Steem Dollars (SBD) Price Prediction: Bearish Trend Continues
The price of Steem Dollars (SBD) is currently in a bearish chart pattern, with bears aiming to undo the gains made between October 19 and 23. While SBD has seen significant interest from investors, its recent rally has resulted in a retracement and reduced gains. The trading volume for SBD has increased by over 276%, reaching $263 million.
This increase in trading volume has led to Steem Dollars being among the best gainers recently, with a rise of up to 44% in a single day. However, sellers are now taking profits, resulting in a sharp correction and an inverted V-shaped pattern on the four-hour chart.
The Relative Strength Index (RSI) is pointing downward, indicating market conditions that favor the downside. If the daily candlestick closes below the $3.0 psychological level, it could trigger massive sell orders and push the price towards the $2.5 demand zone. A breach of this level could lead to a further decline to $2.21, representing a 34% decrease from the current price.
Sustained Recovery Depends on Breaking Above $3.5
To achieve a sustained recovery, bulls need to push the SBD price back above $3.5. If successful, the next logical move would be towards the $4.5 supplier zone or even a return to the local high of $5.0. However, profit-booking at this level could cause another downturn.
Steem is a social blockchain platform that rewards users with SBD tokens for sharing content on Steemit.
Alternative: Meme Kombat
Investors looking for alternatives to SBD can consider Meme Kombat, a new gaming platform that allows participants to compete in the arena using meme characters. The project is currently in its second phase of the presale, with over $650,000 raised so far.
To participate in the presale, you can buy MK tokens at an affordable rate of $0.1667 per token using your bank card or Ethereum (ETH) or Tether (USDT) stablecoin.
Investors can also take advantage of Meme Kombat’s unique stake-to-earn (S2E) function, which offers high staking rewards with Annual Percentage Yields (APY) as high as 112%, making it one of the best options in the market.
Hot Take: Meme Kombat Offers Exciting Opportunities for Investors
Meme Kombat presents an exciting opportunity for investors with its innovative gaming platform and high staking rewards. With the second phase of the presale underway and significant funds raised, now is a great time to consider investing in MK tokens. Don’t miss out on this chance to be part of a growing meme coin project with immense potential for growth.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
