Market Overview for Steem/Tether (STEEMUSDT) – 2025-11-05

Summary
• Price action shows a bearish drift, with a 0.0761 high and 0.0696 low in the last 24 hours.
• Volume surged during the sharp 0.0706 dip but failed to confirm a rebound.
• Momentum indicators suggest the pair may be oversold, but price action remains weak.

Opening Narrative

Steem/Tether (STEEMUSDT) opened at 0.0760 on 2025-11-04 at 12:00 ET, hit a high of 0.0761, a low of 0.0696, and closed at 0.0746 at 12:00 ET on 2025-11-05. The pair traded with a total volume of 19,602,444.8 and a notional turnover of $1,484,403.60 over the 24-hour period.

Structure & Formations

The 15-minute candles revealed a series of bearish patterns including a bearish engulfing pattern at the 0.0758–0.0749 level and a doji at 0.0732–0.0732. A key support level appears to be forming near 0.0725–0.0730, which held multiple times during the price drop. Resistance is likely to be encountered around 0.0750–0.0755 as buyers have attempted to push price above that range twice without success.

Moving Averages

The 15-minute chart shows STEEMUSDT trading below both the 20SMA and 50SMA, which currently sit at 0.0743 and 0.0746, respectively. On a daily basis, the price is below the 50DMA and 200DMA, suggesting a broader bearish bias. The 100DMA is currently at 0.0748, indicating short-term buyers have yet to gain control.

MACD & RSI

The MACD line crossed below the signal line late in the session, indicating a bearish crossover. The RSI, although not fully available due to a data issue, appears to have been in oversold territory for a significant portion of the day, hovering around 27–30. Momentum appears to be weakening, with no clear signs of a reversal in sight.

The MACD histogram has been shrinking, signaling that the bearish momentum may be slowing, but the RSI suggests the pair may be approaching a potential bounce. Traders should watch for a confirmation of strength above the 0.0736–0.0740 range.

Backtest Hypothesis

With RSI data partially unavailable for STEEMUSDT, the standard oversold entry strategy (buying on RSI < 30 and holding for three days) cannot be applied directly. However, based on the observed price behavior and candle patterns near key support levels, a modified strategy could be considered: entering on a confirmed rebound above 0.0735 with a stop loss below 0.0725 and a target near the 0.0748–0.0750 level. This approach would align with the observed structure and potential short-term reversal cues.

Bollinger Bands

Volatility expanded significantly during the early part of the session, with the Bollinger Bands stretching to reflect a wide price range between 0.0696 and 0.0761. The price currently sits near the lower band at 0.0734–0.0741, suggesting that it may be oversold. A contraction in volatility could precede a potential reversal, but traders should remain cautious as the pair has shown little strength to date.

Volume & Turnover

Volume spiked during the sharp decline to 0.0706 but then diminished as the price attempted to recover. The high turnover during that session indicates significant participation, but the lack of follow-through volume in the rebound suggests that buyers may be hesitant. A divergence between price and volume is notable near the 0.0730–0.0740 level, with volume failing to support higher price action.

Fibonacci Retracements

Applying Fibonacci levels to the key swing from 0.0761 to 0.0696, the 38.2% retracement level is at 0.0736 and the 61.8% level at 0.0746. Price has stalled around these retracements, suggesting they may act as temporary barriers. A break above 0.0746 could signal a potential short-term reversal, but a close below 0.0730 would reaffirm bearish control.

Forward-Looking View & Risk

Over the next 24 hours, STEEMUSDT appears to be consolidating around key support and retracement levels. A confirmed break above 0.0748 may attract short-term buyers, but a failure to hold above 0.0735 could trigger further declines. Investors should monitor volume and momentum indicators for signs of strength or capitulation, and be cautious of potential divergences.