Market Overview for Steem/Tether (STEEMUSDT): 24-Hour Analysis

• STEEMUSDT fell sharply from 0.1155 to 0.075, forming a bearish gap and large-bodied red candle.
• Volatility spiked midday with a 2.92% range in 15-min candles before stabilizing in a tight range.
• RSI reached oversold territory below 30, indicating a potential short-term bounce.
• Volume surged in the breakdown phase but has since declined, suggesting fading bearish momentum.
• A bullish reversal pattern emerged near 0.089–0.091, with price rebounding from this level for 5 consecutive candles.

The Steem/Tether (STEEMUSDT) pair opened at 0.115 on October 10, 2025, at 12:00 ET, surged to a high of 0.1155, then collapsed to a low of 0.075 before closing at 0.0935 at 12:00 ET on October 11. Total volume over the 24-hour window was 20,739,893.6 units, with a notional turnover of approximately $1,944,971. The pair’s sharp selloff was driven by a massive red candle at 19:45 ET (2025-10-10 194500) that dropped from 0.1136 to 0.1113, indicating strong bearish conviction.

Structure & Formations

The structure of the 24-hour candlestick chart shows a sharp breakdown from a key support area around 0.1150 to 0.1120, followed by a steep drop to 0.075. Price then retraced to a key support zone around 0.089–0.091, where it found a temporary floor. A bullish reversal pattern has emerged as price tested this level multiple times, forming a small bullish channel. A doji formed at 00:0000 on October 11 near 0.0898, indicating indecision. A potential 50% Fibonacci retracement level from the 0.1155 to 0.075 move lies at 0.0953, which could act as a key resistance in the near term.

Moving Averages & MACD/RSI

On the 15-minute chart, STEEMUSDT is trading above the 20-period MA but below the 50-period MA, signaling a mixed bias. The 50-period MA is now at 0.0923, and the 20-period MA is at 0.0929. On the daily chart, the 50-period MA is at 0.107, the 100-period MA at 0.106, and the 200-period MA at 0.1045. These suggest the 50-day MA is the strongest current resistance. The MACD has been negative throughout the session, with a bearish divergence forming as price hit new lows but failed to do so on the MACD. RSI has been in oversold territory (below 30) for the past 3 hours, which may suggest a short-term bounce, though the broader bearish momentum is still intact.

Bollinger Bands & Volatility

Bollinger Bands widened sharply during the breakdown from 0.1155 to 0.075, indicating heightened volatility. Price is now trading within a tight band with a 15-minute BB width of 0.0006, suggesting volatility has compressed again. The 20-period BB midline is at 0.0936, very close to the current price, which may indicate a consolidation phase. A break above the upper band would signal renewed bullish momentum, while a retest of the lower band could trigger another test of the 0.0805–0.0843 range.

Fibonacci Retracements

Applying Fibonacci retracements from the 0.1155 high to the 0.075 low, the 38.2% retracement level is at 0.0951 and the 61.8% level is at 0.0908. Price is currently near the 61.8% level, which could act as a key support/resistance. On the 15-minute chart, a recent swing from 0.089 to 0.0925 shows the 38.2% retracement at 0.0906, where the price has bounced. A failure to hold above this level may lead to a test of the 0.0893–0.0889 range.

Backtest Hypothesis

The backtesting strategy involves entering a long position when price retraces above the 61.8% Fibonacci level (0.0908) and confirms with a bullish candlestick pattern, such as a bullish engulfing or a morning star. A stop-loss is placed below the recent swing low at 0.0893, with a target at the 38.2% retracement at 0.0906 and a longer-term target at the 50% Fibonacci level at 0.0953. This setup appears to align with the current structure, where STEEMUSDT is consolidating near a key Fibonacci level with positive divergences in RSI. A successful test and retest of the 0.0908 level could trigger a broader retracement, validating the strategy.