Technical Analysis on
$STEEM /USDT
Current Situation:
Price: $0.2189
24h Change: -7.29%
24h High: $0.2444
24h Low: $0.2182
24h Volume (STEEM): 28.23M
24h Volume (USDT): 6.49M
Technical Analysis:
The
$STEEM /USDT pair is currently experiencing a downward trend, with the price having dropped by 7.29% in the last 24 hours. The 24-hour trading volume is relatively high, indicating significant activity in the market.
Chart Interpretation:
The price is currently below the 24-hour high and low, suggesting a bearish sentiment.
The candlestick chart shows a series of red candles, further confirming the downward trend.
The moving averages (not visible in the image) could provide additional insights into the trend direction and potential support/resistance levels.
3 Targets:
Immediate Resistance: $0.2444 (24-hour high)
Strong Support: $0.2182 (24-hour low)
Long-term Resistance: $0.2400 (not visible in the image, likely a previous high)
Trading Strategy:
Conservative Traders: Wait for a clear reversal signal (e.g., a bullish candlestick pattern or a break above the 24-hour high) before considering a long position.
Aggressive Traders: Could attempt to buy the dip at the 24-hour low, but with a strict stop-loss order below the low.
Short-term Traders: Could consider shorting the pair with a target at the 24-hour low and a stop-loss above the 24-hour high.
News and Events: Keep an eye on any news or events that could impact the price of STEEM.
Risk Management: Always use appropriate risk management techniques, such as setting stop-loss orders and diversifying your portfolio.
Remember to monitor the market closely and adjust your trading strategy accordingly.
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