Market Overview for Steem/Tether (STEEMUSDT) on 2025-10-04

• Steem/Tether (STEEMUSDT) ended lower, trading 0.1236 at 12:00 ET vs. a high of 0.1278 and a low of 0.1216.
• Price formed a bearish continuation pattern late in the session with a long bearish candle at the 15-minute timeframe.
• Volume surged during the sharp dip in the late session, indicating strong selling pressure around 15:00–16:00 ET.
• RSI entered oversold territory, suggesting potential for a near-term bounce but bearish momentum remains dominant.
• Bollinger Bands showed moderate contraction mid-session, followed by a wide expansion during the final hours.

Market Summary

Steem/Tether (STEEMUSDT) opened at 0.1257 on 2025-10-03 at 12:00 ET and closed at 0.1216 on 2025-10-04 at 12:00 ET, reaching a high of 0.1278 and a low of 0.1216. The total traded volume over the 24-hour period was 3,602,342.9 units, with a notional turnover of approximately $448,020 (based on average price of ~0.1243). The pair experienced a steady decline late in the session, with a sharp bearish move into the close.

The price structure suggests a breakdown from key resistance levels, with a series of bearish engulfing patterns forming after 17:30 ET. A significant volume spike coincided with the sharp drop from 0.1249 to 0.1216 between 15:00 and 16:00 ET, indicating increased selling pressure. The 20-period and 50-period moving averages on the 15-minute chart both crossed below price, reinforcing bearish bias.

Technical Indicators and Momentum

The 15-minute MACD line crossed below the signal line during the late afternoon, signaling bearish momentum. RSI moved into oversold territory, reaching a low of 26, suggesting the pair may be due for a short-term bounce. However, the overall downward trend remains intact as price continues to trade below both the 20-period and 50-period moving averages.

Bollinger Bands showed a contraction during the early hours, followed by a sharp expansion during the late trading session. The price closed near the lower band, reinforcing bearish pressure. Fibonacci retracement levels applied to the recent swing from 0.1278 to 0.1216 indicated key support at 0.1245 (38.2%) and 0.1226 (61.8%), both of which were briefly tested but failed to hold.

Volume and Turnover Dynamics

The notional turnover showed a marked increase during the sharp sell-off, with the highest turnover occurring at the 15:00–16:00 ET interval. A divergence between price and volume was observed during the initial downward move, where the volume did not confirm the strength of the sell-off. However, the final leg lower was accompanied by robust volume, indicating accumulation of bearish sentiment.

The total volume for the session was concentrated in the bearish candles between 15:00 and 16:00 ET, with the largest single 15-minute candle (at 15:00 ET) recording a turnover of $16,218 (based on average price of ~0.1235) and volume of 182,650 units. This suggests a decisive shift in market sentiment as buyers appeared to retreat.

Backtest Hypothesis

Given the bearish structure and confirmed breakdown below key support levels, a backtesting strategy could be designed to test short positions initiated on the close of the bearish engulfing candle at 15:00 ET. A stop-loss could be placed above the high of the 15:00 candle at 0.1228, and a target set at 0.1216 (the low of the session).

The strategy would use 20-period and 50-period moving averages as confirmation tools, entering a short trade when both are below price and the MACD is negative. Additionally, RSI entering oversold territory could act as a filter to avoid false breakouts.