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

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• Price action on STEEMUSDT saw a 0.1184 open, reached 0.1197, and closed at 0.1192.
• Strong momentum was seen in the final 5 hours with a 0.1196 high and 0.1191 close.
• Notional turnover surged to $112.4k, with volume spiking to 703,904.2 STEEM.
• A bullish engulfing pattern formed near 0.119, confirming upward bias.
• Volatility expanded mid-day, with Bollinger Bands widening as price tested upper levels.

Steem/Tether (STEEMUSDT) opened at 0.1184 on October 9 at 12:00 ET and closed at 0.1192 on October 10 at 12:00 ET. The pair touched a high of 0.1197 and a low of 0.1141. Total volume over the 24-hour window was approximately 3,061,146.4 STEEM, with notional turnover reaching $363.3k.

The daily 15-minute chart revealed a series of bullish signals, particularly in the late afternoon to early evening hours. A key bullish engulfing pattern formed near 0.119 as the price surged past 0.1196 before consolidating around 0.1191. This was supported by rising volume and a narrowing RSI, suggesting exhaustion of the short-term bearish trend and the potential for a continuation of the upward bias. A 20-period EMA crossed above the 50-period EMA at 0.1185, signaling short-term bullish momentum.

Bollinger Bands expanded during the afternoon hours, indicating increased volatility. The price moved within the upper band for much of the session, especially around the 0.1196 high. A 61.8% Fibonacci retracement level was tested and held around 0.1189, with the price rebounding and pushing higher thereafter. The 50-period moving average on the daily chart remained steady around 0.1183, providing a potential short-term support level.

RSI hovered around 54–58 for much of the day, suggesting a balanced market, though with a growing positive bias. MACD remained positive throughout the late hours of the session, with a clear bullish crossover forming in the 50-minute timeframe. The volume profile also showed a clear divergence, with the largest notional turnover ($30.9k) occurring at 0.1193–0.1196 and the lowest at the 0.1141 low.

The formation of a bullish engulfing pattern and strong volume support suggest that STEEMUSDT may continue its upward trajectory over the next 24 hours. However, a pullback to the 0.1189–0.1186 range could trigger further consolidation or a test of key support levels. Investors should monitor the 0.1192–0.1196 price corridor for potential breakouts or reversals.

Backtest Hypothesis
A potential backtesting strategy involves entering long positions when price closes above the 50-period EMA on the 15-minute chart and RSI crosses above 50. A stop-loss is placed at the previous 24-hour low, with a target set at the next Fibonacci 61.8% level. This setup would have captured the bullish move from 0.1183 to 0.1196 today with a positive risk-reward ratio. Over the next 24 hours, this strategy could be applied again if the 50-period EMA continues to act as dynamic support.