Market Overview for STEEMUSDT: 24-Hour Price Action and Key Technicals

• Steem/Tether (STEEMUSDT) declined to 0.091 after a sharp selloff but showed signs of stabilizing.
• Volatility expanded during the selloff, with a peak-to-trough swing of ~1.7%.
• Final 15-minute candle closed higher on modest volume, hinting at possible short-covering.
• RSI bottomed near oversold levels, suggesting momentum may reverse.
• Bollinger Bands showed a sharp expansion followed by a slight contraction, indicating waning volatility.

Steem/Tether (STEEMUSDT) opened at 0.0939 on 2025-10-11 at 12:00 ET, reached a high of 0.0941 and a low of 0.0904 before closing at 0.0933 on 2025-10-12 at 12:00 ET. Total volume traded over the 24-hour period was ~12.8 million, with notional turnover amounting to ~$1.18 million.

The price action featured a sharp decline from 0.0941 to 0.0904 between 19:15 and 20:30 ET, with a long bearish candle at 19:1500 (0.0931 open, 0.0923 close). A subsequent recovery began around 20:45 ET and continued through the early hours of October 12. The formation of a bullish engulfing pattern at 02:30 ET (0.09–0.091) suggested a short-term reversal in sentiment. A doji at 04:30 ET (0.0924 open/close) also indicated indecision and potential for consolidation.

Structure & Formations

Key support levels emerged at 0.0904 and 0.0907, where multiple candles found a floor. Resistance is likely at 0.0927–0.0934, where several bullish reversals occurred. The pattern suggests a rangebound scenario with potential for a breakout from the 0.091–0.0927 consolidation zone.

Moving Averages

On the 15-minute chart, price spent most of the session below the 50-period and 20-period moving averages, indicating bearish momentum. By late ET on October 12, price closed above both averages, suggesting a potential retest of the 0.0927 resistance level. On the daily chart, 50 and 200-period moving averages remain above current price, which continues to signal a longer-term bearish trend.

MACD & RSI

The MACD turned negative during the selloff but began to trend back into positive territory by 02:30 ET. RSI bottomed near 30, indicating potential for a bounce. While not in overbought territory, RSI remains in neutral range, suggesting traders should watch for a breakout above 0.0927 to confirm a shift in momentum.

Bollinger Bands

Price moved outside the lower Bollinger Band during the selloff, reaching 0.0904. The band expanded sharply during the decline and showed a mild contraction by 03:00 ET, signaling reduced volatility. Price remains within the upper and lower bands, suggesting continued rangebound trading in the short term.

Volume & Turnover

Volume spiked during the selloff (notably at 19:15 and 20:30), with turnover increasing significantly as price dropped. The final 15-minute candle showed a modest volume increase, consistent with potential short-covering. No clear divergence was observed between price and volume, supporting the idea of a bearish trend with signs of stabilization.

Fibonacci Retracements

Applying Fibonacci to the 0.0941–0.0904 swing, key retracement levels are at 0.0922 (38.2%), 0.0916 (50%), and 0.0910 (61.8%). Price briefly touched the 38.2% level before retreating, suggesting 0.0922 could act as near-term resistance. A break above that level would be a strong signal for a deeper recovery.

Backtest Hypothesis

A potential backtest strategy could involve entering long positions when price closes above the 50-period moving average on the 15-minute chart and RSI moves above 30. A stop-loss could be placed below a recent swing low (e.g., 0.0910). Take-profit levels could be aligned with the 38.2% (0.0922) and 50% (0.0916) Fibonacci retracements. This setup could be backtested over several weeks to assess profitability in rangebound conditions with occasional breakouts.