Technical analysis of the steem price

Greetings to all cryptocurrency lovers. This time, I would like to share my first technical analysis of steem to show you some interesting behaviors it has shown recently.

The altcoins season has started and most of the coins have reached great prices, which yesterday bitcoin breaks the $50,000 barrier, but after reaching that point it has made some corrections. altcoins stop and fix their upward journey.

In both 2017 and 2018, steem was above $1, present its peak in January 2018 reached the value of $8. But after that it started to slowly decline and in 2019 the steem reached very low values, which reduced the activity of the steemit platform.

Steem's volume and market capitalization fell to the bottom, but after Justin Sun took over Steemit, Steem showed signs of life and slowly regained its value in 2020.

2021 has been very good, steem is gradually increasing in value, but most surprising is the value of SBD, which has not dropped below $3 in the last 3 months. This is a great opportunity to accumulate more steem at very low price.

Steem is currently trading at $0.46. In other words, as you can see from the chart below, it has risen 100% over the last 3 weeks.

On Monday it reached $ 0.50.

If you look at the binance chart of the steem / btc pair, you can see that the value of steem in satoshis is slowly increasing trading at 0.000009 with volume in excess of 40btc.

Since Steem broke the $0.15 resistance to the present it has risen considerably. Currently the value of $ 0.50 has become a new resistance and usually can be easily broken in the next few days.

We can see in the chart above which corresponds to the historical value of steem since its inception, after overcoming the resistance of $ 0.50, the next resistance would be at $ 0.70 and after overcoming this line it can reach the value of $1 easily

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Following my knowledge of the cryptocurrency market and from 2017 to present. If the altcoins market continues and bitcoin breaks the 50k barrier and consolidates its price beyond its value, we can say that it will be altcoins like steem will continue its bullish run. We have to maintain our current trading volume from the beginning and of course keep in mind that it should continue to increase and the market cap not decrease if not the other way around.

The current market capitalization and volume are as follows:

Bitcoin may correct at some point, although the signals are still bullish

Bitcoin may correct at some point, although the signals are still bullish.

Bitcoin may correct at some point, though.

All altcoins generally follow the behavior of btc.

The important thing at this point is that while Steem may correct, The important thing is not to break the support line at $0.35. Because if we break that support line, we can quickly reach the $ 0.27 support line as shown in the chart below.

The current trend is still bullish and we are in an ascending channel. At this time the steem should remain in that upward channel and not break the channel support line. So that it can continue to gradually increase in price.

Disclaimer

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I hope you all liked my analysis and remember that this type of analysis is only a prediction, not financial investment advice.

I hope you all liked my analysis and remember that this type of analysis is only a prediction, not financial investment advice.

I hope you all liked my analysis.

There are significant risks associated with trading. Prices can fluctuate, and the resulting outcome can turn into losses greater than the original investment. For this reason,the creator of this content are not responsible for any loss of assets.

See you in the next post.