The next candle will be green, just like the one you are showing. I don't know why you are surprised if the market continues doing the same thing, and it may probably close where it started.
$STEEM /USDT Analysis: Testing Key Resistance After Strong Rally $STEEM /USDT is trading at $0.2316, up 7.47% in the past 24 hours. The price has surged significantly from its 24-hour low of $0.2062 and is now consolidating near its recent high of $0.2506.
Key Levels to Watch:
Resistance:
$0.2506: Immediate resistance; a breakout here may push the price to $0.2700.
$0.2900: Stronger resistance, indicating potential for extended bullish momentum.
Support:
$0.2235: Key short-term support; holding this level is crucial for bullish continuation.
$0.2060: Major support; failure to hold here may lead to further downside.
Trade Setup:
Long Entry: Above $0.2506, targeting $0.2700 and $0.2900, with a stop-loss at $0.2200.
Short Entry: Below $0.2235, targeting $0.2060 and $0.1900, with a stop-loss at $0.2400.
Market Insight:
The RSI at 71 indicates overbought conditions, signaling caution for new entries. The MACD shows bullish momentum, but volume must increase to sustain upward movement. Watch for a breakout above $0.2506 for bullish confirmation or a pullback to $0.2235 for potential support.
$XLM also came to the target I specified like $XRP and was rejected from that region and making correction right now.
The first region it got a reaction in the correction is exactly the Optimal Trade Entry (OTE) region of the last rising swing that I have put in the gray box and is ideal for a return. If the green box does not work as support, a retest may occur up to the levels I have marked below. For a simpler follow, you can also check out the simple uptrend that I have shown with the dashed green line.
If it can rise above 0.45 in the short term and is permanent, the first signal for the end of the correction will be received and we can expect a rise and breakout attempt to the 0.50 level again.
Potential Growth for Altcoins If Trump Returns to White House
According to PANews, industry experts suggest that altcoins may experience greater growth than Bitcoin if Donald Trump returns to the White House. Altcoins, which are cryptocurrencies with a smaller market capitalization than Bitcoin, could benefit from a regulatory environment that is more favorable to digital assets.
Samir Kerbage, Chief Investment Officer at Hashdex, believes that altcoins stand to gain more from such a regulatory landscape. Meanwhile, Katherine Kirkpatrick Bos, General Counsel at StarkWare, notes that while Bitcoin has regulatory certainty, altcoins do not. This uncertainty has deterred some institutional investors from investing in altcoins. However, if the classification of cryptocurrencies other than Bitcoin becomes clearer, investors might feel more confident in allocating funds to these digital currencies, potentially driving up their prices.