STEEM looks to be setting up for a big move higher over the coming weeks and months

It's been a long time since STEEM has had a sustained move up, but that may be about to change.

Looking at the weekly chart a couple things stand out to me...

First, we had that big move up back in early 2021 that now appears to have fully retraced.

Check it out:

(Source: https://www.mexc.com/exchange/STEEM_USDT)

The price ran way up to around $1.50 and then crashed shortly after and spent the last year basically consolidating with lower highs and the same or slightly lower lows.

Basically creating a large descending triangle pattern.

However, with the price compressing (and holding those lows) more than ever before and now that its more than a 18 months away from those highs, STEEM looks like it is close to being full reset and ready for the next surge higher.

Notice how the volatility is compressing and the price range is getting very tight over the last couple months, tighter than it has been in a long long time.

Combine that with the recent bullish action in bitcoin as it has reclaimed $20k and is looking to move over $21k right now and I think we have a good setup for some bullish action in STEEM.

No idea how high we might go but getting back around $.40 seems entirely possible if bitcoin goes on a multi week or multi month run here.

There is a good amount of resistance around the $.60 area but that would be the next area to watch if we can move past the $.40 area.

On another note, there also seems to be some renewed interest among the Korean communities the Bangladesh communities as well as the Pakistan communities here on steemit (as evidenced by recent STEEM purchases) which will only encourage the STEEM price higher.

Add it all up and STEEM is primed and ready for a nice move over the coming weeks and months!