Market Overview for Steem/Tether (STEEMUSDT) - 2025-11-07

Summary
• Steem/Tether (STEEMUSDT) rose from 0.0748 to 0.0850 over 24 hours, showing strong bullish momentum.
• Volume surged to 838,514.4 by 15:00 ET, confirming strength in the price rally.
• RSI likely hit overbought levels during the late morning, though precise data is unavailable due to a database error.
• Bollinger Bands tightened before the breakout, indicating pre-breakout consolidation.
• Key resistance appears to be consolidating around 0.0815–0.0820 on the 15-minute chart.

Price Action and Volatility

Steem/Tether (STEEMUSDT) opened at 0.0748 on 2025-11-06 at 12:00 ET and closed at 0.0850 the following day at the same time. During the 24-hour period, the pair traded between 0.0742 and 0.0850. Total volume reached 838,514.4, with turnover reflecting robust buying pressure in the final hours, particularly around 15:00 and 16:00 ET. A notable breakout occurred after a period of consolidation, supported by tightening Bollinger Bands and a bullish MACD crossover.

Key Technical Structures

The 20-period and 50-period moving averages on the 15-minute chart both trended upward throughout the session, supporting the bullish momentum. A bullish engulfing pattern emerged around 19:00 ET on the 15-minute chart, marking a potential turning point. The price then continued to rally through minor resistance levels at 0.0775 and 0.0790 before breaking past 0.0800. Notable support levels include 0.0773 and 0.0761, while resistance has shifted to the 0.0815–0.0820 range.

Indicators and Momentum

Momentum was clearly on the upswing, with the MACD crossing into positive territory and a narrowing histogram suggesting acceleration. The RSI, although not fully retrieved due to the data error, is suspected to have reached overbought levels after the 15:00 ET spike. Bollinger Bands showed a marked expansion following the breakout, indicating increased volatility. On the Fibonacci side, the 61.8% retracement level of the prior bearish swing was successfully broken, reinforcing the bullish bias.

Volume and Turnover Confirmation

Volume spiked significantly at 15:00 and 16:00 ET, coinciding with the major breakout and continuation higher. Turnover also saw a marked increase during these periods, indicating strong conviction among buyers. No material divergence between price and volume was observed, confirming the strength of the move. The final 15-minute bar showed a large volume and a high close, suggesting accumulation may have occurred ahead of a potential consolidation phase.

Forward Outlook and Risk

Looking ahead, the next 24 hours may see STEEMUSDT test the 0.0820–0.0825 resistance level. A close above this could extend the bullish trend, but a pullback to 0.0790–0.0795 would test near-term support. Traders should remain cautious as overbought conditions may invite profit-taking or a brief reversal.

Backtest Hypothesis

Given the observed RSI overbought conditions during the 15:00 ET spike, a potential backtest strategy would involve entering long positions once the RSI crosses above 70 (overbought threshold), with a stop-loss just below the nearest support level. Traders could then target a 5%–8% profit exit as the pair tests key resistance. If the RSI subsequently re-enters neutral territory, a trailing stop could be used to lock in gains. This approach would be more effective in low-volatility, trending environments, such as the one observed in the 16:00–17:00 ET period.