$STEEM

/USDT Technical Analysis

The STEEM/USDT pair has seen some interesting price action over the last 24 hours. After hitting a 24h high of 0.3260 USDT, the price has retraced to 0.2534, marking a 24h low of 0.2517 USDT. This represents a -16.31% movement from the peak.

Key Levels to Watch

Resistance: 0.2600 USDT – A strong resistance zone where price has failed to break higher recently.

Support: 0.2400 USDT – A crucial support level, with potential for a bounce if the price continues its downward trend.

Current Market Sentiment

The 1-hour chart shows a slight downtrend (-0.35%) as the price remains below the 0.2600 resistance. A break above this level could signal a reversal toward the 0.3000 range, but the market needs momentum to confirm the shift.

Volume Insights

With 111.95 million STEEM traded in the past 24 hours and a 32.53 million USDT volume, there’s significant trading activity, although the current trend shows a decrease in buying pressure in the short-term.

Outlook

Short-Term: Potential consolidation within the 0.2400–0.2600 range. Watch for any breakout above 0.2600 or breakdown below 0.2400 for clearer direction.

Long-Term: The overall trend could still be bullish, but further confirmation is needed to establish a stronger uptrend.

This post provides an analysis of the current STEEM/USDT market conditions and gives traders key levels to monitor. Let me know if you'd like any adjustments or if you need a post on another pair!