Market Overview: Steem (STEEMUSDT) – 24-Hour Price Summary and Analysis

• Steem rose from $0.1287 to $0.1332, closing at $0.1325, with a 50-basis-point recovery from midday lows.
• Volume spiked to 229k at 21:00 ET, confirming a bullish breakout above prior resistance.
• RSI edged toward overbought territory (64) without a strong reversal signal, suggesting continuation potential.
• Bollinger Bands widened during the 4-hour surge, reflecting increased volatility and trending behavior.
• A bullish engulfing pattern formed near $0.1313–$0.1315, indicating a possible short-term reversal from early selling pressure.

Market Overview

Steem (STEEMUSDT) opened at $0.1287 on 2025-08-15 12:00 ET and reached a high of $0.1332, before closing at $0.1325 on 2025-08-16 12:00 ET. The 24-hour volume totaled approximately 280,000, while total turnover reached around $37,119 (based on closing volume and price). The asset displayed clear directional momentum, particularly in the late evening hours, where buying pressure confirmed a breakout above key resistance levels.

Structure & Formations

The 15-minute chart showed a strong bullish reversal at the $0.1302 to $0.1313 range, where a series of higher lows and bullish engulfing patterns emerged. Notably, the candle at 19:00 ET formed a bullish engulfing pattern as it opened at $0.1307 and closed at $0.1304, confirming a shift in sentiment after an earlier bearish phase. A doji near $0.1304 at 19:45 ET suggested indecision, but this was quickly resolved by the next 45-minute candle which pushed higher. Key support levels held around $0.1292–$0.1294, while resistance broke at $0.1313–$0.1315 and $0.1323–$0.1326.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA during the late afternoon, signaling a bullish crossover. This was confirmed by a strong follow-through in volume and price action. On the daily chart, the 50-period MA currently lies below the 100- and 200-period MAs, suggesting that the asset remains in a longer-term bearish trend, despite short-term optimism.

MACD & RSI

The MACD line crossed above the signal line at 18:00 ET, aligning with a breakout in volume and price. The histogram expanded during the late evening hours, indicating increasing bullish momentum. RSI moved into overbought territory (64) at 22:00 ET but did not show a strong bearish reversal pattern. A sustained close above 60 could suggest a continuation of the upward move, though caution is warranted if price consolidates below $0.1313 without a significant volume contraction.

Bollinger Bands

Bollinger Bands widened significantly during the 4-hour breakout phase, from 19:00 to 23:00 ET, reflecting increased volatility. Price closed near the upper band during the strongest hourly candles, indicating strong bullish momentum. The recent expansion may signal the start of a trend, but a retest of the upper band could trigger profit-taking pressure.

Volume & Turnover

Volume spiked above 200k at three key junctures: 19:00 ET, 21:00 ET, and 22:45 ET, confirming breakout activity and bullish continuation. The highest turnover occurred at 21:00 ET with a 229k volume and $30,000 in notional value. There were no significant divergences between price and volume, suggesting strong institutional or retail participation in the upward trend.

Fibonacci Retracements

Applying Fibonacci retracements to the 15-minute swing from $0.1284 to $0.1332, price retested the 61.8% level at $0.1310 and then extended to $0.1323, which aligns with the 78.6% retracement level. On the daily chart, a 61.8% retracement of the broader downtrend would place the next potential support at $0.1265, though this is not in immediate play.

Over the next 24 hours, Steem may test $0.1332–$0.1335 as the next resistance cluster. A break above this could target the 1.618% extension at $0.1345–$0.1350. However, a pullback below $0.1310 could signal a temporary consolidation phase. Investors should remain cautious for a potential overbought RSI divergence or a failed retest of the upper Bollinger Band.