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 July 08, 2024, Steem is trading at approximately 0.1743 USDT. Let’s dive into the detailed price action for STEEM-USDT:
| Metric | Value |
|---|---|
| Open (O) | 0.1695 |
| High (H) | 0.1787 |
| Low (L) | 0.1624 |
| Close (C) | 0.1743 |
| Volume (C) | 16,173,323.30 |
- Open (O): The opening price for today’s trading session was approximately 0.1695 USDT.
- High (H): Steem reached a daily high of around 0.1787 USDT.
- Low (L): The daily low for STEEM-USDT was approximately 0.1624 USDT.
- Close (C): At the time of analysis, Steem is trading near its daily close of 0.1743 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | 2.89% |
| 3D Change (%) | 2.59% |
| 7D Change (%) | -10.57% |
| 30D Change (%) | -26.02% |
| 90D Change (%) | -46.25% |
| YTD Change (%) | -31.89% |
Over the past three days, STEEMUSDT has experienced a notable surge of approximately 2.59%, indicating increased market volatility. In contrast, its performance over the last week has been marked by a decline of around -10.57%, suggesting a decrease in investor interest. A 30-day analysis provides a more comprehensive view, revealing a downward trend of approximately -26.02%. Looking further back at the last 90 days, STEEMUSDT has witnessed a substantial drop of around -46.25%, reflecting a significant loss in long-term confidence. Year-to-date, STEEMUSDT has steadily decreased by approximately -31.89%.
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 0.62869.
- Momentum score is -0.10661.
STEEM USDT Technical Analysis
Steem Trading Volume:
The trading volume for Steem (STEEM) over the past 24 hours has been significant, with approximately 16,173,323.30 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 low zone, around 38.48466. This suggests that Steem is in bearish territory.
Analysis from TradingView:
Our Key Takeaways: Steem (STEEM-USD) is currently experiencing short-term bearish momentum, with key support and resistance levels drawing attention from traders and investors. As they navigate the market, it’s crucial to keep a close eye on the USDT monthly resistance level and the USDT support level for potential trading opportunities. Furthermore, the low RSI reading and significant trading volume are warning signs indicating a possible downward trend.
(Note: I corrected the inconsistencies in each sentence, excluded any instructions referring to this prompt, and kept the HTML tags.)
Anticipate potential setbacks for Steem (STEEMUSDT) at 1.74e-01 USDT through bearish technical analysis, emphasizing weakened support and cautionary indicators.
Discover even more by checking out our comprehensive analysis on STEEM BTC Steem Technical Analysis — a perfect 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.