Executive Summary
Steem (STEEM) is exhibiting a bearish short-term trend, trading below its key Exponential Moving Averages (EMAs) on the 30-minute chart. While there are signs of potential consolidation and a slight upward movement from its recent lows, the overall sentiment remains cautious due to its year-to-date and 90-day performance. The current RSI is in neutral territory, suggesting a lack of strong momentum in either direction.
Chart Analysis
Overall Trend: The overall trend on the 30-minute chart appears to be bearish. The price has been consolidating after a significant drop and is currently trading below the 20, 50, 100, and 200 EMAs, which are also sloping downwards.
Price Action: The price action shows a period of recovery attempt after hitting lower lows. However, the recent candles suggest some buying pressure, but it's not strong enough to decisively break above the EMAs. There's resistance near the 0.0680-0.0690 levels.
Moving Averages: The EMAs (20, 50, 100, 200) are acting as resistance. The price has been unable to sustainably climb above the shorter-term EMAs (20 and 50), indicating weak upward momentum.
RSI: The Relative Strength Index (RSI) is currently around 59.06, which is in the neutral zone. It has recently recovered from oversold conditions but has not yet entered the bullish territory above 70. This suggests a lack of strong buying pressure.
Volume Analysis: The trading volume for STEEM is moderate. There were spikes in volume during the recent downward move, but the recovery attempts have seen lower trading volumes, which isn't a strong sign of conviction for a potential uptrend.
Fundamental & Market Data Analysis
Market Cap: $35,451,117 (Rank: 517) Price Performance:
- YTD: -74.55%
- Last 90 Days: -51.07%
- Last 60 Days: -30.72%
- Last 7 Days: -9.69%
- Last 24 Hours: -5.27% ATH: $8.57 ATL: $0.0641 Trading Volume: 24h volume is around $8.09 million. Turnover 7d is 0.20717950. Tags: media, communications-social-media, content-creation, web3, binance-ecosystem, binance-listing
Outlook
Short-term outlook: The short-term outlook for Steem is uncertain, with a potential for range-bound trading or a slight upward correction. However, resistance from the EMAs is likely to cap significant upside. A break below the recent lows could lead to further price depreciation.
Long-term outlook: The long-term outlook remains bearish, given the substantial year-to-date and 90-day price drops. The cryptocurrency has a long way to go to recover from its all-time high, and its current market cap and performance data do not indicate strong fundamental growth drivers at this moment.
Strategy
Short-term strategy: Consider a cautious approach. Look for short opportunities if the price fails to break above the immediate resistance levels formed by the EMAs. A break below the current support at $0.0640 could signal further downside.
Long-term strategy: Given the strong bearish trend and poor year-to-date performance, a long-term investment strategy would require significant conviction in a fundamental turnaround or a clear bullish trend reversal on higher timeframes. Currently, it is not advisable for long-term accumulation.
Key Levels to Watch:
- Resistance: $0.0683, 0.0690, 0.0700
- Support: $0.0650, 0.0640, $0.0641 (ATL)