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Steem Dollars (SBD) price prediction is bearish as the crypto trades in a significantly bearish chart pattern, with bears focused on undoing all the gains made between Oct. 19 and 23. Meanwhile, investors are looking to new cryptocurrencies such as Meme Kombat, which is performing well in presale and has the potential to make 20x returns before the year ends.
Steem Dollars Price Stares Into an Abyss as Losses to $2.21 Loom
SBD price rose an impressive 126% from lows around $2.21 to highs above $5 between Oct. 19 and 23.
This rally saw the price of Steem Dollars break above key resistance areas. However, the current retracement points to a continuation of the ongoing correction that could undo the above gains.
The latest rise in the price of SBD has led to massive investor interest, with its trading volume increasing more than 276% to $263 million, according to data from CoinMarketCap. As a result, Steem Dollars appear among the best gainers on Monday, rising as much as 44% on the day at some point.
Top gainer: #SteemDollars #SBD $SBD increased by 49.88% in 24h! Create your Steem Dollars (SBD) #crypto alert: https://t.co/JFC8AuyUfY pic.twitter.com/fea2OXHvO7
— Coinwink (@Coinwink) October 23, 2023
These gains have now reduced to 6% over the last 24 hours as sellers give into their appetite and book profits on the rally to $5.0. The resulting selling pressure has sharply corrected, as shown in the chart below. This has led to an inverted V-shaped pattern in the four-hour timeframe.
The Relative Strength Index (RSI) is pointing downward, and the price strength has dropped from an intra-day high of 90 to the current value of 55. This reinforces the bears’ grip on the SBD price. This suggested that the market conditions favored the downside.
Therefore, a daily candlestick close below the $3.0 psychological level would trigger massive sell orders that could pull the price toward the $2.5 demand zone. Breaching this level would see the Steem Dollars price drop to the bearish target of the prevailing chart pattern at $2.21. This would represent a 34% decline from the current price.
SBD/USD Four-Hour Chart
On the other hand, Bulls must push the SBD price back above $3.5 to ensure a sustained recovery. Above that, the next logical move would be toward the $4.5 supplier zone or a return to the $5.0 local high. This is where Steem Dollar’s upside could be capped as profit-booking kicks in, occasioning another downturn.
Steem is a social blockchain that builds community while also providing users with direct revenue sources. The users are rewarded with SBD tokens for sharing content on Steemit.
SBD Alternatives
Meme Kombat ($MK) is a stake to earn an ecosystem allowing participants to compete in the arena, with the option to choose their meme character. You can pick one to fight with the rest against you or team up with other players.
You can pick one to fight alongside you, the rest are against you.
Who you picking? ⚔️ pic.twitter.com/sZOGmoFEss
— Meme Kombat (@Meme_Kombat) October 17, 2023
MK is the token powering the Meme Kombat ecosystem, an innovative new gaming platform designed for gaming enthusiasts. Investors are buying MK using ETH or USDT stablecoin. Take advantage of the current low rates to acquire MK tokens.
Investors looking to increase their income on the Meme Kombat project can do so through its unique take-t-earn (S2E) function. Here, you can enjoy remarkable staking rewards with Annual Percentage Yields (APY), or returns as high as 112%, one of the best in the market.
The project is in the second phase of the presale after stage one allocation sold out successfully. Stage two of the presale is nearing the end, with the raise having crossed the $650,000 mark.
Buy MK tokens now at an affordable rate of $0.1667 per token. You can use your bank card or buy using Ethereum (ETH) or Tether (USDT) stablecoin.
Visit Meme Kombat here for more information on how to participate in the presale.
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