Steem Price Analysis – STEEM/USD
The 50th largest cryptocurrency having its current market cap stands at the level of $95,044,092 on December 05, 03:52 UTC has perforated in value which can be analyzed from the graph above. The current value is declined by 63.6% compared to the level of November 07. However, both moving averages have turned down, which is a negative sign and represent “downtrend.” Amid this, the 14-day RSI has hit deeply oversold levels, which suggests that selling has been overdone and a pullback is likely. Let us not forget that the falling 20-day EMA and the RSI in the oversold territory show that the bears have the upper hand. The STEEM/USD pair remains in a bearish trend for some time as the strong bearish pressure has successfully dropped the current value by making it the lowest low of the day before exhaustion set in. The 20-day EMA is slopping down, and the RSI is in the oversold territory, which shows that the balance is tilted in favor of sellers.
If we analyze the entire scenario since June this year, the STEEM remained range bound from September 18 to September 24 this year as the cryptocurrency rallied from a low of $0.679 to a high of $1.0119, which is a 49 percent return within six days.
Also note that after the STEEM stayed in the range of $0.79-$0.91 for October to mid-November, almost 45 days, and from November 09, the bears broke below it. However, if the bulls succeed in rising and sustaining above $0.44, the uptrend may likely. Based on the current scenario, the next support level can be estimated at $0.32.