I heard many people here on Steemit worring about STEEM price recently, for the simple reason is continuously going down without any signal of trend inversion.
Of course this is true, but a very simple TA would help to really understand what's happening.
I will use Poloniex as it's the bigger STEEM exchange as far as I know (Bittrex has lower volumes for sure).
Here's the chart with 12 hours candles and some indicators I set up for the analysis
Volume and Momentum
You can see on the chart the all time high volume on 29/8 and, after that, the volume remained higher than previous periods, meaning there is not substantial slowing down of transactions.
After this volume peak, also momentum is showing a slight increase, giving the opportunity to the market to gain more volatility and strenght in the future.
Support area
We have support @ 0.00119774 (which is at the very first candle of the chart).
We are approaching the support area (we're currently 8% higher than that).
Everything will happen when this support will be tested, with two possible scenarios.
Bullish scenario
Support is tested and not broken (may be just pierced).
In this scenario, the first possible target would be the 0.00217821 resistance.
Bearish scenario
Support is broken and the price keeps falling down.
We just can't have a clear idea of a possible lower target, in this situation.
Many things may depend on the Fundamental Analysis and users Powering Down.
Conclusions
I would wait a little more before going long, we still need to see the support test next days.
In my personal opinion there will be an uptrend starting soon, for the fundamental reason that the coin is a trusted one and the community behind it is growing and currently healthy.
