STEEM/USD Technical Analysis (Jan 2, 2025)
Timeframe: Daily
STEEM/USD has stayed within an ascending channel since October 2024, indicating a bullish medium-term trend. However, a recent pullback from $0.37 may suggest short-term consolidation.
Major Support and Resistance Levels:
- Resistance: $0.37 remains a significant hurdle, as it rejected further upside in late December.
- Support: Support lies at $0.24, aligning with the lower boundary of the ascending channel.
Volume Analysis: A decline in trading volume during the recent pullback signals weakening bearish momentum, which could attract buyers at key support levels.
RSI: RSI hovers near the neutral zone at 48, reflecting indecision in the market. A bounce above 50 could confirm renewed bullish momentum.
MACD: MACD lines are converging near the zero line, signaling potential volatility. A bullish crossover could drive prices upward.
Potential Targets:
- Upside: Breakout above $0.37 could target $0.42.
- Downside: Failure to hold $0.24 support may lead to $0.20.
Disclaimer:
I analyzed the price chart on TradingView and refined my writing with ChatGPT. This analysis is for informational purposes only and not financial advice. Please conduct your own research before making any trading decisions.