$STEEM /USDT Trading Analysis
Timeframe: 1 Hour (1H)
Current Price: $0.2904 (+3.86%)
Volume (24H): 82.07M STEEM
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Technical Analysis:
The STEEM/USDT pair is showing signs of consolidation near the $0.2900 level after a sharp recovery. The price has bounced from its recent low of $0.2377, creating a potential opportunity for both long and short trades depending on the next breakout.
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Trade Recommendations
1. Long Trade (Bullish Scenario)
Entry Zone: $0.2880 – $0.2950
Take-Profit Targets:
Target 1: $0.3100
Target 2: $0.3300
Target 3: $0.3800
Stop Loss: $0.2780
Rationale: A breakout above $0.2950 with increased volume could trigger a rally toward the psychological resistance at $0.3000 and beyond. Watch for strong buying momentum.
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2. Short Trade (Bearish Scenario)
Entry Zone: $0.2850 – $0.2900
Take-Profit Targets:
Target 1: $0.2700
Target 2: $0.2500
Target 3: $0.2300
Stop Loss: $0.3000
Rationale: If the price fails to hold above $0.2900, a rejection could lead to a retest of support levels around $0.2700 or lower. Focus on bearish candles near resistance zones.
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Key Support and Resistance Levels
Immediate Support: $0.2800
Major Support: $0.2377 (recent low)
Immediate Resistance: $0.3000
Major Resistance: $0.3300
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Market Predictions
Bullish Prediction: A sustained breakout above $0.3000 could lead to a move toward $0.3300 and potentially $0.3800 in the medium term.
Bearish Prediction: Failure to hold $0.2900 may result in a deeper pullback, testing $0.2500 or even $0.2300 levels.
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Risk Management Advice
For Long Trades: Secure partial profits at $0.3100 and adjust the stop loss to break even as price progresses.
For Short Trades: Secure partial profits at $0.2700 and monitor momentum closely to avoid a sudden reversal.
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