If any altcoin is silently making its way up and fitting well to the fundamental as well as technical analysis, then undoubtedly it is STEEM. It is firmly trading north and it's not a kind of pump & dump coin. It was considerably cold for a long time, testing the patience of investors and finally getting hot day by day and as a result suddenly steem users stop powering down their SP, steem users getting active for most of time these days and it has been the talk of the crypto town especially the altcoin segment.
Technical Analysis
In last one month or so, STEEM has already appreciated 8X and it is not yet done, however some people scaled a part of their investment at 59K satoshi and currently steem is trading at 41K satoshi. But when we talk about cryptos then it is better to analyse the price in terms of BTC not fiat cash. So if we look at the weekly chart then we can find that the all time high is 700K satoshi and from the weekly chart there is sign of double bottom and also in the daily chart we are already out of the bearish trend and now we are in the uptrend and we have valid parameters to claim this argument.
White - 55SMA
Yellow - 100 SMA
Green - 200SMA
The 55SMA and 100SMA in the daily chart has already crossed which is a bullish signal, 200 SMA is yet to cross but on the verge of crossing, thereby making a crossover confluence of all these three moving averages 55SMA, 100SMA and 200SMA, which is enough to assume that STEEM is in bull trend. Now coming to RSI(Relative Strength Index), if you look at the chart then RSI reading is currently around 59 and the trend of RSI is still in rising trend which I have marked in the chart, which is another strong signal for a bull run. Similarly stochistics is also favouring for additional gain in the chart.
In the weekly chart if we plot the fibonacci retracement, then we can see the various levels as shown in the chart and the first fibonacci retracement( which is 23.6%)level is 165K satoshi and as per my analysis this should be first target in the daily chart and this should also be the first major resistance for steem in daily chart.
So now from the bottom level which is 10K satoshi to the estimated first resistance which is 165K satoshi, if we plot the Elliott wave 1-2-3-4-5, then the chart should look like this. In this chart I have considered the first wave "1" completed at 59K satoshi and the wave "2" is in play and about to complete and then wave "3" is estimated at 120K satoshi, wave "4" is estimated at 80K and finally wave "5" is estimated to be completed at 165K satoshi which is also the 23.6% fibonacci retracement zone of weekly chart. All these waves are considered to be above the projected uptrend zone as shown in the chart.
Fundamental Analysis
While Technical Analysis is helpful in analysing the chart and the price action. But without fundamental analysis, no chart can be technically viable, so fundamental factor is something which is the core strength of a particular currency and let me tell you that in the crypto arena steem is one of the cryptocurrency which has very very strong fundamental base.
Let's have a look at the following most important factors which is contributing to the strong fundamental aspect of STEEM.
Sooner or later all these positive vibes will be factored upon the price action of STEEM and I personally believe that the projected 5th wave as shown in the chart earlier will be impulsive one which will bring 165K satoshi for STEEM, and in that sense, if you buy now which is at 41K satoshi, STEEM can still give 4X return from here on.
Disclaimer
The above analysis is purely on my own observation and understanding on STEEM and this should not be taken as an investment advice and if at all one wish to invest, should make his/her own assessment and capital risk management.
