In recent 24 hours, the token jumped 157 percent and reached the intraday peak at $0.4416, the highest level since April 2019. STEEM is changing hands at $0.3037 at the time of writing and the upside momentum is still high. The coin ranks 40th in the global crypto-currency ranking with an estimated value of $118M market cap and the coin’s average daily trading volume approaching $137M. Justin Sun of TRON may soon regret his decision to buy Steemit, as members of its community are already preparing a hard fork to build a new blockchain beyond Justin’s influence. The coin is vulnerable to sell-off once the fork is completed while the update takes place at 10 a.m on Friday 20 March as reported on Steem’s front end application website, Steempeak.
*Anticipated hard fork propel STEEM to new highs at $0.4416
*The coin is vulnerable to bears after the end of the fork
*TRON CEO Justin Sun may face acquisition challenges
Resistance Levels: $0.55, $0.50, $0.44
Support Levels: $0.20, $0.15, $0.10
STEEM/USD Daily Chart: Ranging
In technical terms, STEEM is now massively overbought. The anticipated hard fork is the trigger for the bullish run that led STEEM to rebound at its peak from the crypto-bloodbath of the last few weeks, the token spiked by nearly 157 percent from the prior day, rising from $0.11 to $0.44 levels within 24hrs, overcoming the plunge faced by other crypto markets and stock exchanges altogether.
Once the correction begins, the price may retest the level at $0.30 (the daily 50 MA upper horizontal line zone) and possibly recede to the level at $0.15 level (daily 200 MA).
STEEM/USD 4-Hours Chart: Bullish
STEEM has a bumpy short-term trend, with the crypto-asset now trading past the 50-and 200-period moving average of the STEEM/USD pair over the four-hour time frame. The four-hour time frame suggests that a bullish over-sold formation is structured on the RSI and can induce pressure from technical selling, with higher lows and lower highs making the price bearish.
Traders should note that the token may be influenced by the March 20th hard fork as the coin is vulnerable to bears once the fork is over with more swing-lows as the probable bearish target near the bottom pattern around the $0.20-$0.10 range.
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