Steem ($STEEM )
within the next 24 hours from the current price of $0.074 (a sharp surge of about 59% in the last 24 hours) is projected to experience extremely volatile conditions, with a tendency toward technical correction due to profit-taking.
Technically, on a daily basis, the $0.074 - $0.076 area is the new crucial resistance zone after this sudden spike. If buying pressure cools off, the price is highly prone to slide back into the nearest strong support zone in the $0.060 - $0.065 range. Conversely, if this pump momentum holds, the next upside target lies at the psychological level of $0.085.
Factors Behind the Sudden Price Surge
Daily Trading Volume Spike (Pump & Liquidity): STEEM’s trading volume suddenly skyrocketed to more than $85 million USD. For a coin with a mid-to-lower market capitalization (currently around $41 million USD), a sudden injection of capital from whales automatically boosts the price exponentially in a short time.
Speculative Activity After Delisting of Certain Pairs: After Binance removed the STEEM/USDC trading pair last month, the main liquidity fully concentrated into the STEEM/USDT pair and South Korean exchanges (such as Upbit), which often trigger retail speculative pumps. This sudden rise is purely driven by technical momentum, not by any fundamental updates (network upgrade) within the Steemit ecosystem.
Potential Squeeze & Profit Taking: A fast rise of up to 59% often forces traders holding short positions (selling) to be liquidated (short squeeze). However, within the next 24 hours, the biggest risk is short-term traders starting to sell their coins to realize profits, which could trigger a dump or a sharp correction.
within the next 24 hours from the current price of $0.074 (a sharp surge of about 59% in the last 24 hours) is projected to experience extremely volatile conditions, with a tendency toward technical correction due to profit-taking.
Technically, on a daily basis, the $0.074 - $0.076 area is the new crucial resistance zone after this sudden spike. If buying pressure cools off, the price is highly prone to slide back into the nearest strong support zone in the $0.060 - $0.065 range. Conversely, if this pump momentum holds, the next upside target lies at the psychological level of $0.085.
Factors Behind the Sudden Price Surge
Daily Trading Volume Spike (Pump & Liquidity): STEEM’s trading volume suddenly skyrocketed to more than $85 million USD. For a coin with a mid-to-lower market capitalization (currently around $41 million USD), a sudden injection of capital from whales automatically boosts the price exponentially in a short time.
Speculative Activity After Delisting of Certain Pairs: After Binance removed the STEEM/USDC trading pair last month, the main liquidity fully concentrated into the STEEM/USDT pair and South Korean exchanges (such as Upbit), which often trigger retail speculative pumps. This sudden rise is purely driven by technical momentum, not by any fundamental updates (network upgrade) within the Steemit ecosystem.
Potential Squeeze & Profit Taking: A fast rise of up to 59% often forces traders holding short positions (selling) to be liquidated (short squeeze). However, within the next 24 hours, the biggest risk is short-term traders starting to sell their coins to realize profits, which could trigger a dump or a sharp correction.