Steem Initiates Recovery After Facing Steep Fall Yesterday

Steem (STEEM) hasn’t been a high pace cryptocurrency. Since the beginning of the ongoing year, the currency was trading moderately. After a sudden spike in March at 0.000045 BTC, the currency corrected down 0.000023 BTC. The movement remained the same since then.

Here, when we have drawn a quarterly chart, there have been few indications of improvement indicated.

Steem Price Analysis

Steem is exhibiting a bearish movement at the beginning of the quarter. The later part seems flattish. Starting from May 2020, the coin is at 0.00002183 BTC. The first few days saw a minor plunge that took the STEEM price to as low as 0.00001913 BTC.

Later, the currency marked a decent hike and touched 0.00003153 BTC and reshuffled the quarterly high. However, the selling pressure brought the Steem price back to 0.00002362 BTC. Since the last month, the movement of the coin remained stagnant. In July 2020, the coin remained sluggish around 0.000022 BTC till July 23, 2020. Later, the currency faced moderate bearish pressure as it started trading downwards, and yesterday the Steem price fell to 0.000017 BTC. However, STEEM managed to recover slightly overnight, and at the press time, it was trading around 0.000019 BTC. As per the recent recovery, Steem is trading with the strong support of SMA 50 & 20 at 0.00001902 BTC and 0.00001903 BTC, respectively. The escalation is likely to push the coin above its immediate resistance 0.0000235 BTC soon.

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