1 STEEM = $0.237 USD -- Is It Time To Buy The Dip?

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(Chart by TradingView)

As of mid-May, the Steem alligator seemed to be sleeping between support at $0.75 and resistance at $1.47. He then moved lower to look for prey until got stuck at support at $0.18 today.

On the other hand, the MACD (Moving Average Convergence and Divergence) oscillator is showing a bearish trend. This indicates that many investors are selling this asset and few are buying it. Hence, if this continues, prices are expected to go down.

However, the Stochastic RSI (Relative Strength Index) oscillator is currently in oversold territory. This means that the market price of this asset is already lower than its real price. Hence, it's expected that more people will buy it, hence prices are expected to rise again.

On the other hand, the chart below shows that the price of Bitcoin has fallen and is still in the bottom. Meanwhile, Bitcoin price fluctuations are usually followed by the prices of other altcoins.

Now, the alligator's mouth is still open downward, and it appears that there is no sign to close yet. Does he continue to descend to look for food?

Let us follow the movements of the Steem alligator.

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Comments 2

This post has received a 50.03 % upvote from @boomerang.

23.06.2021 15:06