Latest Steem (STEEM) Price Analysis

Deep Dive

1. Profit-Taking After Sharp Rally

Overview: Steem surged 25% to $0.0655 on February 18, as highlighted in a news update listing potential altcoins ahead of FOMC minutes. The subsequent 17% drop signals a classic "pump and dump" pattern, where early buyers took profits.

What it means: The rally lacked sustainable buying pressure, making it vulnerable to a swift reversal.

Watch for: Whether volume dries up, indicating selling exhaustion.

2. Broader Market Weakness

Overview: The total crypto market cap fell 1.12%, with Bitcoin down 1.11%. Steem's severe underperformance (down ~16x more than BTC) suggests its drop was amplified by the risk-off tone, but not caused by it.

What it means: General market fear provided a backdrop for the sell-off but wasn't the main driver.

3. Near-term Market Outlook

Overview: The key trigger is whether the post-FOMC sentiment stabilizes. Technically, Steem is below its pivot point ($0.0589) and 7-day SMA ($0.0532), showing weakness. If it holds above the $0.052 support, a period of consolidation between $0.052–$0.058 is likely. A break below $0.052 could see a test of the next support near $0.048.

What it means: The trend is bearish in the very short term, needing a reclaim of $0.0589 to shift momentum.

Watch for: Bitcoin holding above $67,000 to provide a floor for altcoins.

Conclusion

Market Outlook: Bearish Pressure The combination of profit-taking and weak market structure points to continued selling pressure unless key support holds. Key watch: Can Steem defend the $0.052 level on a daily close, or will it follow through to lower supports?