Market Overview: Steem/Tether (STEEMUSDT) – October 30, 2025

• Steem/Tether (STEEMUSDT) declined to $0.0856 on October 30, posting a 24-hour low of $0.0845 amid heavy volume.
• A sharp bearish reversal from $0.0891 to $0.0856 marked by a high-volume candle on October 30 04:30 ET.
• RSI and MACD signaled bearish momentum, with RSI approaching oversold territory near $0.0845.
• Volatility expanded sharply following the midday selloff, with Bollinger Bands widening significantly.
• Notional turnover spiked to $106,557 at the market low, aligning with a key bearish engulfing pattern.

Steem/Tether (STEEMUSDT) opened at $0.0881 on October 29, 12:00 ET, and closed at $0.0856 on October 30, 12:00 ET, with a high of $0.0895 and a low of $0.0845 over the 24-hour period. Total volume for the period was 4.78 million, and notional turnover totaled approximately $414,780. The pair experienced a clear bearish bias following a midday reversal.

Structure and price behavior revealed a bearish breakout after a consolidation phase between $0.0872 and $0.0893. Key resistance levels formed at $0.0893 and $0.0895, both tested and rejected in the early hours. A bearish engulfing pattern formed at $0.0887–$0.088, confirming the shift in sentiment. Support levels at $0.0875 and $0.0865 held briefly, but price broke below these in the early afternoon, leading to a sharp drop to $0.0845.

Moving averages on the 15-minute chart indicated a strong bearish bias, with price falling below the 20-period and 50-period lines. On the daily chart, the 50-period line appears to offer resistance near $0.0885. The 200-period line, currently at $0.0893, may serve as a psychological hurdle for any short-term buyers attempting to push the price higher.

The MACD histogram turned negative as early as 04:00 ET, with the indicator crossing below the zero line at 04:30 ET. RSI readings fell into oversold territory near $0.0845, suggesting a possible short-term bounce, though the bearish momentum remains dominant. Bollinger Bands widened sharply after 04:00 ET, reflecting increased volatility and confirming a move into a new price range.

Notional turnover spiked dramatically during the selloff, peaking at $106,557 as price fell from $0.088 to $0.0861. Volume was unusually high during the drop, suggesting strong participation from institutional or algorithmic traders. A divergence between price and turnover was not observed, indicating that the move was supported by strong bearish conviction.

Fibonacci retracements from the recent high of $0.0895 to the low of $0.0845 showed that the current price near $0.0856 is approaching the 61.8% level. This level may offer some near-term support or trigger further bearish momentum if broken. On the 15-minute chart, key Fibonacci levels from $0.0887 to $0.0861 also suggest a potential pullback target near $0.087.

Backtest Hypothesis

Given the observed bearish engulfing pattern at $0.0887–$0.088 and the subsequent sharp drop in price, a short-side strategy could be backtested using this pattern as a signal trigger. The hypothesis involves entering a short position on confirmation of the bearish engulfing pattern, with a stop-loss placed just above the high of the engulfing candle ($0.0887) and a target aligned with the 61.8% Fibonacci retracement at $0.0845. A 3-day time horizon would allow for both immediate and secondary price movement. However, due to the missing OHLC data required to automate the detection of this pattern, we need to clarify whether event dates (bearish engulfing occurrences) are available or whether an alternative data source should be used for pattern detection.