Moving Charts: STEEM Prices Analysis | 10% To @tron-fan-club
Hello and good evening to everyone at the Tron fan club. Last week was dramatic. In the last seven days, the market has been a bit of both ups and downs. It was freely going up before it got hit with the rumors of ETF. The market crashed at that incident. And many tokens haven't been the same since. Steem is no different.
We start the week with the last two days of 2023. Where steem was being traded at 0.246$. This was part of an uptrend. And steem looked set to achieve new highs. Then a pump happened throughout the market which saw steem go up to near 0.28$. There was an attempt to break the resistance of 0.28$.
The following incident was a reversal of steem upon getting bumped at 0.28$. The token seemed to be headed towards 0.26$, a value it is quite familiar with. But the ETF rumor broke out and the whole market started bleeding. Steem also suffered a heavy loss. It went from 0.27$ to 0.205$ in next to no time.
Luckily some of the losses were recovered. The highest steem could push was 0.26$. But it didn't stay that way. Soon steem lost more value and it has been lower highs ever since. It has only been supported by a barrier at 0.23$. On a couple of occasions steem was saved by this support barrier. It currently trades at 0.234$. far off from where it was even two days ago, which isn't something we love to see.
All Screenshots are taken from Coingecko
Steem has been going through a bit of a rough patch lately. After being consistently on the high for the past few weeks, we have witnessed a downturn in valuation over the last couple of days. Given how the market has been for the altcoins, expect stiff resistance even when the leading tokens take a turn for the better.
No word from this article should be taken as financial advice.
Thank You.
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Very interesting article, hopefully this year the price of Steem will rise as high as in 2021.