Market Overview for Steem/Tether (STEEMUSDT) – 2025-11-08

Summary
• Price rallied to 0.0888 before retracing to 0.0843, forming multiple bullish and bearish reversals.
• Volume surged during key breakouts and pullbacks, validating trend continuation and reversals.
• 20SMA and 50SMA on the 15-minute chart crossed during the 20:15–04:00 ET rally, suggesting short-term momentum shifts.

Steem/Tether (STEEMUSDT) opened at $0.0836 on 2025-11-07 at 12:00 ET and closed at $0.0866 on 2025-11-08 at 12:00 ET. The 24-hour high was $0.0888, and the low was $0.0836. Total volume for the period was 7,717,845.9, with a notional turnover of approximately $653,891. Price action showed strong volatility with clear trend consolidation and breakout phases, especially around the 0.0875–0.0886 price range.

The formation of a bullish engulfing pattern between 17:00–17:15 ET on 2025-11-07 marked the beginning of a key rally. A bearish harami formed around 22:15–22:30 ET, signaling short-term exhaustion. The 0.0866–0.0875 range appears to function as a key support/resistance cluster, with price bouncing multiple times across the 15-minute time frame. A notable doji occurred at 03:00–03:15 ET on 2025-11-08, hinting at indecision following a rally.

The 20-period and 50-period moving averages on the 15-minute chart crossed multiple times during the 20:15–04:00 ET period, indicating short-term momentum shifts. The price moved above the 50SMA for a brief window around 00:00–04:00 ET, suggesting temporary bullish control. However, price then retested and closed below the 50SMA at 12:00 ET, signaling continued uncertainty. On the daily chart, the 50SMA sits above the 100SMA and 200SMA, which is a bearish bias unless the price breaks and holds above these.

MACD showed positive divergence during the rally from 17:30–03:00 ET, with the histogram growing as price surged. RSI (14) briefly hit overbought levels around 0.0886 during the peak at 20:15–21:00 ET. A bearish divergence was observed between 02:15–04:15 ET as the RSI failed to make higher highs while price did. Bollinger Bands showed a contraction before the 17:30–18:15 ET rally and an expansion afterward, indicating heightened volatility. The price often lingered near the upper band, hinting at overbought conditions.

Volume spiked significantly during key breakouts, such as the 17:30–18:15 ET and 00:15–02:00 ET moves, with turnover confirming the strength of those trends. A volume divergence was noted during the 22:15–23:00 ET pullback, where price declined sharply but volume remained muted, suggesting potential short-term bearish exhaustion. Turnover during this time also showed a sharp drop-off, further indicating a lack of conviction in the bearish move.

Fibonacci retracements of the key 15-minute swing (0.0836–0.0888) showed the price finding resistance at the 61.8% level (0.0869) multiple times. On the daily chart, the 50% retracement of the broader move lies at 0.0856, which has not been tested yet. These levels could serve as potential pivots for the next 24 hours.

Backtest Hypothesis
Given the current price dynamics and the technical structure observed, the RSI is likely a critical input for a short-term overbought/oversold trading strategy. As noted, the pair entered overbought territory multiple times during the day (e.g., 20:15–21:00 ET), with RSI peaking near 70. A potential backtest could involve a simple short strategy: enter a short position when RSI > 70 and close when RSI < 30. This would align with the bearish divergence observed around 02:15–04:15 ET. If we can either calculate RSI locally from the STEEMUSDT price series or receive the RSI values directly, we can backtest this approach to assess its performance on the recent 24-hour period.