Market Overview for Steem/Tether (STEEMUSDT) on 2025-12-23

Summary
• Price action showed a bearish reversal near 0.0641 with a large negative candle and wick.
• Momentum weakened on RSI and MACD, suggesting potential short-term oversold conditions.
• Volume and turnover aligned with price decline, showing no divergence.
• Volatility increased as price moved below key support at 0.0638, testing 0.0627.
• 61.8% Fibonacci retracement aligns with current support at 0.0627, indicating a potential consolidation zone.

Steem/Tether (STEEMUSDT) opened at 0.0641 at 12:00 ET − 1, reaching a high of 0.0643 before declining to a low of 0.0622, and closing at 0.063 at 12:00 ET today. Total 24-hour volume was 2,894,836.3 units, with a notional turnover of approximately $183,635.

Structure & Formations

Price tested and failed at resistance near 0.0641, forming a bearish reversal pattern with a long upper wick and bearish engulfing candle. Key support at 0.0638 was breached, with 0.0627 emerging as a potential short-term floor. A doji formed near 0.063 on the 5-minute chart, indicating indecision.

Moving Averages and Fibonacci

On the 5-minute chart, price closed below the 20-period and 50-period moving averages, reinforcing the bearish bias. The 61.8% Fibonacci retracement of the recent upward swing aligns with support at 0.0627, suggesting possible consolidation in this range. Daily moving averages were not clearly violated but suggest a neutral to bearish bias.

Momentum and Volatility

RSI dipped below 30, signaling oversold territory, while MACD showed a bearish crossover and declining momentum. Bollinger Bands expanded significantly as price dropped, suggesting increased volatility. Price currently resides near the lower band, consistent with a short-term bearish setup.

Volume and Turnover

Volume spiked during the price decline, particularly between 18:00 and 21:00 ET, confirming the bearish move. Turnover mirrored this pattern, showing strong alignment with price. No significant divergence was observed, reinforcing the validity of the trend.

Steem/Tether may test the 0.0627 level for support in the coming hours, with a potential bounce or further consolidation likely. Investors should monitor RSI for a potential rebound or breakdown, as well as the 0.063 level for near-term direction. A breakdown below 0.0626 could expose deeper support, though a reversal is possible if 0.0627 holds.