Market Overview: Steem (STEEMUSDT) 24-Hour Technical Summary

• Steem (STEEMUSDT) surged from $0.1584 to $0.1723, then retraced sharply to $0.1551, ending at $0.1571.
• A strong bullish breakout in the early hours was followed by a bearish exhaustion pattern and overbought RSI divergence.
• High volatility was evident with a Bollinger Band expansion, and volume surged during the breakout before tapering off.
• Key support appears at $0.1571, with resistance likely at $0.1621 and $0.1646.
• Momentum has weakened, and reversal patterns suggest a potential consolidation phase ahead.

Market Overview

Steem (STEEMUSDT) opened at $0.1584 on 2025-07-22 at 12:00 ET and surged to a high of $0.1723 by 01:00 ET on 2025-07-23. The pair then experienced a sharp correction, falling to a low of $0.1551 before closing at $0.1571 on 12:00 ET. Total volume for the 24-hour period was 15,679,435.6 STEEM, with notional turnover of $2,512,691.56.

Structure & Formations

The price action displayed a bullish breakout in the early morning hours, followed by a bearish correction that formed a shooting star and hanging man pattern near the $0.1723 high. A bearish engulfing pattern appeared after the high, signaling potential exhaustion. Key support levels formed at $0.1571 and $0.1551, while resistance appears at $0.1621, $0.1635, and $0.1646.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA, confirming the initial bullish momentum. However, by midday, the 50-period MA pulled back above the 20-period MA, indicating a shift in sentiment. On the daily chart, the 50-period MA remains below the 100-period MA, with the 200-period MA acting as a key long-term reference.

MACD & RSI

The MACD showed a strong bullish signal during the early breakout but quickly turned bearish as the price corrected. The RSI reached overbought levels (above 70) during the surge, followed by a sharp divergence as price fell while RSI remained elevated—suggesting a potential bearish reversal. RSI has since fallen to neutral territory, hovering around 50, indicating a possible consolidation phase.

Bollinger Bands

Volatility expanded significantly during the breakout, with price moving outside the upper Bollinger Band before retreating. The lower Bollinger Band currently sits at $0.1564, with the middle band at $0.1593. Price has since re-entered the band and is trading near the lower end, suggesting potential for a bounce or further support test.

Volume & Turnover

Volume spiked dramatically during the early breakout with the largest 15-minute volume bar at 3,764,869.7 STEEM (amount: $633,655.50). However, volume contracted during the bearish correction, indicating lack of follow-through. The price-volume divergence suggests weakening bullish conviction and potential for a short-term reversal.

Fibonacci Retracements

Applying Fibonacci to the key swing from $0.1584 to $0.1723, the 38.2% retracement level is at $0.1656, and the 61.8% level is at $0.1617. Price has tested both levels and currently appears to be consolidating near $0.1571, which is below the 61.8% retracement—suggesting a possible retest of the $0.1551 low or a potential rebound from $0.1571.

Steem may attempt to find stability in the $0.1571–$0.1617 range over the next 24 hours, but a break below $0.1551 could signal further bearish momentum. Traders should remain cautious of volatility spikes and watch for confirmation at key Fibonacci and moving average levels.