Market Overview for Steem/Tether (STEEMUSDT): 24-Hour Analysis as of 2026-01-12

Summary
• Price formed a bearish engulfing pattern near 0.0732 and tested 0.0711, a key 61.8% Fibonacci level.
• Volume spiked during the 20:00–22:00 ET range but failed to confirm a strong breakout.
• RSI entered oversold territory briefly, suggesting possible near-term buying interest.
• Volatility expanded during the drop to 0.0711, with price trading near the lower Bollinger Band.
• Turnover trends suggest weak conviction, with price consolidating around 0.0705–0.0706 at the close.

Price and Volume Activity

Steem/Tether (STEEMUSDT) opened at 0.0734 on 2026-01-11 at 12:00 ET, peaked at 0.0734, and closed at 0.0706 on 2026-01-12 at 12:00 ET. The 24-hour volume was 3,297,715.7 with a notional turnover of $234,892.62.

Key Technical Developments

Price action showed a bearish bias, with a bearish engulfing pattern forming near 0.0732 as price retreated. A significant drop to 0.0711, a 61.8% Fibonacci retracement level of a prior rally, tested support.

RSI dipped into oversold territory, suggesting potential short-term buying interest, but volume failed to confirm a strong bounce.

Volatile Moves and Bollinger Band Dynamics

Volatility increased as price fell to 0.0711, with price sitting near the lower Bollinger Band by the 12:00 ET close. The expansion in volatility coincided with the breakdown, indicating heightened selling pressure. Bollinger contractions were observed earlier in the session, suggesting a period of indecision before the move lower.

Volume and Turnover Divergences

Volume spiked sharply during the 20:00–22:00 ET window as price dropped, but this did not translate into a sustained rebound. Notional turnover remained below 24-hour highs during key price tests, suggesting weak conviction among traders. Divergences between price and turnover were noted during the consolidation phase between 0.0705–0.0706, indicating a lack of strong directional momentum.

Forward-Looking Outlook

The next 24 hours may see STEEMUSDT consolidating near 0.0705–0.0706 or testing 0.0711 again as a potential floor. If volume picks up with a rebound, 0.0715–0.0718 could be retested. Traders should monitor for a break above 0.0720 as a bullish reversal signal, or a break below 0.0710 as a potential continuation of bearish momentum. As always, the risk of further consolidation or sharp swings remains, with low liquidity increasing the potential for volatile price reactions.