Market Overview: Steem/Tether (STEEMUSDT) - 24-Hour Technical Summary

• Steem/Tether (STEEMUSDT) fluctuated between 0.1235 and 0.1267 in the last 24 hours, closing near 0.1265 after a late surge.
• A bullish breakout above 0.1259 and 0.1265 suggests retesting of 0.1267 is likely.
• Low volatility in the first half of the day gave way to a sharp rally post-15:45 ET.
• Volume spiked near the high and low, with the 15:45–16:00 candle posting the largest volume and price jump.
• RSI and MACD show accelerating bullish momentum, with RSI nearing overbought territory.

At 12:00 ET–1, Steem/Tether (STEEMUSDT) opened at 0.1235 and closed at 0.1265, reaching a high of 0.1267 and a low of 0.1235. The 24-hour volume totaled approximately 3,944,298.1 units, while notional turnover was around 511,190.0 USD. The pair saw consolidation followed by a sharp rally in the latter half of the trading session.

Structure & Formations

The price formed a bullish breakout pattern after consolidating between 0.1242 and 0.1253. A large bullish candle at 15:45 ET–16:00 ET (STEEMUSDT closed at 0.1265 after opening at 0.1259) confirmed the breakout. The previous swing high at 0.1267 may act as a short-term resistance, with 0.1259 and 0.1253 offering immediate support levels. A bullish engulfing pattern was also observed at 15:45–16:00, signaling possible continuation of the upward trend.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were both rising and aligned with the price trend, reinforcing the bullish bias. On the daily timeframe, the 50-period MA was slightly below the 100 and 200-period MAs, indicating a potential early trend reversal may be forming, though the 15-minute momentum suggests a temporary continuation.

MACD & RSI

The MACD crossed above the signal line during the breakout, signaling a shift in momentum to bullish. The histogram showed increasing positive divergence, aligning with the late-day surge. The RSI climbed to 65–67 in the last two candles, nearing overbought territory (70), but without divergence, suggesting further upward movement is possible.

Bollinger Bands

Volatility expanded during the breakout, with the 15:45–16:00 candle closing near the upper band. The bands had been in a contraction phase earlier in the day, which often precedes a breakout. Price has remained above the middle band for most of the session, suggesting continued bullish sentiment.

Volume & Turnover

Volume was relatively low until the final hours, when it spiked sharply. The 15:45–16:00 candle posted the highest volume of the 24-hour period (75,830.3) and a significant price jump, confirming the breakout. Notional turnover also surged with this candle, indicating strong conviction in the upward move.

Fibonacci Retracements

On the 15-minute chart, the 61.8% Fibonacci retracement level aligned with the high at 0.1267, which was successfully tested and slightly exceeded. On the daily timeframe, the 38.2% retracement level of the prior downtrend is at 0.1253, which is currently acting as support.

Backtest Hypothesis

A potential backtest strategy could involve entering long on a close above the 20-period moving average with a stop just below the prior 61.8% Fibonacci retracement level (0.1253). A target could be set at the next Fibonacci extension or breakout level (0.1267). This approach aligns with the observed structure and momentum, leveraging the confirmed breakout and rising moving averages for entry signals.