Steem Price Analysis | 09 January, 2025

The graph is a chart mapping the price actions of the STEEM/USDT trading pair on the Binance platform; the chart's trend is in an analytical status by means of a few important technical indicators and patterns, resistance/support lines, and even a trading zone mapped by area shading.

This chart shows a symmetrical triangle where the upper trend line acts as resistance and the lower one acts as support. The resistance line shows a downtrend, while the support line shows an uptrend, which is an indication of higher lows and lower highs. Such a pattern will show market consolidation and might break out when the price moves beyond either of these two boundaries.

The MA 7, MA 25, and MA 99 are plotted on the chart for dynamic support and resistance levels. This price is, for the time being, trading below its MA 7 and MA 25, standing in the indication of short-run bearish momentum. Upside, the price is still above the MA 99 that may provide a critical level of support.

A big resistance level is lying around the $0.36 area, as price has consistently been rejected. The chart depicts a recent attempt to break upwards of this level, which could not sustain above it and is currently retracing to the support line of the triangle.

The yellow circle highlights a recent candlestick pattern at the resistance level, which may indicate either a reversal or a continuation pattern. The red arrow shows the potential future direction of the breakout, which may be upwards for a bullish trend continuation or downwards for a bearish breakout.

The two projected lines breed the probable future direction of the price, one going upwards, indicating a bullish breakout, and the other going downwards, indicating bearish continuation. The upward projection would require convincingly breaking through the resistance level, while the downward projection would mean breaking below the support line.

In summary, STEEM/USDT continued consolidating inside the symmetrical triangle. A strong breakout can only be described if the price climbs above resistance or descends below support. Traders should, therefore, always be watchful of this counter for a clear break in either direction as trading opportunities present themselves.