The STEEM price is on a bullish spree and has increased by 25 percent over the past two days.
STEEM Price Highlights
- The STEEM price has broken out from its long-term consolidation range.
- There is support at 2200 satoshis.
- There is resistance at 3000 satoshis.
- A golden cross has transpired.
- The price could be trading inside an ascending channel.
Will STEEM continue its upward movement? If yes, what target will it reach? Keep reading below if you are interested in finding out.$STEEM
— AN₿ESSA (@Anbessa100) February 13, 2020
Patience is a good thing you know pic.twitter.com/uke0SVMF0p
Consolidation Range
The STEEM price had been making all-time lows since April 2019. In August, it reached values near 1500 satoshis — eventually settling on the current all-time low of 1340 satoshis, which could not be sustained. The entire period from August to December was combined with a strong bullish divergence in the weekly RSI, which was also in oversold territory. The current weekly bullish engulfing candlestick has caused the RSI to move above the 50-line, confirming the effectiveness of the divergence and causing the price to break out from its consolidation range.

Current Breakout
The daily outlook also provides an extremely bullish picture. The resistance area, from which the price broke out was found at 2200 satoshis, is likely to act as support in the future — while the next resistance area is found at 3000 satoshis. Volume was extremely high on the first breakout attempt on January 18 and relatively high on the actual breakout. A bullish cross between the 50- and 200-day moving averages (MAs) has transpired on January 26 — which, when combined with the breakout, confirms that the STEEM price has begun a bullish trend.

Disclaimer
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