Home Crypto Crypto Market Analysis STEEM_Further_Increase_Awaits_Confirmation

STEEM_Further_Increase_Awaits_Confirmation

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Steem (STEEM)

Market Cap. $909.33M

Circulating Supply: 254.27M STEEM

Max Supply: 0 STEEM

Volume (24h) $96.44M

 

We had very high volatility on the STEEM/USD today. The crypto dropped aggressively in the morning, but the bulls have stepped in and have forced the rate to increase again. Price is trading in the green right now and has managed to increase by 2.47%  and by 21.82% in the last 7-days.

As you already know, the crypto market crashed today after the last period rebound. Steem maintains a bullish perspective on the Daily chart despite the today’s drop.

 

You can see that the rate was close to reach and retest the 50% Fibonacci line (ascending dotted line). Price has rallied and erased the morning losses, but it has failed to close and stabilize above the median line (ML) of the major ascending pitchfork and the 3.63158182 static resistance.

STEEM/USD it was expected to increase after the failure to test and retest the lower median line (LML) of the ascending pitchfork. It will move towards the 6.00000000 psychological level if will make a valid breakout above the median line (ml) of the ascending pitchfork.

The cryptocurrency will resume the upside movement and could be attracted by the upper median line (UML) if will close and will stabilize above the median line (ML).

Conclusion

Price squeezed in the second part of the day and now is trading in the green again. You can go long on this crypto after a valid breakout above the median line (ML). The next major upside target will be at the upper median line (UML), while the Stop Loss could be placed below the 2.52287131 level.

©Forex.Academy

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