STEEMUSDT Breaks Out — But Momentum Fades at 0.0530

Summary
• Price action formed a bullish engulfing pattern near 0.0516 before a sharp countertrend rally.
• Volatility expanded during the early morning hours as price broke above the 0.0527 resistance cluster.
• Notional turnover spiked over $250k at the 0.0530 peak, confirming short-term bullish momentum.
• RSI moved into overbought territory, signaling potential near-term pullback risks.
• On-balance volume diverged slightly after the 0.0527 level, hinting at waning conviction.

Market Overview

At 12:00 ET−1, Steem/Tether (STEEMUSDT) opened at 0.0516, reached a high of 0.0534, and a low of 0.0506, closing at 0.0524 by 12:00 ET. Total volume over 24 hours was 12,325,700 STEEM, with a notional turnover of $60,653.

Structure & Formations

Price broke out of a consolidation range near 0.0516–0.0522 with a bullish engulfing pattern on the 5-minute chart, followed by a sharp rally. A strong bearish rejection at 0.0534 formed a potential short-term ceiling. Support levels are now at 0.0523 (recent pivot) and 0.0519.

Moving Averages

The 20-period and 50-period moving averages on the 5-minute chart crossed into bullish alignment during the morning session, confirming the upward bias. Daily moving averages (50/100/200) remain in a flat to slightly bullish configuration.

Momentum Indicators

MACD turned positive and formed a strong bullish crossover, suggesting continuation of the recent trend. RSI reached overbought territory at 68–70, hinting at a possible near-term correction.

Volatility and Bollinger Bands

Bollinger Bands widened as price moved above the upper band, indicating increased volatility and potential exhaustion. Price has since pulled back toward the middle band, suggesting a possible test of the 0.0523 support level.

Volume and Turnover Analysis

Volume spiked to over 480,000 STEEM at 0.0530, aligning with the price high and confirming the move. Turnover also spiked to over $250k at that level. Divergence between price and on-balance volume after the peak suggests weakening momentum.

Fibonacci Retracements

The 61.8% retracement level of the key 0.0516–0.0534 move is now at 0.0523, a critical level for near-term directional bias. If this level holds, buyers may target 0.0527; a break below could trigger a pullback toward 0.0519.

The next 24 hours could see a test of the 0.0523–0.0527 range, with momentum and volume dynamics likely dictating the outcome. Investors should monitor divergence between volume and price for early signals of trend exhaustion.