Market Overview for Steem/Tether (STEEMUSDT) on 2026-01-04

Summary
• STEEMUSDT consolidated between 0.0684 and 0.0705 during the 24 hours, with a final close near the upper bound.
• A bullish engulfing pattern formed around 0.0694–0.0696, suggesting a short-term reversal.
• Volume surged in the last 3–4 hours, confirming price strength near 0.0701–0.0704.
• RSI remained in neutral territory, but the 61.8% Fibonacci level at ~0.0698 coincided with a key support zone.
• Bollinger Bands tightened in the first 3 hours before expanding, indicating a shift in volatility.

At 12:00 ET–1, STEEMUSDT opened at 0.0685, reached a high of 0.0714, a low of 0.0684, and closed at 0.0701 by 12:00 ET. Total volume was 1,543,928.7 and turnover amounted to $107,783.46 over the 24-hour window.

Structure & Formations

Price action revealed a key bullish consolidation phase, with a critical support level forming around 0.0684–0.0686 and resistance consolidating between 0.0698 and 0.0704. A strong bullish engulfing pattern formed in the 0.0694–0.0696 range, suggesting a potential reversal from a short-term bearish trend. The 61.8% Fibonacci retracement level at approximately 0.0698 aligned with the observed consolidation, reinforcing its significance.

Moving Averages and MACD

On the 5-minute chart, the 20-period and 50-period moving averages showed a flattening trend, with price hovering above both, suggesting potential strength. The MACD histogram remained positive in the final 5–6 hours, indicating a growing bullish momentum. While not yet overbought, RSI sat near 50, suggesting a continuation of the upward move is likely in the near term.

Volatility and Volume

Volatility initially contracted during the first 3 hours, with Bollinger Bands narrowing, but expanded sharply as price moved toward the 0.0701–0.0704 range. This expansion coincided with a significant volume spike, particularly in the 3-hour window before the 12:00 ET close. Notional turnover increased by over 30% in that period, confirming the strength of the price move. A divergence between price and turnover was not observed, supporting the bullish signal.

Key Outlook and Risk Note

The consolidation near 0.0701–0.0704 suggests that STEEMUSDT could test the next level of resistance at 0.0706–0.0708 in the coming 24 hours. A break above this range could invite further buying. However, a pullback below 0.0698 could lead to a retest of the 0.0694–0.0696 support area. Investors should remain cautious and watch for signs of exhaustion, especially if RSI approaches overbought territory without a clear continuation in volume.