Market Overview for Steem/Tether (STEEMUSDT) on 2026-01-02

Summary
• Price broke above 0.0665 on strong volume late ET, forming a bullish engulfing pattern.
• RSI climbed toward overbought levels, hinting potential near-term pullback.
• Bollinger Bands show expanding volatility with price near +1σ, suggesting continued momentum.
• Notional turnover surged past $11,000 after 15:00 ET amid rising bids.

Market Overview

Steem/Tether (STEEMUSDT) opened at 0.0659 on 2026-01-01 12:00 ET, reached a high of 0.0675, a low of 0.0657, and closed at 0.0673 on 2026-01-02 12:00 ET. The pair recorded a 24-hour volume of 2,280,140.3 STEEM and a notional turnover of $151,179.

Structure & Formations

Price action in the 5-minute chart displayed a bullish engulfing pattern at 0.0663–0.0665, suggesting a short-term reversal. The price then pushed higher, forming a series of higher highs and higher lows, indicating strengthening buyer control. Key support levels emerged around 0.0662 and 0.0660, while resistance solidified at 0.0667 and 0.0669. A doji near 0.0666 at 15:45 ET may signal short-term indecision.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages showed a bullish crossover by late ET, confirming upward momentum. Daily moving averages (50/100/200) were closely aligned, suggesting a continuation of a longer-term bullish trend.

Momentum & Volatility

RSI reached overbought territory above 70 for a short period, suggesting potential near-term profit-taking. MACD remained positive with a narrowing histogram, indicating momentum may be slowing slightly. Bollinger Bands expanded significantly between 15:00 and 17:00 ET, with price staying near the upper band—signaling strong bullish energy.

Volume & Turnover

Volume surged after 15:00 ET, with a major 5-minute candle at 15:00 ET printing 178,602.0 STEEM and $11,997.25 in turnover. This volume was concentrated in a bullish breakout above 0.067, confirming buyer strength. However, price and turnover began to diverge slightly between 16:00 and 17:00 ET, suggesting a possible pause in the rally.

Fibonacci Retracements

. Applying Fibonacci to the key 5-minute swing from 0.0662 to 0.0667, price found support at 0.0665 (38.2%), then rebounded to the 61.8% level at 0.0668–0.0669. On a daily basis, the broader 0.066–0.067 range corresponds to key Fibonacci levels from a prior bearish correction, suggesting further upward potential if 0.0675 is tested.

Looking ahead, STEEMUSDT may consolidate between 0.0668 and 0.0672 if buyers continue to hold above 0.0665. Traders should watch for a potential pullback test of 0.0665–0.0666, where early support remains intact. As always, sudden news or broader market shifts could disrupt this pattern.