Technical Analysis of SBD (Steem Dollar) | Lesson 18 | Crypto Series

Assalam-o-Alaikum,

Welcome to this post. I hope all of you will be doing well and be fine and happy with the grace of Allah Almighty. My Name is Ali Hassan and today I'm going to start lesson no 18 of our crypto series which is Technical Analysis of Steem Dollar (SBD). So, in this lesson, we will apply tools to analyze the token and predict its movements.

Edited on

SBD is the governance Token of Steemit and It is also known as Steem Dollar. Steem Dollar or SBD is meant for stabilizing the price of steem. In this way the chances of abuses and manipulation of steem coin can be minimized.

Steem Dollar is minted by content creators when they receive vote from curators and This token is based on proof of work. SBD has great historical data but today we will analyze It by using technical tools.

Technical Analysis on Trading View

I have opened 1D chart on Trading view. Here you can see SBD is trading at $2.28. SBD has its first support at $2.1 and than at $2 and If we take look on full chart by viewing some back data than SBD has Strong support at $1.6 and this is the strongest support and also considered as the physiological support of SBD coin. We can see that SBD tested many times $2.1 Support and jump back from this price, I think we can put buying orders at this support.

By applying RSI we can see that SBD is at above the mid 50 line. It's mean there is a chance to pump it up soon. I think this is a best price to fill up your bags with SBD because in next bull run we can see SBD making it's all time High.

By entering December, we can see that the level of SBD cross the 50 mid line this is the indication of Volume in the market.

By applying 25 Moving Average we can see that SBD is already trading above 25MA. The closing of SBD above this moving average is really good for Market and It can pump from this stage.

We have to wait for the closing of SBD above 25 and 50 MA in the week and if this happens there is a great chance to build postive sentiments in market.

By applying Technical analysis using different technical tools it has been seen that all the tools are showing that the price of SBD can rise. There is many bullish trends in the graph and you can read the points in the provided screenshots.

I think this is good price to buy SBD and If you want DCA than you can put orders at all support level so you can purchase it at mid price. I'm damn sure that SBD is not going down from it's physiological support.

I hope you understand this technical Analysis and of you follow my the tools that I use than you can make profit through it. Please do support and show your love.

Note:
The screenshots are taken from Trading view by doing my own technical analysis.