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

• Steem/Tether (STEEMUSDT) fell sharply to 0.0745 but rallied to 0.0806, ending at 0.0764 with high volume in the final 3 hours.
• Price spent most of the day below key moving averages, indicating bearish momentum despite a late rebound.
• MACD turned negative and RSI fell into oversold territory, hinting at potential exhaustion of the downtrend.
• Volatility expanded significantly in the last 4.5 hours, with a 3.5% price drop and over $1.9 million in notional turnover.
• A key support at 0.076–0.077 and resistance at 0.079–0.080 are in play for near-term direction.

The Steem/Tether (STEEMUSDT) pair opened at 0.0845 on 2025-11-02 12:00 ET and closed at 0.0764 by 12:00 ET the next day. The 24-hour range spanned from a high of 0.0856 to a low of 0.0745. Total traded volume amounted to approximately 4,767,148.6 STEEM, with a notional turnover of $382,369.7 (assuming a base price of $0.08). The price action was characterized by a strong bearish move early in the session, followed by a rebound in the latter half.

On the 15-minute chart, the 20-period and 50-period SMAs remained above the price for most of the day, confirming the short-term bearish bias. However, the price began to approach the 20 SMA in the last 3 hours, hinting at a potential short-term stabilizing trend. The 50-period EMA showed a slow crossover to the downside, suggesting ongoing pressure from sellers.

The MACD line turned negative by 21:00 ET and remained below the signal line for the rest of the session, confirming bearish momentum. The RSI dropped into oversold territory (below 30) by 15:30 ET and stayed there through the close, suggesting the downtrend may be losing steam. Bollinger Bands expanded significantly during the final 4.5 hours, indicating a surge in volatility. Price found a temporary floor at 0.0745, closing just above 0.0764 near the upper band, suggesting a short-term rebound from oversold conditions.

Key support levels are visible at 0.076–0.077 and 0.0745 (the session low), while resistance is forming at 0.079–0.080 and 0.082–0.083. Fibonacci retracement levels from the 0.0845 to 0.0745 swing highlight 0.0765 (38.2%) and 0.0785 (61.8%) as potential reversal zones. A close above 0.079 would re-ignite bullish sentiment, while a break below 0.0745 could target 0.0730 next.

Backtest Hypothesis
Given the observed RSI behavior and the strong oversold signal, a potential backtesting strategy could be to enter long positions when RSI(14) crosses above 30 and exit when it crosses back below 70. This approach would aim to capture rebounds off key support levels, such as those seen around 0.0745. To apply this strategy effectively, we would need a suitable stock (or stocks) and a precise RSI crossover threshold. Please provide the ticker(s) and specific RSI thresholds you wish to test for a complete backtest from 2022-01-01 through today.