STEEM has experienced a 9.5% price hike over the past 24 hours of trading after the announcement of the addition of the STEEM cryptocurrency onto the Huobi cryptocurrency exchange. Huobi, a Singapore based cryptocurrency exchange with offices in Hong Kong, Japan and the US, was founded in 2013 and is one of the top 20 exchanges by trading volume.



STEEM is now up by a total of 30% over the past 30 days as it trades around a price of $0.3856, at the time of writing.

Where Is STEEM ranked?

STEEM is ranked 45th position as it holds a $118 million market cap valuation. The 34 month old project is trading at a value that is 94% lower than its all time high price.



Let us start by analysing price action for STEEM/USD over the long term and analyse market behaviour.

STEEM Price Analysis

STEEM/USD

STEEM/USD – LONG TERM – DAILY CHART

https://www.tradingview.com/x/yA29qnv0/

Analysing the STEEM/USD long term daily chart above, we can see that STEEM had ended 2018 on a harsh note. The cryptocurrency had fallen by a total of 75% from the November 2018 high to the December 2018 low.

STEEM had found support at a downside 1.272 Fibonacci Extension level (drawn in blue) at $0.2176 before the downtrend reversed. After reaching this level of support we can see that the market has started its long road to recovery.

STEEM/USD had surged during January 2019 into resistance at a bearish .382 Fibonacci Retracement level (drawn in red) at $0.4456. The bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.



Let us take a closer look at STEEM/USD over the recent period and highlight some areas of support and resistance.



STEEM/USD – MEDIUM TERM – DAILY CHART

https://www.tradingview.com/x/vQoLj4FY/

What has happened recently?

Taking a closer look at the market over the recent period above, we can see that after STEEM/USD had reached resistance at the $0.4456 level, the market had rolled over and had fallen into support at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.2663.

The market had held at this support during February 2019 and then proceeded to rise. Over the course of the month, STEEM has risen by a total of 44% to where it is currently trading.

The market is currently approaching resistance at the 1.272 Fibonacci Extension level (drawn in purple) priced at $0.3912.

What is the current short term trend?

The short term trend is currently bullish after the addition of STEEM to Huobi. If price breaks below $0.30 we can consider the market bearish.

Where are we likely to from here?

If the buyers can continue to tackle the resistance at the $0.3912 level and break above $0.40 we can then expect immediate higher resistance to be located at the 1.414 Fibonacci Extension level (drawn in purple) priced at $0.4109.

Resistance above lies at the bearish .382 Fibonacci Retracement level (drawn in red) at $0.4456. If the bulls can continue to break above the $0.50 handle more resistance is then expected at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $0.5188.

What if the bears regain control?

Alternatively, if the sellers regroup and start to push STEEM/USD below the support at the $0.36 level, we can expect immediate support beneath to be located at the .5 and .618 Fibonacci Retracement levels (drawn in green) priced at $0.3349 and $0.3066.

If the bearish momentum continues to drive the market beneath the $0.30 level, more support is then expected at the short term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $0.2663 and $0.2424, respectively.



What are the technical indicators showing?

The RSI is currently above the 50 handle which indicates that the bulls are in control of the market momentum.

Price action will have resistance at the 100 day moving handle to overcome in the coming days as it currently hovers at $0.3980,

