Market Overview for Steem/Tether (STEEMUSDT) on 2025-12-31

Summary
• Price declined sharply from 0.0694 to 0.0666, forming bearish momentum and key support levels.
• Volume surged during the late session, confirming weakness near 0.066–0.0665.
• A potential 50% Fibonacci retracement level at 0.0679 failed to hold, signaling deeper support testing.
• RSI and MACD indicate overbought conditions reversed into bearish territory, confirming downward bias.
• Bollinger Bands show price near the lower band, suggesting heightened volatility and consolidation risk.

Market Overview

Steem/Tether (STEEMUSDT) opened at 0.0694 at 12:00 ET-1 and closed at 0.0666 by 12:00 ET, with a high of 0.0694 and a low of 0.0648. Total volume for the 24-hour period was approximately 2,042,810.0 units, and notional turnover reached $145,693.30.

Structure & Formations

The price structure displayed a clear bearish bias throughout the 24-hour window, with a strong break below the 0.0679 psychological level that had previously acted as a magnet and pivot. A bearish engulfing pattern formed at 0.0682–0.0687 during the early hours, followed by a series of lower highs and lower lows. The session’s closing price near the daily low and a 0.0665–0.0666 range suggests a potential short-term support zone forming.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages remained bearish, with the price staying below both and exhibiting a negative slope. On a daily basis, the 50/100/200-period MAs were not directly accessible in the dataset but can be inferred to be in a bearish alignment given the extended downtrend.

MACD & RSI

The MACD crossed below the signal line in the late session, confirming bearish momentum. The RSI accelerated toward oversold territory, reaching levels below 30 during the final hours, suggesting a potential pause in selling pressure. However, the divergence between price and RSI during the early bearish move hints at a possible continuation rather than a reversal.

Bollinger Bands

Bollinger Bands showed a recent expansion, indicating increased volatility as the price moved sharply lower. By the end of the period, the price was near the lower band, suggesting exhaustion in the sell-off and a possible pullback toward the mid-band, but without a clear reversal pattern, further consolidation or testing of key support levels is likely.

Volume & Turnover

Volume spiked significantly during the late hours of the session, especially between 16:45 and 17:00 ET, confirming weakness at the 0.066–0.0665 range. Notional turnover also increased during this period, indicating strong conviction from sellers. The combination of volume and turnover aligns with the bearish price action, suggesting a lack of short-covering or buying interest.

Fibonacci Retracements

Key Fibonacci levels from the recent 5-minute swing (0.0694–0.0685) included 0.0689 (23.6%), 0.0687 (38.2%), and 0.0685 (50%). While the 38.2% and 50% levels failed to hold, the 0.0666–0.0665 level may now serve as a new 61.8% retracement from the daily high, suggesting a potential floor for near-term price action.

The market may consolidate near 0.066–0.0665 in the next 24 hours, with a test of the 0.0658 level likely if the trend persists. Investors should remain cautious of short-term rebounds but watch for sustained bearish volume to confirm a deeper move.