Overview Of Steem Market - Technical Analysis

Hello Crypto friends,

I believe we are all doing great and fine in this wonderful community.

It is with a joyful heart I appear here today to make this important post on the analysis of our very own token "steem"

Yeah it is true that the market has been in a bearish move for a while now and we eagerly look for conditions where the market will be great again.

As we know, STEEM is only following the overall direction of the crypto market and as such it has been in a bearish move.

We believe that in due time, STEEM will boom again but before then, let's take a quick overview of the STEEM cryptomarket.

CRYPTOCURRENCY GLOBAL CHART

Source

The above Screenshot was taken as at when this post was made, and as seen above, the market cap of the market is $938B with a 24hr trading volume of $51B, and BTC dominance of 40.2% and Ethereum dominance of 17.4%.

Currently, there above 400 exchanges and above 20k cryptocurrency on coin marketcap, please follow along as we begin the analysis of STEEM token.

PARAMETERS OF STEEM FROM COINMARKETCAP

Shown above is a brief overview of the details of steem coin in just one Screenshot.

From the above Screenshot, we can highlight the following Important details.

Name of token	STEEM
Rank	#200
Price	$0.2307
Market cap	$91,018,112
Fully diluted market cap	$94,299,609
Volume	$11,983,385
Circulating supply	391,951,699 STEEM

TECHNICAL ANALYSIS OF STEEM ON DIFFERENT TIME FRAME

To carryout a technical analysis, I first of all visited a higher time frame for my analysis because analysis on a higher time frame are more reliable than that on a lower time frame.

^{SCREENSHOT FROM TRADING VIEW}

Shown above is a screenshot of the price chart of STEEMUSD on a monthly time frame.

As shown above, I highlighted the support region on the monthly time frame, the price has made several touches on its support region and has failed to break below that region.

As at the time of my analysis, I noticed that the price was already being rejected from the support level, on its way form bullish candles.

Then I decided to add my stochastic indicator which helps to detect overbought and oversold regions in the market.

Adding the stochastic indicator, I noticed that the stochastic indicator is in an oversold regions, this indicating a bullish trend reversal.

From that analysis, we have a confluence indicating that the market is about to begin a bullish move but we don't know for how long.

Follow along as we proceed to a weekly time frame.

^{SCREENSHOT FROM TRADING VIEW}

Shown above is a screenshot of STEEMUSD on a weekly time frame.

As shown above, the market has just been rejected from it support level and it is on its way in reversing its trend from bearish to bullish.

As a crypto trader, I don't expect the market to become bullish immediately with the formation of one or two candles.

Then I went to my indicator to better understand the condition of the market, from the RSI I noticed that the market was in an overbought region and it is expected to reverse.

From my view, I expect the market to come back again to retest the support level before becoming bullish.

Shown above is the analysis of STEEMUSD on a daily time frame.

Just as it is on the weekly, the price has been rejected from its support region and I about to begin a bullish trend.

Before it begins it bullish trend, I expect the price to retest on the support region again.

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From my personal view, I expect that the price of steem will retrace a little bit before it begins a bullish trend.

However this is not a financial advise, I recommend all to make their Analysis before investing in any token