Market Overview for STEEM/Tether (STEEMUSDT)

Summary
• Price formed a bullish engulfing pattern near 0.0643 and broke above key resistance at 0.0662.
• Momentum in RSI suggests overbought conditions, with a pullback possible near 0.0655.
• Volatility expanded in early morning ET, with volume surging after a consolidation phase.

The Steem/Tether (STEEMUSDT) pair opened at 0.0652 on 2025-12-15 at 12:00 ET, hit a 24-hour high of 0.0666, a low of 0.0643, and closed at 0.0662 on 2025-12-16 at 12:00 ET. Total volume was 1,626,071.3, and notional turnover was approximately $103,766.89.

Structure & Formations

Price action revealed a bullish engulfing pattern around 0.0643, followed by a strong rally past 0.0662 resistance. The 5-minute chart showed consolidation between 0.0649 and 0.0655 before a breakout to the upside. A bearish divergence formed at 0.0658, suggesting potential short-term correction, but a subsequent bullish flag and a long lower shadow at 0.0655 indicate resilience.

Moving Averages

The 20-period and 50-period moving averages on the 5-minute chart converged near 0.0652–0.0653, offering potential support. The daily 50-EMA sits at 0.0653, and the 200-EMA at 0.0649, with price now above both, suggesting a short-to-midterm bullish bias.

MACD & RSI

The MACD crossed above the signal line during the breakout, confirming upward momentum. RSI hit overbought territory above 70, hinting at potential near-term profit-taking. However, the RSI’s fast recovery from oversold levels earlier in the session suggests strong buying pressure may remain.

Bollinger Bands

Volatility expanded as price pushed beyond the upper Bollinger Band during the final 5 hours of the session. A contraction occurred between 0.0649 and 0.0652 from 01:00 to 05:00 ET, followed by a decisive breakout. Price currently sits above the upper band, indicating heightened bullish momentum.

Volume & Turnover

Volume spiked during the early morning ET consolidation phase and surged again near 0.0662, confirming the breakout. Notional turnover remained steady during consolidation but increased sharply post-breakout. No major price-turnover divergence was observed, suggesting volume is supportive of the current rally.

Fibonacci Retracements

The 5-minute retracement from 0.0643 to 0.0666 suggests possible support at 0.0655 (38.2%) and 0.0652 (61.8%). Daily retracements from the recent low at 0.0649 to the high at 0.0666 align with the same levels, reinforcing potential consolidation targets.

The rally appears to have strong short-term momentum, with key resistance at 0.0666 and support at 0.0655 in focus. A pullback to test the 61.8% Fibonacci level could present an entry opportunity. However, a failure to hold above 0.0655 may trigger renewed bearish pressure.