STEEM (STEEM) shows a short-term surge, entering the “Extreme Greed” zone on the Fear & Greed Index. Along with large trading volume, investor sentiment has sharply improved.
On the 24th, Upbit data shows that the trading price of STEEM is 95.3 KRW, up 40.77% from the previous day. The intraday high was 98.6 KRW, and the low was 68.2 KRW. The 24-hour trading volume is approximately 416 million STEEM, with a trading value of about 36.1 billion KRW. Recently, a surge of buying near the lows has formed a short-term rally.
In the Fear & Greed Index, STEEM scores 95 points, entering the “Extreme Greed” phase. This is a 64-point increase from the previous day. ENSO (89), OBS (75), Adventure Gold (74), KITE (69), and others are also in the greed zone, but STEEM’s upward momentum is the strongest.
From the chart, after a long downward trend, a long bullish candlestick with high trading volume appeared. Although there has been a sharp price recovery from short-term lows, it also raises the possibility of increased volatility due to overbought indicators.
STEEM is a blockchain-based social network project that rewards content creation and curation activities. It uses Delegated Proof of Stake (DPoS) consensus mechanism and operates a user-participation reward ecosystem through its decentralized application Steemit. The STEEM token is used for content rewards and increasing influence within the platform (Power Up).
Market experts analyze: “After the short-term surge, profit-taking selling pressure is likely to appear,” “Whether trading volume can be maintained and whether a support line can form are crucial.”
This article does not constitute investment advice. Investment decisions and responsibilities are borne by the investors themselves.
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