Steem Technical Analysis: (STEEM/BTC) Trading Support Holds Strong As Platform Celebrates 1,000,000 Account Registrations

in steem •  11 months ago

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Nothing in this article is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.

STEEM survives the market haircut today unscathed, in tune with the platform surpassing the 1,000,000th account benchmark.

As their user base continues to grow, trading support for the native STEEM token is also showing signs of improvement with a 3.73% gain against BTC today.22-05-2018-4.png

STEEM Price Prediction

Looking at the current price activity I think we should expect a brief bearish period to swing the asset’s price down to the 35,500 Sats support, before it returns to 0.382 fib level above during the next wave of bullish support.

Our first price target will be here at 38,000 Sats, once the price action returns to the uptrending resistance line. This will deliver a 7.04% ROI from the 35,500 Sats level.

From there, we should expect a continuation to carry STEEM towards the next key resistance area at 39,000 Sats before expecting a correction. This would return a 9.86% gain from the 35,500 Sats level.

Depending on market sentiment at this stage, we could expect to see STEEM continue sideways along the new support at 0.382 fib level, until support can rally again for a second push.

A top price target for STEEM over the coming weeks will be a retracement to the 0.236 fib level at 40,000 Sats. This would give us an overall return on investment of 12.68% from the 35,500 Sats level.

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