Market Overview: STEEMUSDT — Rising Momentum Amid High Volatility

• STEEMUSDT rose 0.61% over 24 hours, with a bullish bias and strong volume in late ET.
• Price formed a bullish engulfing pattern near 0.1330, signaling potential continuation.
• RSI remained in overbought territory while MACD showed bullish momentum.
• Bollinger Bands widened as price approached the upper band, suggesting high volatility.
• Volume surged during key price levels, aligning with higher turnover and trend confirmation.

Over the past 24 hours, Steem/Tether (STEEMUSDT) opened at 0.1312 and closed at 0.1322, reaching a high of 0.1344 and a low of 0.1312. The pair recorded a total volume of 1,210,062.8 and a notional turnover of $159,434.17, showing consistent engagement across bullish phases. The price action reflected a clear upward trend, with a strong final push above key resistance levels.

Structure and formations on the 15-minute chart showed a notable bullish engulfing pattern near the 0.1330 level, suggesting further upside potential. A doji formed during a brief pullback to 0.1326, indicating indecision before a strong recovery. Key support levels are identified at 0.1322 and 0.1318, with resistance at 0.1332 and 0.1336. The price may test these levels as it consolidates above the 0.1322 pivot.

The 20-period and 50-period moving averages are aligned to the upside, indicating a bullish bias on the 15-minute chart. The 50-period MA is above the 100-period and 200-period MAs, supporting the view that the pair may continue higher in the short term. However, the 50-period MA is now approaching the 100-period MA, suggesting a potential pause or consolidation phase.

MACD is positive and rising, with the histogram expanding, showing increasing bullish momentum. The RSI is currently at 72.4, entering overbought territory, which may signal a near-term pullback or consolidation. However, the lack of divergence between price and RSI suggests buyers remain active. Bollinger Bands have widened significantly, with price near the upper band, indicating heightened volatility and potential for a mean reversion or breakout continuation.

Volume was notably higher during the 23:00–05:00 ET window, coinciding with the strongest price gains and confirming bullish momentum. The notional turnover also spiked during this time, reinforcing the volume-driven move. There is no significant divergence observed between price and turnover, indicating a healthy trend with strong conviction.

Fibonacci retracement levels from the recent 15-minute swing high of 0.1344 to 0.1322 show key levels at 0.1337 (23.6%), 0.1334 (38.2%), and 0.1330 (50%). Price is currently consolidating near the 50% level, suggesting potential for further consolidation or a breakout. On the daily chart, key retracement levels at 0.1340 (23.6%) and 0.1335 (38.2%) are also in play, aligning with recent bullish momentum.

Backtest Hypothesis

The proposed backtesting strategy involves entering a long position when price closes above the 50-period moving average and RSI confirms bullish momentum (RSI above 55 with rising histogram). A stop-loss is placed at the most recent swing low (0.1322), and a target is set at the next Fibonacci retracement level at 0.1337. This approach aligns with the observed bullish structure and strong volume confirmation.

Given the current setup and the alignment of key indicators, this strategy could potentially capture a continuation of the upward move. However, investors should remain cautious if the price closes below 0.1322, which may signal a loss of momentum and a possible reversal in the near term.