📈 $STEEM /USDT Technical Analysis: Bulls Eyeing a Breakout?
The $STEEM /USDT pair is showing signs of local recovery after a period of significant consolidation. While the long-term trend has been under pressure, the short-term 15-minute and 1-hour charts suggest a potential shift in momentum.
🔍 Key Market Data:
Current Price: $0.07094 (₨19.90)
24h Change: +2.00%
24h High/Low: $0.07177 / $0.06937
24h Volume: 11.57M STEEM
🛡️ Support and Resistance Levels:
Immediate Resistance: $0.07177. This is the 24h high and a critical level to clear for a sustained bullish move.
Key Support: $0.06991. Recent price action shows a strong bounce from this level, establishing it as a "must-hold" zone for bulls.
Secondary Support: $0.06937.
📊 Technical Outlook:
V-Shape Recovery: After hitting a recent low of $0.06991, price action has formed a steady upward trajectory.
Short-term Momentum: The 15m chart shows the price currently stabilizing around the $0.07085 mark. If the price can maintain a position above the AVL (Average Level), we may see a retest of the $0.0720 range.
Long-term Context: Despite today’s green candles, the asset remains down -73.89% on the yearly timeframe. This suggests that current moves are likely corrective or part of a bottom-building phase.
💡 Trader’s Note:
Watch for a high-volume breakout above $0.07180. A successful flip of this resistance into support could open the doors for a target of $0.0740. Conversely, failing to hold $0.0700 could lead to further downside exploration.
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