In this Steem technical analysis, we will examine the current price action, trading volume, key levels and indicators for STEEM-USDT. Steem is a blockchain-based social media platform that rewards users with cryptocurrency for creating and curating content. The Steem blockchain utilizes a proof-of-stake consensus algorithm, which allows for faster transaction processing times and greater security compared to traditional proof-of-work algorithms. With a strong focus on community engagement and user-generated content, Steem has established itself as a unique player in the rapidly evolving digital media landscape.
Steem Price Overview:
As of May 08, 2024, Steem is trading at approximately 0.2797 USDT. Let’s dive into the detailed price action for STEEM-USDT:
| Metric | Value |
|---|---|
| Open (O) | 0.2772 |
| High (H) | 0.2827 |
| Low (L) | 0.2731 |
| Close (C) | 0.2797 |
| Volume (C) | 4,215,488.10 |
- Open (O): The opening price for today’s trading session was approximately 0.2772 USDT.
- High (H): Steem reached a daily high of around 0.2827 USDT.
- Low (L): The daily low for STEEM-USDT was approximately 0.2731 USDT.
- Close (C): At the time of analysis, Steem is trading near its daily close of 0.2797 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | 0.79% |
| 3D Change (%) | -4.02% |
| 7D Change (%) | -8.71% |
| 30D Change (%) | -16.33% |
| 90D Change (%) | 28.72% |
| YTD Change (%) | 9.30% |
Over the past three days, STEEMUSDT has fallen by approximately -4.02%, showcasing increased market volatility. Throughout the last week, it continued to decrease, with a loss of around -8.71%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with STEEMUSDT maintaining a downward trend of approximately -16.33%, despite intermittent fluctuations. Examining the last 90 days, STEEMUSDT has witnessed substantial increase of approximately 28.72%, reflecting strong long-term confidence. Year-to-date, STEEMUSDT has steadily increased by around 9.30%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
Steem Live Chart:
You can access a live price chart for STEEM-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.7313.
- Momentum score is 0.13977.
STEEM USDT Technical Analysis
Steem Trading Volume:
The trading volume for Steem (STEEM) over the past 24 hours has been insignificant, with approximately 4,215,488.10 USDT traded against STEEM. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): STEEM is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): Steem is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for STEEM-USDT is currently in the neutral zone, around 48.51327. This suggests that Steem is in range-bound territory.
Analysis from TradingView:
Our Key Takeaways:
Steem (STEEM-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the neutral RSI and insignificant trading volume are neutral signals for potential sideways movement.
Steem (STEEMUSDT) faces challenges, trading at 2.80e-01 USDT, as technical analysis signals weakened support and cautionary indicators.
Take the next step in your exploration by delving into our detailed insights on STEEM BTC Steem Technical Analysis; it’s a natural follow-up if you enjoyed this post.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.