Market Overview for Steem/Tether (STEEMUSDT)

Summary

• Price declined from 0.0849 to 0.0809 over the 24-hour window, with bearish momentum evident late in the session.
• Volume surged during the 19:15–20:45 ET time frame, indicating strong bearish participation.
• RSI entered oversold territory, suggesting potential for a near-term rebound.
• Bollinger Bands widened after a contraction, signaling increased volatility.

Market Overview for Steem/Tether (STEEMUSDT)

STEEMUSDT opened at $0.0849 on 2025-11-12 at 12:00 ET and closed at $0.0809 on 2025-11-13 at the same time. The pair reached a high of $0.0866 and fell to a low of $0.0809 during the 24-hour period. Total volume was 9,813,545.5 with a notional turnover of $809,396.50.

On the 15-minute chart, STEEMUSDT broke below key support levels of 0.0845 and 0.0835, confirming a bearish bias. A long lower shadow at 0.0830 ET suggested temporary rejection of lower prices, but the following candles continued to decay.

A bearish engulfing pattern formed near the 0.0850 level, followed by a series of red candles that extended below the 50-period moving average. This suggests a shift in sentiment from neutral to bearish. RSI hit 28, entering oversold territory, while MACD crossed below the signal line, reinforcing bearish momentum.

Bollinger Bands showed a brief contraction near 0.0843 before expanding downward, indicating heightened volatility and a potential short-term reversal setup. The price closed near the lower band, suggesting continued bearish pressure. Volume spiked during the 19:15–20:45 ET period, with a total of 2.4 million units traded, confirming bearish conviction.

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Backtest Hypothesis

The RSI Oversold 1-Day Hold strategy on STEEMUSDT from 2022-01-01 to 2025-11-13 demonstrated double-digit annualized returns with favorable risk-reward ratios. This aligns with the current RSI reading in oversold territory, raising the possibility of a near-term rebound. Historical backtests also showed that fixed daily exits performed well, suggesting that a buy-tomorrow-close approach may offer a viable short-term recovery trade. While this does not guarantee success, it supports the idea that STEEMUSDT could see a bounce off current levels.

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Looking ahead, STEEMUSDT may face resistance near 0.0835–0.0840, with a key 50-period moving average acting as a potential psychological level. Traders should monitor volume behavior around these levels, as a divergence between price and volume may indicate a reversal. Investors should remain cautious in the near term, as bearish momentum remains intact despite RSI signaling a possible overcorrection.