(Chart by TradingView)
Since mid-May, the STEEM alligator has been descending on its prey consistently and slowly until beginning of July where it stuck at support of $0.17. It then began a slow climb until it stopped at the $0.46 resistance level today.
Meanwhile, the MACD (Moving Average Convergence and Divergence) oscillator is showing a bullish trend. This implies that many investors will buy the asset and only a few will sell it. Hence, if this continues, we can expect prices to rise.
However, the Stochastic RSI (Relative Strength Index) oscillator is already in overbought territory for almost a week. This means that the market price of this asset has moved higher than its actual price. Therefore, investors are feared to start shifting from buy positions to sell positions again.
On the other hand, in the chart below we can see that the price of Bitcoin has fallen and is still at the bottom. In fact, the price of bitcoin is usually always followed by the price of other altcoins.
At this point, the alligator's mouth seems to have started to close. Is he really full and will he go to sleep soon or will he keep going down to look for food?
Let's keep tracking the movements of this STEEM alligator.