Market Overview: Steem/Tether (STEEMUSDT) 24-Hour Analysis as of 2025-10-09

• STEEMUSDT declined 6.5% in 24 hours, closing at $0.1181 after forming bearish divergences and a falling wedge.
• Volume surged 3x past the 24-hour average, with $318k notional turnover in the final 2 hours.
• RSI entered oversold territory (<30), while MACD histogram turned negative with bearish crossover. • Bollinger Bands expanded after a midday consolidation, confirming a breakout in the short term. • Fibonacci 61.8% level at $0.1200 became a key psychological resistance during the afternoon rally attempt.

The pair STEEMUSDT opened at $0.1204 on 2025-1008 12:00 ET and traded to a high of $0.1232 before declining sharply to a low of $0.1178. It closed at $0.1181 as of 2025-1009 12:00 ET. Total volume across the 24-hour period was 1.13 million STEEM, with a notional turnover of approximately $138,000.

Structure & Formations

Price action formed a descending wedge pattern from $0.1232 to $0.1178, with two failed bounce attempts at $0.1200. A long bearish candle on the 15-minute chart closed near its low at $0.1178, confirming bearish control. A doji appeared near $0.1200, signaling indecision. A key support level now appears at $0.1180–$0.1185, while $0.1200 and $0.1212 represent critical resistance levels.

Moving Averages

On the 15-minute chart, STEEMUSDT is trading below its 20-period and 50-period moving averages, with the 20-period line falling faster, signaling bearish momentum. On the daily chart, the 50-period MA is at $0.1225, while the 200-period MA sits at $0.1210, indicating a bearish crossover has occurred, with further downside potential if the 50-period MA breaks below the 200-period MA.

MACD & RSI

The MACD line crossed below the signal line during the overnight session, with a bearish divergence forming in the last 6 hours. RSI has dropped into oversold territory at 29, suggesting a potential short-term bounce, but a bearish trend remains intact as long as RSI does not close above 40. A bullish crossover in the RSI–MACD correlation could signal a temporary rebound.

Bollinger Bands

Bollinger Bands expanded significantly after a midday consolidation, with price testing the lower band at $0.1178. A breakout below the lower band suggests increased volatility and a continuation of bearish momentum. The upper band is currently at $0.1210, and a break above this level would indicate a reversal or countertrend move.

Volume & Turnover

Volume spiked sharply in the final 2 hours of the 24-hour period, reaching a peak of 499,446 STEEM during the candle closing at $0.1181. Notional turnover also surged, with the final candle contributing $13,780 in turnover. However, a divergence between price and turnover was observed in the late afternoon as STEEMUSDT dropped to $0.1183 on strong volume, suggesting bearish conviction.

Fibonacci Retracements

Applying Fibonacci to the recent $0.1232–$0.1178 move, the 61.8% retracement level is at $0.1200, which held as resistance during the afternoon. A break below the 38.2% level at $0.1188 could target the 23.6% level at $0.1180 and eventually the $0.1178 swing low. The 50% level at $0.1205 may act as a short-term pivot during consolidation.

Backtest Hypothesis

Given the formation of a descending wedge and the bearish divergence in RSI and MACD, a backtest strategy could be designed to enter short positions at the 61.8% Fibonacci level of $0.1200 with a stop above $0.1206 (the recent high of the wedge) and a target at $0.1178, the initial swing low. This strategy would be most effective in a low-volatility environment, such as during the consolidation phase, with a tight stop loss to manage risk. A trailing stop could be used after a 50% move to protect profits.