Overview of Steem Dollar (SBD) in HTX Exchange

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It's me @amjadsharif
From #pakistan

While writing this research, the current price of Steem Dollars (SBD) on HTX Exchange as of the 9th of January in the year 2025 is approximately $2.33. Again, a lot of fluctuations are experiencing by the market and this may act as potential signals for traders.

Key Levels and Price Ranges:

1. Critical Support Zone: $1.50 to $2.50
   $1.50-$2.50 has functioned as a robust accumulation level for the recent movements in the stock price.

If SBD stays above this range, this means that the buyers are participating in supporting a certain price level.

1. Breakout Potential:

Morning Star Candlestick Pattern indicating the price will go up and change the trend. If the bulls manage to break out above this range, it would be easy for SBD to charge to the higher targets.

The first level of supply is at $5 The second peak of supply is at $6 Resistance coupled with previous ranges high on HTX.

If break this level then it will touch $7 and then $10 level.

Scenarios:

• Bullish Breakout:

If SBD will continue with the bullish structure and crash the $2.50 resistance level, the price may surge to the $7-$10 range. This must have triggered buying interest to progress within this movement and higher volume activity.

• Bearish Risk:

A breakdown of the $1.50-$2.50 support level could lead to a downward correction with actual dips below $1.50. The volume and price pattern should also be watched in order to confirm the given signals to traders.

Technical Indicators:

• Relative Strength Index (RSI): At this point they are approaching overbought levels on the hourly chart which is not good for the short term. However, on the daily timeframe, RSI is suggesting there’s potential for more upside.
• Moving Averages (MAs): The short term MAs are moving upward showing that the bulls are active.

Conclusion:

Steem Dollars are somewhat in a precarious situation on the HTX Exchange as seen below. The price level of $1.50 -$ 2.50 is the key to the next trend. A break above this range could create a rather bullish run up, with targets set at $7 and $ 10 in the short term. But traders should be careful and use some techniques to minimize the risks because cryptocurrencies’ markets are very volatile.

Disclaimer: The information in this analysis should not be construed as an offer to buy or sell securities or investment advice of any kind. Make sure you always do your homework before investing your hard earned cash.