Steemit has lost more than 30% since the end of January. Steem price has breached the 20-Day and 50-Day EMA support line after several attempts indicating that the support is weak. And as can be seen in the chart, the coin is forming a descending triangle which is a bearish continuation pattern. Even, moving average convergence divergence has turned bearish. However, as can be seen in the Steemit technical chart, the price is currently enjoying support from 100-day EMA. If the price breaches the 100-day EMA support line, it could go much lower.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.