STEEM/USDT Eyes Key Resistance Amid Bullish Momentum
$STEEM
STEEM/USDT is currently trading at $0.1677, experiencing a slight decline of -0.53% over the short term. Despite the minor pullback, the pair continues to show upward momentum as it consolidates near the VWAP level of $0.1674. The 200-period moving average (MA), currently at $0.1683, is acting as a resistance level that the price is struggling to surpass.
The RSI stands at 63.26, indicating that STEEM/USDT is approaching overbought conditions, which may lead to a period of consolidation or a short-term retracement. However, the MACD shows continued bullish momentum, with the MACD line (0.0029) above the signal line (0.0023), reinforcing the possibility of further upward movement.
STEEM/USDT is approaching a critical resistance zone around $0.170. A successful break above this level could open the door for a move toward the next target range of $0.180 to $0.190. On the other hand, failure to break the resistance could lead to a retracement, with support likely to be found around the $0.160 level.
Traders should pay close attention to price action near the $0.170 resistance. A confirmed breakout above this level could signal continued bullish momentum, while failure to clear it may result in short-term consolidation.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research before making any trading decisions.
