According to the charts of TradingView, after making its new all-time low on 7 April, some recovery was also seen in the Steem token, but will the price really form a higher high structure from here or will it be a trap before making another new low?
In the screenshot above, you can see the entire price action of the Steem token 2025. Since reaching around 0.38 in January, this token has been continuously selling. And one thing to note in this downtrend is that every time the buyers tried to take the price up, the sellers were seen dominating and every pullback failed and formed a long upperwick, after which Steem once again set out on the path of making a new low. And we have seen something similar in yesterday's buying as well that by the end of the day, the sellers put pressure on the buyers and brought the price down again.
However, it is worth noting that in this pullback, buyers were successful in taking the price to a higher level than the previous pullback, which is a good thing, but that good thing also got weakened when the selling pressure dominated the buyers. Now from here, if the price has to end the downtrend in a healthy way and go up, then 0.116 can be an important level for building support. I am quoting this level with a lot of stretch, otherwise, the price should not fall below 0.125. And if the price again chooses to keep falling then it is possible that we may soon register another low but whatever it is, this price area is great from the point of view of long term investment, so from an investors point of view, I do not think there is a need to look at any level before accumulating STEEM.