Market Overview for STEEM/USDT as of 2025-10-06

• STEEM/USDT declined from $0.1245 to $0.1221 overnight, then rallied back above $0.1237 intraday.
• Intraday volatility picked up with a 2.3% swing, and key resistance formed near $0.1236–0.1239.
• Volume spiked to 94,200 STEEM at $0.1245, suggesting accumulation ahead of potential short-term breakout.
• RSI remains in neutral territory, with no clear overbought or oversold signals at this stage.
• MACD showed positive divergence during the rally, suggesting potential bullish momentum ahead.

The STEEM/USDT pair opened on 2025-10-05 at $0.1234 and reached a low of $0.1219 before closing at $0.1234 at 12:00 ET-1. Over the past 24 hours, the pair fluctuated between $0.1214 and $0.1245, with a final close of $0.1234 at 12:00 ET on 2025-10-06. The total traded volume was approximately 1,994,922.0 STEEM, with a notional turnover of $250,685.50 USD, indicating moderate but steady interest.

The price structure shows a key support level forming at $0.1221–0.1225, where the price bounced multiple times after the initial overnight dip. Resistance is concentrated at $0.1236–0.1239 and again at $0.1243–0.1245, with the latter showing signs of consolidation. A notable bullish engulfing pattern appeared at 15:30 ET, suggesting a short-term reversal. Additionally, the price formed a tight range between $0.1233 and $0.1245 in the final hours of the day, which could signal a potential breakout or continuation.

Structure & Patterns

The 15-minute OHLCV data reveals a tight consolidation phase between $0.1233 and $0.1245, with the price testing the upper band multiple times. A bullish engulfing pattern formed around 15:30 ET, suggesting a reversal from prior bearish momentum. A doji occurred at $0.1238 around 13:30 ET, indicating indecision in the market. The price has been trading within a well-defined range for much of the day, suggesting that STEEM/USDT may be poised for a breakout to either side depending on the next major volume catalyst.

Volume and Turnover

Volume has been concentrated in the $0.1233–0.1245 range, with two major spikes: one at $0.1245 (94,200 STEEM) and another at $0.1221 (86,376 STEEM). The $0.1245 volume appears to suggest accumulation or short-term bullish bias, while the $0.1221 spike may indicate short covering or bearish exhaustion. Notional turnover also spiked at these levels, confirming the significance of the price action at these key levels.

Moving Averages and Bollinger Bands

The 20-period and 50-period moving averages on the 15-minute chart are currently converging around $0.1235, with the 20SMA slightly above the 50SMA, suggesting a potential bullish crossover is near. The 200-period moving average on the daily chart is at $0.1232, below the current price, indicating a mild bullish bias in the medium term. Bollinger Bands have narrowed during the consolidation phase, but the recent price action has pushed the price toward the upper band, suggesting a potential breakout.

MACD and RSI

The MACD line crossed above the signal line at 14:00 ET, confirming a short-term bullish momentum. The histogram has been positive for the past four hours, indicating that buying pressure is currently stronger than selling pressure. The RSI stands at 58 as of the final candle, suggesting that the pair is in a balanced, neutral zone without overbought or oversold conditions. A move above 60 could trigger more bullish interest, while a drop below 50 may signal the resumption of bearish pressure.

Fibonacci Retracements

Key Fibonacci levels from the recent swing low ($0.1221) and swing high ($0.1245) include 38.2% at $0.1231 and 61.8% at $0.1239. The price has tested $0.1239 three times, with the most recent test showing rejection. This suggests that $0.1239 could serve as a critical resistance level in the near term. A sustained close above this level would likely trigger a 78.6% extension at $0.1244, which may serve as a potential target for bulls.

Backtest Hypothesis

A potential backtesting strategy for STEEM/USDT could involve a breakout-based approach focused on the recent consolidation range between $0.1233 and $0.1245. A long entry would be triggered above $0.1245, with a stop-loss placed below $0.1233 to capture the directional bias. Alternatively, a short position could be entered below $0.1233 with a stop above $0.1245, depending on the direction of the breakout. The MACD and RSI could be used as confirmation tools, with the MACD crossover and RSI above 50 acting as bullish signals.