Hello and good evening to everyone at the Tron fan club. The market has been bleeding for the past few weeks. We have seen most of the alt tokens lose significant valuation. Steem can be seen as one of them. Today we will see steem price movements and reflect on how it has fared.
[Source 1](https://unsplash.com/photos/w9coDxtsfts) [Source 2](https://commons.wikimedia.org/wiki/File:Steem_logo.png)
The week started with Steem holding steady and gradually consolidating at the support levels. The 0.055$ mark was a strong support level. This consolidation comes after an unusual pump last week that ultimately saw Steem touch 0.08$. This trend died very soon. It was initially faring around 0.06$. Towards the end of the week it saw gradual losses, Which is currently continuing with lower highs and lower lows.
New Macro economic events are causing problems in the market. Steem is currently moving towards level of 0.055$ and is currently on this region. On the upper part, this 0.09$ zone is now a crucial level for it as you can see that the surge stopped at 0.08$. The trend is good but it is still early to assume whether Steem is fully on track or not. Steem needs to gain the strong support zone at 0.07$, with a successful retest. There will be 0.09$ zone ahead of Steem after that.
All Screenshots are taken from [Coingecko](https://www.coingecko.com/en/coins/steem)
After experiencing a few normal weeks, Steem is currently showing bad performance. It is down **14.3%** in a week.
**No word from this article should be taken as financial advice.**
Thank You.
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