Some of the up-and-coming altcoins are finally showing strength today, although the lengthy, and possibly frustrating consolidation period is still “on”, according to the charts, with the small cap coins only regaining what they lost in recent days. That said, today’s price action is encouraging, despite the low trading volumes and the lack of clear break-outs, which suggest that more patience will be needed from short-term traders.
Steem (STEEM)
Steem/BTC, 4-Hour Chart Analysis
Steem could be in for more sideways action as well according to the long-term picture, as it started its current correction just over two weeks ago. The token didn’t slip below 0.00075 during the consolidation, and that level might mark the bottom, although a spike to the 0.00066 level (stop hunting if you will) wouldn’t be a surprise before a sustained move higher. Long-term investors could still add to their position here, with the rising long-term trendline now found at 0.00072.