STEEM’s selloff looks more like a trap than a trend change.
$STEEM is at $0.0539, down 2.71% today and nearly 3.9% over the last 4h. Ugly on the surface.
But the tape is quiet. Only $1.37M traded, volume is sitting at 0.5x its 20-day average, and price is still above the 20d and 50d moving averages. That is not full-blown distribution. That is weak conviction. 👀
RSI at 46 says sellers have not even built real momentum yet. Meanwhile, futures funding is -0.078%. Shorts are paying to stay crowded.
STEEM is not moving like $BNB . Good. It does not need the same setup to outperform.
At $0.050, I’d want to see buyers defend the round number before adding exposure. Until then, this dip is noise with shorts leaning too hard. ⚡
#STEEM #Crypto #Web3
$STEEM is at $0.0539, down 2.71% today and nearly 3.9% over the last 4h. Ugly on the surface.
But the tape is quiet. Only $1.37M traded, volume is sitting at 0.5x its 20-day average, and price is still above the 20d and 50d moving averages. That is not full-blown distribution. That is weak conviction. 👀
RSI at 46 says sellers have not even built real momentum yet. Meanwhile, futures funding is -0.078%. Shorts are paying to stay crowded.
STEEM is not moving like $BNB . Good. It does not need the same setup to outperform.
At $0.050, I’d want to see buyers defend the round number before adding exposure. Until then, this dip is noise with shorts leaning too hard. ⚡
#STEEM #Crypto #Web3