• 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

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin ready for bullish continuation as crypto bull cycle pauses

The cryptocurrency market has taken a hiatus after a gruesome week of overbearing declines. Bitcoin failed to break the resistance at $52,000 but headed south, resting the support at $45,000.

More Bitcoin News

XLM on the brink of a 45% collapse, shows technicals

Stellar price already had a significant 50% sell-off from its top of $0.60 but the bears could be eying up even more. There is a lot of downside potential for XLM as several indicators show it could be poised for another leg up.

More Stellar Lumens News

LTC whales go into a buying spree, eying up $260

Litecoin price remains bounded inside an ascending parallel channel on the 12-hour chart after a significant sell-off from $247 down to $157. It seems that LTC whales have taken advantage of the recent dip to buy even more.

More Litecoin News

DEXTF Protocol launches incentivization program on SushiSwap offering 376% APY

DeFi users will be able to generate massive returns as the SushiSwap Onsen protocol is about to offer a new incentivization program developed by DEXTF Protocol. 

More Sushi News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast