Steem Price Soars 23% in a Week as Analyst Predicts a Strong Rally to $0.44

Highlights:

• Steem price drops 1% to $0.29 due to early profit booking in the market.
• With Steem’s sustained growth, crypto analysts predict a strong rally to $0.44.
• All eyes are on the immediate resistance at $0.31, which, if weakened, might allow buyers to elevate Steem’s price to $0.40. 

Steem price has plummeted 1% to $0.29 due to early profit booking in the market. Despite the slight retracement, its daily trading volume has spiked 150% to $612.68 million, showing heightened market activity. STEEM is now up 23% in a week and 24% in a month. 

Various crypto analysts are optimistic about Steem’s price as it has shown strong momentum today. SH Crypto, a well-known crypto analyst, has said via X that with sustained growth, the next target of $0.44 appears achievable.

#Crypto guys another potential project $STEEM is gaining momentum, establishing strong support at $0.29. With sustained growth, the next target of $0.44 appears achievable. pic.twitter.com/qFlcHTQ59G

— SH CRYPTO (@Sohailshah111) January 8, 2025

Steem Statistical Data

Based on CoinmarketCap data:

• STEEM price now – $0.3023
• Trading volume (24h) – $612.68 million
• Market cap – $145.2 million
• Total supply – 480.48 million
• Circulating supply – 480.48 million
• STEEM ranking – #377

Steem Price Aims for a Bullish Rally

Despite a slight pullback, the Steem price shows strong bullish momentum, breaking above key resistance at $0.3000. Immediate support lies at $0.2950, with potential resistance near $0.31. A sustained breakout above $0.30 could drive the price higher.

Meanwhile, early profit booking seems to have commenced in the market, dwindling the price to $0.29. However, the odds still lean to the upside. Immediate support at $0.25 and $0.19, coinciding with the 50-day and 200-day SMAs, respectively, give the bulls the upper hand. If the key levels stay intact and the bulls gain momentum, a breach and break above $0.31 may initiate a rally in the market. 

The Relative Strength Index (RSI) is consolidating at an equilibrium of 56.28. This position shows that the token is neither oversold nor overbought. However, increased buying pressure may see the token soar to the upside, potentially reaching the 70-overbought zone.

The Moving Average Convergence Divergence (MACD) indicator upholds the bullish picture, with a buy signal in the Steem market. This call to traders to consider buying STEEM manifested with the MACD line in blue, crossing above the orange signal line. As the momentum indicator gradually ascends above the mean line (0.00) into the positive region, the path with the least resistance stays on the upside.

Can Steem Price Rally to $0.40?

The breakout above the 50 SMA and the 200 SMA shows a price action with a bullish trend. Steem price currently hovers at $0.29 amid a glaring retracement unless bulls act fast to protect progress and keep the uptrend intact ahead of a potential return of $0.35. The $0.27 support will act as a cushion against downward pressure in case of a pullback. While the levels between $0.31 and $0.25 remain critical to watch, only a slip below $0.25 would invalidate the bullish thesis.

On the upside, with traders inclined to buy more STEEM tokens reinforced by the MACD indicator, the Steem price may rise. For now, all eyes are on the immediate resistance at $0.31, which might allow buyers to elevate Steem’s price to $0.40 if weakened.