Steem Price Analysis | 27 December, 2024

STEEM/USDT chart presents an interesting move of the price, as the asset keeps on consolidating within the evident pattern. With some time, the price started to move within the narrowing ranges, which forms a kind of triangle. This kind of behavior usually signals that the market is in indecision, and neither buyers nor sellers are able to move it strongly in one direction with the help of a large trigger.

The lower boundary is an area of support, as at that level the buyers come out and take the buying interest with a vengeance. At the resistance level, that's created by the top of this triangle, there is downward pressure sufficient to dampen, but not squash, a price increase. Over some time, it would progress with these two bounds constantly closing together-meaning reducing volatility, increased pressure in building for an ultimate or decisive breakout.

It currently trades at the middle of this triangle, with some signs of stable movement. The interaction of different MAs on the chart suggests some tug-of-war between the bullish and bearish sides. While the buyers seem to be stepping in to hold the price above key levels, the sellers are active enough to forestall any significant upward surge for the time being.

The most interesting things concerning this chart are times to come. The triangle usually goes up to a breakout where either the price sharply goes up or falls backward. Such moves can make new trends and opportunities for traders and investors.

The market volume is at a moderate level, but it is an important part of these dynamics. Any spike in trading activity in the coming weeks could be a signal that the breakout is near. For now, the chart paints a picture of patience, with participants waiting for the right moment to act.

This consolidation phase could also be viewed as an accumulation period for the long-term investors. Be it an upside rally or a downside correction, one thing is sure: STEEM/USDT is preparing for its next move. The coming weeks are more likely to bring clarity to its future trajectory.