Moving Charts: STEEM Prices Analysis
Hello everyone, and a very good day. Couple days ago the leading crypto token Bitcoin took a hit. And as a result, bitcoin went down is touching 21,000 and lower. nobody knows where this will end but the greater trajectory shows signs of patience. The dump took its toll. Meanwhile we will check on our friend STEEM and its performance on the weekly graphs.
So of course every one of you remembers that especially the week before last week was a week full of losses. And what I mean by that is that during that period the whole market, especially bitcoin, crashed significantly and took the whole lot with it. And based on past excavations we have seen that the token in contention today steam is a devout follower of the bitcoin cult as it follows bitcoins price movements very thoroughly if not entirely. As a result, when bitcoin was suffering dizzying lows, especially when it was touching below, $20,000 steam was also seen touching a humiliating low of $0.165. people were thoroughly expecting the price of Bitcoin and only others to go even lower but God knows what happened and things turn better. That is obviously something we all Love to see more often than not.
Since then bitcoin itself has gained valuation, partly because of the SVB crash by which I mean the Silicon Valley Bank crash, and maybe a couple of other reasons which are unknown to me. That's part of that big uplift that the market saw after the crash. Staying in particular when from that measly $0.16 evaluation to a staggering high of $0.21 that of course consists of couple of stoppages. As we can see it took a small bump, subsequently at $0.17 and 0.185 and $0.198.
Since then, it has been a trial of stabilization for the token. As we all know right now $0.20 is a significant threshold for steam so obviously, the expectation will remain to at least maintain that resistance barrier. As we see in the charts, the price did fall below $0.20 from $0.21 down to $0.195, but quickly you got back on his feet and is fucking an hour exactly but $0.20
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All Screenshots are taken from Coingecko
The expectation is for steam to continue at this trajectory and at least we stabilized in a territory of upwards of 0.$20 and hopefully build from there so the token can again get back to its glory days.
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