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

• Steem/Tether (STEEMUSDT) opened at $0.0896 and closed at $0.0893, trading between $0.0888 and $0.0906 over 24 hours.
• Price formed a bearish divergence late morning before a late-day reversal rally.
• Volume spiked during key pivot hours, with notable accumulation around $0.0896–$0.0905.
• RSI reached overbought territory in the evening before retreating, suggesting exhaustion.
• Bollinger Bands expanded midday, signaling increased volatility and possible trend continuation.

Steem/Tether (STEEMUSDT) traded in a range-bound pattern over the past 24 hours, opening at $0.0896 and closing at $0.0893, with a high of $0.0906 and a low of $0.0888. Total volume amounted to 1.83 million STEEM, with notional turnover reaching $154,600. Price action showed moderate volatility, with a notable reversal pattern forming after midday.

The 15-minute chart showed STEEMUSDT fluctuating between key levels, forming multiple small bullish and bearish patterns. A significant bearish divergence emerged around 19:30 ET, as the price rejected a test of the upper Bollinger Band, followed by a brief reversal rally. This was accompanied by a volume spike, suggesting increased selling pressure. A bearish engulfing pattern was visible around 20:00 ET, aligning with a 50-period moving average crossover to the downside.

MACD remained in positive territory for most of the day, with a bearish crossover occurring at the end of the session. RSI reached 75 during the rally, indicating overbought conditions that eventually led to a pullback. Bollinger Bands expanded midday, showing heightened volatility, and the asset closed near the middle band, suggesting indecision. Short-term Fibonacci retracements highlighted key resistance at $0.0906 and support at $0.0891, with the price failing to break above the 61.8% level during the late-night rally.

The price may test key levels again during the next 24 hours, particularly around $0.0891 and $0.0906. A break above $0.0906 could signal renewed bullish momentum, but investors should remain cautious of a potential pullback or consolidation.

Backtest Hypothesis

A potential strategy to evaluate involves detecting Bullish Engulfing patterns using raw OHLC data. These patterns occur when a large bullish candle follows a smaller bearish candle, with the bullish candle's body completely covering the previous candle’s range. If identified, a simple backtest could apply a “buy at close, sell at next-day close” rule to measure the pattern’s efficacy. Using the OHLC data provided, a local script could automate this detection process and run a preliminary back-test. If manual signal dates are available, the backtest could be refined further. This approach would allow investors to assess whether STEEM/USDT has historically responded favorably to such signals.