Why is SBD's price up today?

in #crypto • 3 days ago

Steem Dollars (SBD) rose 2.62% in 24 hours, driven by technical momentum and moderate liquidity inflows amid broader altcoin market strength.

  • Bullish technicals: Overbought RSI (75.73) and positive MACD signal short-term momentum.
  • Volume surge: 24h trading volume spiked 32.4% to $1.56M, suggesting accumulation.
  • Altcoin rotation: Altcoin Season Index rose 62.5% weekly, favoring smaller caps like SBD.

Technical context

SBD’s price ($0.994) trades above its 7-day SMA ($0.92) and 30-day SMA ($0.81), confirming a bullish near-term trend. The RSI-7 at 75.73 signals overbought conditions, typically a warning sign, but the MACD histogram (+0.0164) shows accelerating upward momentum.

Key Fibonacci retracement levels suggest resistance near $1.07 (127.2% extension) and support at $0.917 (23.6% retracement). The 16.14% 7-day gain aligns with rising volume, indicating conviction behind the move.

Market dynamics

While Bitcoin dominance remains elevated at 60.15%, the Altcoin Season Index has surged 246% monthly to 52, reflecting capital rotation into smaller assets. SBD’s 37% 30-day gain outpaces the total crypto market’s 25.5% rise, suggesting coin-specific interest.

The Fear & Greed Index at 67 (“Greed”) supports risk-on behavior, though SBD’s $9.7M market cap and 0.16 turnover ratio highlight its thin liquidity – a double-edged sword for volatility.

SBD’s rally appears fueled by technical momentum and altcoin market tailwinds, though its stability mechanism (pegged to USD) shows slight divergence at $0.994. Should traders monitor the $1.07 resistance level for breakout potential or profit-taking signals?

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Steem to the Moon🚀!

#steem #steemdollars #sbd #blog #bull #bitcoin #btc
3 days ago in #crypto by
$22.31
  • Pending payout amount: $22.31
  • Breakdown:
        0.00 SBD,
        76.40 STEEM,
        76.40 SP
  • Payout in 4 days
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