STEEMUSDT Market Overview: 24-Hour Technical Summary (2025-10-01)

• Steem/Tether (STEEMUSDT) rose from $0.1152 to $0.1216, closing near the day’s high.
• Key resistance appeared around $0.116–$0.117, with breakout above $0.1176 confirming bullish momentum.
• Volatility expanded during late hours, with volume peaking at $1.2M during the $0.1191–$0.1205 rally.
• RSI surged into overbought territory, suggesting possible consolidation or pullback.
• Turnover spiked during the $0.1191–$0.1205 rally, aligning with price action.

Price Action Summary

Steem/Tether (STEEMUSDT) opened at $0.1152 on 2025-09-30 12:00 ET and closed at $0.1216 on 2025-10-01 12:00 ET, reaching a high of $0.1216 and a low of $0.1152. The 24-hour volume totaled 1,936,506.6 units, with a notional turnover of approximately $245,547.60, based on an average price of $0.1267. Price advanced with consistent volume during the late afternoon and early evening hours, suggesting accumulation ahead of a breakout above key resistance.

Structure & Formations

STEEMUSDT broke above the $0.116–$0.117 consolidation zone, forming a bullish flag pattern. A large bullish engulfing pattern emerged at $0.1176–$0.1179, signaling strong institutional participation. A bearish harami pattern appeared during the $0.1191–$0.1205 peak, hinting at potential profit-taking or short-term exhaustion. Key support levels to watch include $0.1175 and $0.1165, while resistance is now at $0.1213 and $0.1234.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA in the early hours of the morning, forming a golden cross and reinforcing the bullish bias. The 50-period MA sits at $0.1187, with the 200-period MA at $0.1172, suggesting that STEEMUSDT has now entered its short-term trend above the longer-term average. Price remains above both MAs, which increases the likelihood of continued upside barring a strong reversal.

MACD & RSI

MACD turned positive and expanded during the breakout phase, indicating strong momentum. RSI reached 78 by the end of the session, signaling overbought conditions and increasing the probability of a near-term consolidation or pullback. A move below the 50 RSI level could dampen bullish conviction. Traders should monitor RSI divergence or a bearish crossover in the MACD as early warning signs.

Bollinger Bands

STEEMUSDT remained within the Bollinger Bands for most of the session, with volatility expanding during the $0.1191–$0.1205 move. Price closed near the upper band at $0.1216, indicating strong bullish sentiment. A close below the lower band at $0.1160 would suggest a reversal, while a continued hold above the middle band ($0.1188) supports the bullish case.

Volume & Turnover

Volume surged to over 1 million units during the $0.1191–$0.1205 move, with notional turnover peaking at $121,000 in a single 15-minute interval. This aligns with the price increase, indicating strong conviction. A divergence between rising volume and falling price in the next 24 hours could signal weakness. However, the current alignment of volume and price movement supports a continuation of the upward trend.

Fibonacci Retracements

On the 15-minute chart, the $0.1176–$0.1179 breakout coincided with the 61.8% Fibonacci retracement level from the previous consolidation phase, adding technical significance. The 38.2% retracement level is currently at $0.1196, acting as a short-term resistance. A test of the 50% level at $0.1205 may occur before a potential correction toward $0.1185.

Backtest Hypothesis

A hypothetical strategy based on the breakout above key resistance and confirmed by the 15-minute MACD golden cross and bullish engulfing pattern could have triggered a long entry at $0.1176 with a stop-loss below $0.1168. A target at $0.1205 would have been reached within a few hours, and a trailing stop at $0.1195 could have captured additional gains. This approach aligns with the technical indicators used in the backtest—MACD, RSI, and volume confirmation—suggesting that a trend-following strategy may be viable in high-conviction environments like the one observed in this 24-hour window.