 may act as a near-term ceiling. A doji at 0.1225 suggested indecision before the rally, followed by a strong bearish reversal at 0.1245.

Moving Averages

On the 15-minute chart, the 20SMA and 50SMA crossed into an ascending bias during the final 3 hours, confirming the upward move. On the daily chart, the 50DMA and 200DMA suggest a slight bearish bias, but the recent price action has pushed above the 50DMA, indicating a potential short-term reversal.

MACD & RSI

The MACD turned positive during the final 4 hours, with a strong bullish crossover and expanding histogram, supporting the rally. RSI crossed above 50 and peaked near 63, indicating renewed buyer interest. While not yet overbought, the 63 level suggests caution for aggressive buyers.

Bollinger Bands

Volatility expanded significantly after a period of tight consolidation, with price breaking above the upper band at 0.1248. The lower band had previously acted as a key support at 0.1215, which held twice. Price has since traded outside the band, suggesting heightened bullish momentum.

Volume & Turnover

Volume remained relatively low until the final 90 minutes, when a sharp increase in volume (over 188,000 STEEM) coincided with the breakout above 0.1245. Turnover also spiked sharply during this period, confirming the price action and ruling out a false breakout. No significant price-volume divergence was observed, indicating strong conviction in the move.

Fibonacci Retracements

Applying Fibonacci to the 0.1211 to 0.1248 swing, key levels include 0.1233 (38.2%), 0.1239 (50%), and 0.1245 (61.8%). The current close near 0.1241 suggests that the 61.8% level may act as a near-term ceiling unless the rally continues.

Backtest Hypothesis

A potential backtest strategy would involve entering long positions on a bullish engulfing pattern (confirmed by close above 0.1225) with a stop-loss below 0.1215 and a target at 0.1245 (61.8% retracement). The recent 15-minute data supports such a setup, with volume and momentum aligning with the breakout. This strategy could be refined by including a filter for MACD and RSI confirmation to avoid false signals during consolidation phases.