Market Overview for STEEM/USDT on 2025-09-21

• Price action on STEEM/USDT drifted lower with a bearish bias over 24 hours.
• Key support tested near $0.1305–0.1308, with a bearish continuation in momentum.
• High volume observed during the 23:00–02:00 ET period, coinciding with a sharp decline.
• RSI and MACD remain bearish, with no sign of near-term overbought conditions.
• Volatility moderately expanded during price break below key support levels.

24-Hour Summary and Open-Price Action

At 12:00 ET on 2025-09-20, Steem/Tether (STEEMUSDT) opened at $0.1331 and traded between a high of $0.1334 and a low of $0.1302 over the next 24 hours. The pair closed at $0.1305 at 12:00 ET on 2025-09-21, marking a bearish trend. Total trading volume for the 24-hour period was 664,823.9, with a notional turnover of $85,100. The price action reflects declining sentiment, with a strong bearish continuation from mid-overnight.

Structure & Formations

The price action over the 24-hour period revealed a significant bearish breakout below key support at $0.1310. A key bearish engulfing pattern was visible during the 00:30–01:00 ET timeframe, followed by a strong continuation below $0.1305. A doji formed around 04:15 ET, suggesting indecision before the price resumed its bearish trajectory. This formation reinforces the potential for further downside pressure in the near term.

Moving Averages and Momentum

On the 15-minute chart, STEEM/USDT closed below its 20-period and 50-period moving averages, indicating short-term bearish momentum. The daily chart shows the price trading well below its 50, 100, and 200-day moving averages, which points to a strong bearish bias in the intermediate term. The alignment of moving averages with the current price path suggests a continuation of the downward trend unless a strong reversal occurs.

MACD, RSI, and Volatility

The MACD remains in negative territory with bearish divergence forming. RSI has moved into oversold territory, but without a reversal in price, this could indicate a continuation of the downward move. Bollinger Bands show a moderate expansion in volatility during the late-night and early-morning hours, with the price closing near the lower band. This suggests the asset may test further support levels before a potential rebound.

Volume and Turnover Analysis

Volume spiked sharply during the 01:30–02:30 ET period, coinciding with a large bearish move from $0.132 to $0.1314. Notional turnover also increased during this phase, indicating increased selling pressure. A divergence in price and volume was observed during the 04:30–05:30 ET window, where volume decreased despite continued price weakness, suggesting potential exhaustion in the bearish move. Investors should monitor for a volume rebound on a short-term reversal.

Fibonacci Retracements and Key Levels

Recent swing highs and lows show a critical Fibonacci retracement level at 0.1305 (38.2%), which has been tested multiple times over the past 24 hours. A breakdown below this level would expose the next major support at $0.1302 (61.8%). On the 15-minute chart, these retracement levels align with key support and resistance, making them important for near-term price direction.

Backtest Hypothesis

The backtesting strategy involves entering a short position when the price breaks below a 20-period EMA on the 15-minute chart, with a stop-loss placed above the most recent swing high. This aligns with the recent bearish structure and the confirmed break below key moving averages. A take-profit is set at the next Fibonacci level or upon a reversal in RSI. This setup would have been triggered during the 01:30–02:30 ET period and would have captured the downward move through the early morning. Given current momentum and volume patterns, this strategy remains valid for the next 24 hours.