$STEEM STEEM/USDT Market Analysis: Potential for Sharp Correction Ahead"
The STEEM/USDT price is currently showing signs of exhaustion after experiencing a significant increase of 22.04% in the last 24 hours. However, this rapid increase has actually given rise to the potential for a sharp correction due to the following technical reasons:
1. RSI Approaching Overbought
The RSI (Relative Strength Index) indicator is at 65.54, approaching the overbought level above 70. This indicates that the market is overbought, and usually, conditions like this trigger profit-taking by large traders.
2. Bullish Momentum Begins to Weaken
The MACD indicator shows that the upward momentum is starting to weaken. The positive histogram is still visible, but the MACD and Signal lines are approaching the intersection point. If a bearish crossover occurs, it could be an early confirmation of a significant downtrend.
3. Resistance Levels That Are Difficult to Penetrate
The price had touched the level $0.3200 but failed to hold above it. Selling pressure is clearly visible from the candle with a long wick above, indicating that many large traders are selling their assets at this level.
4. Potential Correction to Strong Support
The nearest support area is in the range of $0.2682 - $0.2442. If selling pressure continues, the price is likely to fall and test this level. A deeper decline could even occur if there are no significant buyers in the support area.
Conclusion: STEEM/USDT Market Vulnerable to Landslide
Looking at current market conditions, the potential for correction is increasing because:
Overbought RSI: Overbought and profit-taking.
Weak MACD: Momentum is starting to decrease.
Selling pressure at resistance: Failure to break through the $0.3200 level is a bearish signal.
Farmer's advice
The STEEM/USDT Market is on the Edge of a Cliff! Will Everything Be Destroyed?"
"After an incredible 22% increase, STEEM/ before the price collapses to the $0.2442 level or even lower! Don't be the last victim who buys at the peak only to cry when prices fall!
