It was a great boost of morale to see the price of steem rise in recent weeks, but what has been even better is the way price weathered the storm of the crypto market selloff last week.
Maintains the Higher Range!
As you can see looking at the chart above after steem broke above the $2.60 area it made a run at $4.33 (the open/closing all time highs) only to get rejected and then test the $2.60 area as a support level several times.
After spiking through the level on intraday basis on four straight days while the entire market sold off - Steem was able to maintain the level and close above it.
That level is now a defined support and is the bottom of the trading range with the upside still being the $4.33 area.
Summary
Upside target is $4.33 area. When Steem can establish above there then we are looking at a run at the all time intraday highs around $5.
Down side is the $2.60 level. That needs to be maintained so we do not breakdown into the prior range of $1.65 to $2.60.
Let's go Steem!
Learn to Invest Like The Cat
Best Regards,
Disclaimer: All content in this post is my opinion and for educational purposes.