STEEM Cryptocurrency Price Skyrockets Above $2.00

Steem, which is one of the most popular blockchain-based rewards platform for publishers gained traction recently. Its coin price rose more than 50% and traded above $2.20.

In January 2018, the price is Steem token traded above the $7.00 level (as per coinmarketcap). Later, a major downside move initiated in the cryptocurrency market, which dragged its price down.

Almost all cryptocurrencies faced a lot of selling pressure during the past three months, including bitcoin, Ethereum, ripple, litecoin, EOS, Neo, Request Network and others. Steem price also declined and it traded below the $5.00 and $3.00 support levels.

Later, a support base was formed around the $1.40 level. The price started an upside move and traded above the $1.50 resistance level. It seems like there was a decent pump initiated from the $1.50 swing low.

As a result, there was a sharp rise above a major bearish trend line on the 4-hours chart of STEEM/USDT (data feed via bittrex) at $1.65. Buyers succeeded in pushing the price above the 100 and 150 simple moving averages on the same chart.

Finally, there was a spike above the $2.00 level and the price registered gains of more than 50%. It even traded above the $2.50 level and a high was formed at $2.675.

Steem Price Prediction – Can it Rise Further?

The recent upside break above the $2.00 level was positive and it seems like the price is stable above $2.00. If the price corrects lower from the current levels, it may find support near the $2.00 level.

The mentioned $2.00 level is also the 50% Fib retracement level of the last wave from the $1.31 low to $2.65 high. Below $2.00, the price may find bids near the 100 SMA and the 61.8% Fib retracement level of the last wave from the $1.31 low to $2.65 high.

The overall price structure is positive for steem token and its price may continue to rise as long as it is above the $2.00 and $1.80 levels.