STEEM Reaches 3-Month High — Charts Indicate a Looming Resistance Pullback

Last week, STEEM prices peaked at $0.502 USD/STEEM — the highest in the last 3-month window. When charting for these 3 months at hourly intervals, it is observed that STEEM prices have grown by a monumental 93.96% since December 7th, 2018.

The current price is hovering at $0.481 USD/STEEM with a 24-hour boost of above 5%, seeing the coin gain nearly 6 million USD in market capitalization.

In the last 3 months, the resistance line was tested at three separate intervals while the bottom support line was tested 4 times. This could be taken as an indication of the asset’s tentative struggle to maintain a rising pace.

With that said, the current Directional Movement Index (DMI) indicates that all long positions are favored as +DI is above the -DI.

The Average Directional Index (ADX) has peaked to 57.55 in the last few days which is much higher than the 25 points required to positively categorize the market as trending. However, a pullback event since that peak has dragged down the ADX to sub 25 points — indicating the end of the market trend.

The market is currently experiencing a pullback and may reach the lower support level at $0.45, beyond which the market may reject lower values for the time being. If the ADX recovers and maintains its pace, then conservative estimates put the short term long prices in the range of 0.51 – 0.54 USD/STEEM. Once that range is realized, the market may experience a stronger pullback from the resistance line.

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