Market Overview for Steem/Tether USDt (STEEMUSDT) – 2025-09-06

• Price edged higher into early morning before consolidating near 0.13
• RSI signaled overbought conditions in the early ET session
• Volume surged after 00:15 ET, confirming a bullish breakout
• Key support and resistance levels were tested and held during the 24-hour period
• Bollinger Bands reflected a moderate volatility expansion after 00:30 ET

At 12:00 ET, Steem/Tether USDt (STEEMUSDT) opened at 0.1299 and traded in a range between 0.1288 and 0.1314 over the 24-hour period. The price closed at 0.1299, with a total volume of 1,003,175.5 and a notional turnover of $129,886.27. This reflects a strong volume-driven price movement following a key breakout phase.

Structure & Formations

Over the past 24 hours, STEEMUSDT displayed a bearish-to-bullish transition with key support levels tested at 0.1296 and resistance at 0.1303. A bullish engulfing pattern was observed around 00:30 ET as the price surged from 0.1303 to 0.1311, indicating a potential reversal. A doji candle formed at 01:15 ET, signaling indecision after the rally. A subsequent test of the 0.1303 resistance held strong, suggesting that the level is a significant psychological barrier.

Moving Averages

On the 15-minute chart, STEEMUSDT briefly traded above its 20-period and 50-period moving averages in the early hours of the morning, indicating a potential shift in momentum. On the daily chart, the price closed just above the 50-period MA at 0.1301 but remains below the 200-period MA at 0.1297, which could act as a long-term support level if the bullish momentum continues.

MACD & RSI

The MACD histogram showed a positive divergence following the 00:30 ET candle, with the fast line crossing above the signal line, suggesting strengthening bullish momentum. The RSI reached an overbought level of 68 at 00:45 ET, followed by a pullback to 55 by 05:30 ET, indicating a temporary cooling of buying pressure. This suggests STEEMUSDT may consolidate before a potential resumption of the upward move.

Bollinger Bands

The price broke out of a narrow Bollinger Band contraction at 00:30 ET and spent the next 6 hours in a wide band expansion. By 05:30 ET, the price had returned to trade near the middle band, suggesting that volatility may be stabilizing. The current position near the middle band could indicate a period of consolidation ahead.

Volume & Turnover

Volume spiked significantly from 00:15 ET onward, with the largest single candle (00:30–00:45 ET) recording 134,001.5 in volume and $13,060.15 in turnover. The price and volume moved in sync during this period, confirming the strength of the breakout. A divergence appeared after 05:30 ET, with volume declining as the price edged lower, indicating waning conviction in the bullish move.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from 0.1288 to 0.1314, the 38.2% retracement level at 0.1301 and the 61.8% level at 0.1294 were both tested. The price bounced off the 61.8% level around 05:30 ET, suggesting a key area of support is holding. On the daily chart, the 61.8% level from the prior week’s decline sits at 0.1307 and could become relevant in the coming 24 hours.

Backtest Hypothesis

The strategy involves entering long positions when the price breaks above the 20-period EMA on the 15-minute chart and exits when the RSI drops below 50, or the price closes below the 50-period EMA. Given the recent breakout and the RSI retesting the 50 level, this setup would have been triggered during the 00:15–01:15 ET window. The volume confirmation and subsequent pullback support the validity of the entry, making it a viable short-term strategy for STEEMUSDT.