• Steem has lost part of its gains in recent 24 hours, but it is still above critical support.
  • The sell-off may continue towards the next barrier created by SMA50 daily.

Steem community will activate a hardfork and move the whole ecosystem to HIVE blockchain in less than seven hours. The fork is scheduled at 10:00 EST, March 20, and it will result in separation from the development fund Steemit controlled by Justin Sun, who allegedly tried to seize control over the ecosystem. 

Read more: STEEM is at pump phase ahead of the hard fork; the token gains over 183%

STEEM token experienced a strong growth ahead of the event as two major exchanges announced that they would support the fork and the airdrop for STEEM owners. The price went as high as $0.5264 amid a massive pump. However, a pump stage is often followed by a dump that erases a big chunk of the gains. That's what happened to STEEM. At the time of writing the coin is changing hands at $0.2970. The coin has lost over 22% in recent 24 hours; however, it is still below the lower line of the daily Bollinger Band, which means that the downside correction may not be over just yet. 

STEEM/USD: Technical picture

The price may retreat to the intraday low currently at $0.2950. This local support is deemed to slow down the sell-off, but once it is cleared, a major barrier of $0.2000 will come into focus. This support is reinforced by SMA50 daily. Once it is broken, $0.1700 with SMA10 daily on approach will come into focus.

On the upside, a sustainable move above $0.3000 is needed to get the upside trend back on track. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.3172, which is the highest level of the day. 

STEEM/USD daily chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: Saturday’s closing below $9700 unnerves BTC bulls

Having failed several attempts to hold the upside above the 9700-mark, Bitcoin (BTC/USD) is consolidating in familiar ranges around 9650 amid quiet trading so far this Sunday. Range play to extend as long as it remains trapped between two key HMAs.

More Bitcoin News

XRP/USD: Path of least resistance appears to the downside

XRP/USD is struggling to extend its recovery beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up.

More Ripple News

BCH/USD: Bulls eye $280 amid falling wedge breakout

Bitcoin Cash (BCH/USD) is consolidating the latest uptick to a daily high of 257.50, having recovered losses following a dip to 253.47. The No. 5 coin has charted a bullish breakout on the hourly chart. The bulls look to extend the upside break to $280.   

More Bitcoin Cash News

Crypto Market Update: Ethereum outperforms its main rivals on the road to recovery

Crypto bulls are trying hard to extend the recovery on Saturday. Ethereum outperforms Bitcoin and Ripple, looking to settle the week with 4.50% gains. The top 2 widely traded coins are poised for additional upside.  

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast

BTC

ETH

XRP