STEEM Market Analysis & Price Prediction || 20 March, 2024 || Steem Alliance

Assalamu Alaikum friends,
Starting today's blog by wishing everyone Ramadan Mubarak. Hope everyone is well and healthy. Steem and its value lost about 20% along with Bitcoin. This 20% drop caused Steem to go down a lot. Today's blog I will do market analysis and price prediction of Steem coin. Hope you like this analysis and prediction. So without delay let's start:-

This week Steem touched its previous best price and took itself to $0.3990. And from there it dropped to $0.36 and was stable for a few days. But, because of Bitcoin's market correction, Steem also dropped due to its market correction. This brought Steem down from 0.36$ to 0.255$ in a very short period of time. This results in a sort of sell spread in the Steem Coin market. But, this cell pressure could not last long. And again brings itself to 0.28$.

Steem's market correction is almost over. Now it's time to pump. However, it will take several more days to pump up the steam. Steem will stabilize in the price-zone that it is in these few days. And will gradually pump the prize.

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4 hour Candle

^{ScreenShots From TradingView}

At the beginning of this analysis blog we will start with a 15 minute candle. As we can see on the 15 minute candle, the candle has formed a rising edge pattern. This rising edge pattern moves upward, sometimes up, sometimes down. A break out of a rising edge always breaks the upside support and keeps the coins pumping. Bitcoin is forming a similar pattern on the 15-minute candle.

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1 Day Candle

^{ScreenShots From TradingView}

Through this timeframe, it is easy to understand what will happen in the market in the next few days. As we can see from the above screenshot, the rising edge is moving towards the lower support to follow the pattern. Lower support or resistance is at $0.24, $0.25, $0.26. If this price stabilizes for the next few days, there is little chance of the price coming down. But, if the price drops, the support zone will not break and go down.

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1 Week Candle

^{ScreenShots From TradingView}

Long term price analysis is possible through this timeframe. Like the 1-day timeframe, the 1-week timeframe is also dumping the candle towards resistance. After touching the resistance, the steam will pump again.

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My Price Prediction

Currently the price of Steem is between 0.27$ to 0.28$. According to all analysis of Steem, touching the resistance will see Steem above $0.30 again.