Few days back the price of steem ran up against resistance at the 40 cent area and what followed was a reversal candle leading to the worry that we were readying to sell off back into the range.
However, steem is in there fighting like a champ at the moment. It tried to selloff yesterday before rallying into the close. Now we are seeing a little red and I’m left wondering can the buyers continue to hold steady?
If so it will bode well for overall price action as shallow pullbacks on decreased volume is a bullish theme.
Looking at price in the chart you can see how it is flirting with resistance. As I’ve stated in past posts, we need to establish above 45 cents to make any kind of run higher.
Sixty cents is the next consolidation level. Though the 200 day moving average does float in the low fifty cent area and is something that can always come into play.
Either way, let’s root for a push above resistance as I’d prefer not to see us trade back down into the range.
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