STEEM Market Analysis & Price Prediction || 16 May, 2024 || Steem Alliance

Assalamu Alaikum friends,
Hope everyone is well and healthy. Steem has been following a down trend for a long time. Due to which the price is constantly decreasing. As a result, the price of Steem is now at 0.2680$ from 0.32$. There is no specific reason for Steem down. Because, along with the dump of Bitcoin, the rest of the altcoins are also dumping. And within this dump, Steem has also dumped. In today's blog I will try to do all the market analysis and price prediction of Steem. Hope you like it. Let's start without delay:-

Currently, Steem is one of the trending coins or tokens. There are many reasons behind this. Among them, Steemit is one of the first blockchain based social media. As a result, the first choice of investors is Steem. And that's why Steem has made its position among the trending coins or tokens.

Due to this position of Steem, it is easy to predict that Steem will perform well in the upcoming bull market. Because, Steem's total marketcap is $125,362,753. Coins with such market capitalization can easily give 10x-15x returns. In this bull season, Steem is staying in the market as hyped. As such it can be said that Steam will pump the market very easily.

In the last 24 hours, Steem's high price was $0.2711 and low price was $0.2548. And the 24-hour total volume was $3,408,318. Which is an increase of about 15.99% compared to the previous day. Steem is an underrated coin. The future of which is very bright and beautiful.

---

---

4 hour Candle

^{ScreenShots From Binance}

In this time frame we can see the Steem down trend continuing downwards in price. Now after being trapped in the lower support, it is trying to pullback and climb up again. Steam has formed a symmetrical triangle pattern on the 4-hour candle. And its breakdown is more likely to be on the upside.

---

---

1 Day Candle

^{ScreenShots From Binance}

Steem also touched its support on the 1-day candle. The previous candles pumped upwards with an upward movement immediately after touching this support. So this time too expect the Steem to pump, as it touches its support and starts moving upwards. There is a great chance that Steem will pump 16% above $0.30 in the next few days.

---

---

1 Week Candle

^{ScreenShots From Binance}

This candle has also formed a rising edge pattern for 1 day. Breakdowns of these rising edge patterns are always upside. And since the closing of the recent candles has pumped again after being at the support line, it is understood that this time will be no exception. However, it will still take 238 days and 34 weekly closes to stabilize the price of Steem above $0.40.

---

---

My Price Prediction

For now, Steem will remain at the pump with a close of $0.30 in the next few days. This kind of Steem pump is very important for steemit users and those who trade on steemit with loss. So hopefully, Steem will meet this target very soon if it goes pattern wise.