Market Overview for STEEM/Tether (STEEMUSDT) on 2025-10-08

• • STEEMUSDT formed a bullish reversal pattern near 0.1180 and showed increasing volume in late ET hours.
• • Momentum shifted upward after 8 PM ET, with price breaking above a 15-period descending trendline.
• • Volatility remained low throughout the session, with price staying within a narrow Bollinger Band range.
• • RSI signaled oversold conditions earlier, now showing a moderate upward trend into neutral territory.
• • Notional turnover surged past $12 million by 2:30 PM ET, indicating increased market participation.

STEEMUSDT opened at 0.1189 on 2025-10-07 at 12:00 ET and closed at 0.1192 on 2025-10-08 at 12:00 ET, with a high of 0.1208 and a low of 0.1177. Total 24-hour volume reached 2,125,893.3 STEEM, while notional turnover amounted to approximately $255,112. The price appears to have found short-term support at 0.1180 and is consolidating in a low-volatility phase.

Structure & Formations

Price tested key support at 0.1180 twice during the session and responded with a bullish reversal candle on the 15-minute chart. A small-bodied bearish doji formed near 0.1188 during the early hours, suggesting indecision. Between 8 PM and 11 PM ET, a series of green candles formed a bullish ascending pattern, confirming a breakout from a descending trendline. Resistance appears to be forming at 0.1193 and 0.1197, both of which have been tested multiple times during the session.

Moving Averages

On the 15-minute chart, price traded above the 20- and 50-period moving averages in the final 5 hours, indicating bullish momentum. For the daily chart, price remains above the 50- and 100-period moving averages but below the 200-period MA, suggesting a potential continuation of medium-term bullish bias but within a broader bearish context.

MACD & RSI

The MACD crossed above zero in the last 4 hours, confirming a shift in momentum. The histogram showed expansion, reinforcing the strength of the bullish move. RSI remained in overbought territory after a brief oversold phase, now stabilizing in neutral-to-mildly overbought territory, indicating the market may be consolidating gains.

Bollinger Bands

Volatility remained low throughout the session, with price staying within the Bollinger Bands for most of the day. A contraction occurred between 2 AM and 5 AM ET, followed by a mild expansion as the price moved upward. Price closed the session near the upper band, suggesting potential continuation of the recent upward move if buyers maintain control.

Volume & Turnover

Volume remained elevated after 8 PM ET, with the largest 15-minute candle occurring at 2:30 PM ET (volume: 204,421.4 STEEM). Notional turnover increased in tandem with price, confirming the strength of the bullish breakout. Divergence between volume and price was not observed during the session.

Fibonacci Retracements

Applying Fibonacci to the key 15-minute swing from 0.1180 to 0.1208, the 61.8% level at 0.1199 is now acting as a potential resistance. The 38.2% level at 0.1192 coincided with the close and may act as a support in the short term. On the daily chart, the 38.2% retracement of the recent bearish move is at 0.1195, which is also a likely support level.

Backtest Hypothesis

The described backtesting strategy involves a long entry when price breaks above the 50-period EMA on the 15-minute chart and closes above it, with a stop loss at the nearest support (e.g., 0.1185–0.1180) and a target at the next resistance level (e.g., 0.1193, 0.1197, or 0.1208). This approach aligns with the observed pattern in the last 5 hours, where price confirmed a breakout and maintained above key moving averages. The RSI and MACD also supported the momentum shift, making this a viable setup for a short-term long trade. Given the relatively low volatility, a tighter stop may be appropriate, but this should be balanced with the risk of a pullback to the 0.1185–0.1180 range.