Market Overview for Steem (STEEMUSDT)

• Steem declined sharply after 5 PM ET, breaking below key support and closing near session lows.
• A bearish engulfing pattern formed during the initial leg down, signaling strong bear momentum.
• Volatility surged mid-session but has since contracted, with volume concentrated in the early sell-off.
• RSI entered oversold territory near 25, suggesting potential for a short-term bounce, though trend remains bearish.
• Price currently consolidating near 0.1283, with 0.1290 and 0.1300 as immediate resistance levels.

Market Overview

Steem opened at $0.1345 on 2025-08-01 at 12:00 ET, hitting a high of $0.1350 and a low of $0.1279 before closing at $0.1283 on 2025-08-02 at 12:00 ET. The 24-hour volume totaled 10,097,886.9 STEEM, with a notional turnover of $1,303,763.60.

Structure & Formations

The session was marked by a sharp breakdown from $0.1340 to $0.1290 after 5 PM ET, with a bearish engulfing pattern forming as the candle opened near $0.1341 and closed at $0.1325. This pattern confirmed bearish sentiment and marked the start of a larger selloff. Price continued lower, breaking below the $0.1300 psychological level, with a final close near $0.1283.

A 20-period moving average on the 15-minute chart currently sits at $0.1295, and the 50-period MA at $0.1302, both above the current price, suggesting short-term bearish bias. On the daily chart, the 50-period MA is at $0.1307, while the 200-period MA is at $0.1292, indicating a potential support area near $0.1290–$0.1295.

Momentum & Volatility

The RSI ended the session at 24.8, signaling oversold conditions and a possible near-term bounce. However, the MACD line crossed below the signal line earlier in the session, confirming bearish momentum. The MACD histogram has remained negative for most of the session.

Bollinger Bands show a moderate contraction in the final hours, with price currently trading near the lower band at $0.1283, suggesting the market is consolidating after the large move down.

Volume & Turnover

Volume spiked during the sell-off, with the candle from 5–5:15 PM ET seeing a volume of 1.96 million STEEM and a turnover of $262,000. This was the largest single candle in the session. Price and volume were aligned during the breakdown, indicating strong conviction in the bearish move.

However, volume has decreased significantly in the past 6 hours, suggesting a possible pause in selling pressure.

Key Levels and Fibonacci

Immediate support levels are now at $0.1283 (close), with a 38.2% Fibonacci retracement at $0.1292 and 61.8% at $0.1299. Resistance levels include $0.1300 and $0.1305. A break above $0.1305 could trigger a test of $0.1315.

Looking ahead, Steem may consolidate near the $0.1280–$0.1295 range in the next 24 hours, with a potential bounce from oversold RSI levels. However, a breakdown below $0.1280 could extend the correction. Investors should remain cautious of further downside risks in a broader bearish trend.