Market Overview for Steem (STEEMUSDT) on 2025-07-17

• Steem (STEEMUSDT) traded in a narrow range for most of the day before breaking higher in late ET hours.
• A bullish engulfing pattern emerged after 6:00 PM ET, confirming a short-term reversal in sentiment.
• Volume surged during the late session, with turnover reaching $5.2 million at peak momentum.
• RSI and MACD show moderate bullish momentum, but no overbought conditions.
• Price remains within a consolidation range of $0.1465–$0.1503, with key resistance at $0.1503.

{}

Market Overview

Steem (STEEMUSDT) opened at $0.1465 on 2025-07-16 12:00 ET, reached a high of $0.1503, touched a low of $0.1463, and closed at $0.1480 by 12:00 ET on 2025-07-17. Total volume for the 24-hour window was 3,541,858.8 STEEM, and notional turnover was approximately $521,000.

Structure & Formations

The 24-hour candlestick pattern shows a consolidation phase followed by a late-day breakout. A key bullish engulfing pattern formed at 6:00 PM ET, as the candle opened at $0.1485 and closed at $0.1485 after a high of $0.1493. This pattern suggests a reversal from a downward trend. The price has tested the support level at $0.1477 multiple times, which appears to be holding. Resistance is currently at $0.1503, where a bearish reversal occurred earlier in the day.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in a bullish direction in the late ET session, reinforcing the breakout pattern. The 50-period MA is currently at $0.1483, and the 20-period MA is at $0.1485, indicating short-term bullish momentum. On the daily chart, the 50-period MA is at $0.1478, the 100-period at $0.1475, and the 200-period at $0.1469, suggesting the price is above key long-term averages.

MACD & RSI

The MACD turned positive in the late ET session, with the signal line crossing above and the histogram expanding, suggesting increased bullish momentum. The RSI rose from 48 to 54 over the same period, indicating moderate strength without entering overbought territory. This implies buyers are in control but caution is warranted if RSI exceeds 60.

Bollinger Bands

Price remained within the Bollinger Bands for most of the session, with a slight expansion in volatility observed in the late ET hours. The upper band was at $0.1503, and the lower band at $0.1465. The price closed near the midline, suggesting a continuation of consolidation is possible unless a clear breakout occurs.

Volume & Turnover

Volume spiked sharply in the late ET session, with the largest 15-minute volume at 337,960 STEEM (around 11:45 PM ET). This coincided with a price rebound from $0.1482 to $0.1480, indicating strong buying interest. Notional turnover reached $521,000 for the day, with the highest turnover at $0.1480. The volume and price action aligned, providing confirmation of the late-day bullish move.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $0.1465 to $0.1503, the 38.2% level is at $0.1482 and the 61.8% level is at $0.1494. The price closed near the 38.2% retracement level, suggesting a possible pause or consolidation before a test of the 61.8% level. On the daily chart, the 38.2% retracement of a larger swing is at $0.1485, aligning with the current price action.

Looking ahead, Steem appears to be in a short-term bullish phase, with a potential test of $0.1493–$0.1495. However, a pullback to $0.1477 could trigger renewed bearish pressure. Investors should monitor the 50-period MA and RSI for confirmation of a sustained breakout or reversal.