---$STEEM
📊 STEEM/USDT Analysis - Daily Chart (Binance)
Current Price: $0.310180 (-8.14%)
STEEM has shown a notable rejection near its resistance zone ($0.39 area), triggering a downward correction. However, this retracement presents potential opportunities for traders as the price nears significant support levels.
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Key Levels to Watch:
1️⃣ Resistance Zone:
The price faced strong selling pressure near $0.39, a key resistance zone.
Sustained bullish momentum is needed to break this level for further upside potential.
2️⃣ Immediate Support:
$0.228142: A critical support level where buyers could step in, as seen in previous reactions.
If this level fails to hold, we might see a deeper drop toward the low of $0.125920.
3️⃣ Trendline Observation:
A descending trendline from previous highs indicates persistent bearish pressure.
A breakout above this trendline could signal a reversal and attract buyers.
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Market Sentiment & Next Moves:
Bearish Case:
If the price breaks below the $0.228142 support, bears could push STEEM closer to the lower levels near $0.125920, potentially offering a strong buying opportunity for long-term investors.
Bullish Case:
A bounce off the current or immediate support levels could lead to a retest of the resistance zone. If the resistance is broken, the next significant target could lie in the $0.50-$0.60 range.
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Trading Strategy Ideas:
For Long Positions:
Look for bullish signals (e.g., hammer candle, RSI divergence) near $0.228142.
Target the $0.39 resistance zone, with a stop-loss below $0.22.
For Short Positions:
If the price fails to break the $0.39 resistance, consider shorting with a stop-loss above $0.40.
Targets: $0.25 or even the $0.1259 low.
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💡 Conclusion:
STEEM is currently in a decisive phase. Monitoring key levels and market sentiment will be crucial for planning trades. As always, manage your risk effectively and stick to your trading plan!
What are your thoughts? Are you bullish or bearish on STEEM? Let us know in the comments below!
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