STEEM/Tether Market Overview

• STEEMUSDT rose 2.4% over 24 hours, closing near its 12:00 ET high of 0.1358.
• A bullish breakout above 0.1355 was confirmed with strong volume and momentum.
• Volatility expanded, with a high of 0.1366 and a low of 0.1351, signaling a key turning point.
• RSI crossed 50 upward, while MACD turned positive, indicating strong upward momentum.
• The 20-period moving average crossed above the 50-period line, reinforcing bullish signals.

STEEM/Tether (STEEMUSDT) opened at 0.1316 at 12:00 ET-1 and closed at 0.1358 at 12:00 ET, reaching a high of 0.1366 and a low of 0.1311. The pair posted a 24-hour volume of 5,631,308 and a notional turnover of $746,749. A sustained bullish move has emerged, driven by strong volume and a breakout above key resistance.

Structure & Formations

Price formed a clear ascending triangle between 0.1351 and 0.1366 on the 15-minute chart, with the breakout above 0.1355 appearing to confirm a continuation of the upward trend. A large bullish candle at 0.1356–0.1364 at 02:30 ET and another at 02:15 ET provided confirmation. A doji at 0.1357–0.1357 near 05:00 ET suggests a brief pause in momentum but not a reversal. Strong support appears at 0.1351 and 0.1345, while key resistance is now at 0.1366 and 0.1370.

Moving Averages

The 20-period moving average crossed above the 50-period line on the 15-minute chart, forming a golden cross and reinforcing the bullish bias. The 50-period line on the daily chart remains above the price, suggesting a continuation of the rally is likely if the trend holds. No bearish crosses are present in the short or long term.

MACD & RSI

The MACD turned positive and crossed above the signal line, with the histogram expanding, indicating growing bullish momentum. RSI rose from ~47 to ~59 over the past 6 hours, now sitting in neutral-to-bullish territory, with no overbought readings yet observed. This suggests the move is still in early-to-mid stages and may continue.

Bollinger Bands

Bollinger Bands widened significantly in the early hours of the morning, reflecting growing volatility. Price closed near the upper band at 0.1366, suggesting continued upward bias. A retest of the upper band in the next 24 hours could confirm the breakout and set up a potential extension of the trend.

Volume & Turnover

Volume spiked during the early morning hours, particularly between 02:00 and 04:00 ET, coinciding with the breakout above 0.1355. Notional turnover also increased in line with volume, indicating strong participation. No significant divergence between volume and price action was observed, suggesting the rally is supported by strong buying interest.

Fibonacci Retracements

Recent 15-minute swings show that 0.1366 corresponds to a 61.8% retracement of the move from 0.1311 to 0.1366. On the daily chart, the 50% retracement level is at 0.1357, which has now been tested and appears to be holding. A push above 0.1366 could target the 78.6% level at 0.1373.

Backtest Hypothesis

A potential backtesting strategy involves entering a long position on a bullish breakout above the 15-minute ascending triangle, with a stop-loss placed just below the triangle’s lower boundary at 0.1345. A take-profit target is set at the 61.8% Fibonacci extension of the recent move. This strategy relies on the assumption that the triangle pattern and bullish momentum will continue, supported by rising volume and a positive MACD crossover. If the trend holds, the probability of a successful trade increases, particularly with a retest of the upper band on the Bollinger Bands as a confirmation trigger.