Updated Steem Price Analysis: Steem tops the $1 mark.

in #cryptocurrency6 years ago

Steem has been an absolute rocket ship today. 

As of writing this, it is up more than 120% and sitting at $1.11 (the high of the day).

Again, it isn't quite clear what is causing this moon shot, but it is more than just Steem going along for the ride. Altcoins in general having been going up for the greater part of 2 weeks now.

Steem is experiencing it's largest single day gain in some time. 

Lets go to the charts:

This first chart is a 2 HR chart showing a period of 2 weeks of Steem priced in Bitcoin.

As you can see it is an absolute moon shot!

The second chart is a daily chart showing Steem's entire existence, again priced in Bitcoin:

This is the chart I'd like to focus on and the one that really gets my attention for a longer term move...

Why does the daily chart excite me you might ask?

Well it is quite simple actually. Take a look at the pink line above. That is the 200 MA. If you look very closely you can see that as of today the price is actually peaking above it...

Why is that significant?

Steem hasn't really been above it's 200 MA since... ever! The 200 MA is a very powerful moving average that is looked at very closely by a lot of traders.

Since we have been below it for such a long period of time and it has been trending down, the first test is often met with some resistance. Which, in this case would mean that a slight pull back could be in store once it is touched. 

However, once that slight pullback is over it often charges through the MA and gains momentum as traders jump on board the powerful technical move. 

Breaking the 200 MA to the upside is often a signal of a longer term trend change as well. Higher highs and higher lows could be soon to follow.  

One more thing that gets me excited about those charts above...

The volume.

Take a look at the volume on the daily chart. As of right now we are likely on pace to have one of the highest (if not the highest) volume trading days ever.

Over $16 million dollar volume has traded in the last 24 hours. Big money is moving in and out. 

That is significant because it means a lot of steem is changing hands at higher prices. As an investor I want as much steem trading hands at as high of a price as possible. The more steem that trades for higher prices the more likely it is to hold a higher price.

Basically it helps in setting a new floor. 

All this technical stuff is great but there is another factor here that I would like to touch on.

And this factor is likely much more important than all the technical stuff. 

An important factor that will dictate whether this price rise is sustainable or whether it comes crashing right back down is to factor in who is doing the buying and why they are doing it. 

Look at this snapshot from a few days ago and we can see pretty clearly who one of the largest buyers is right now:


You can read more about it in this post:


More than 10 brand new virtual currency exchanges are coming online right now in Japan. Plus, the consumption tax on virtual currency trading is being eliminated in June. That is causing massive demand from the region.

Plus we have virtual currencies being introduced in other countries for the first time right now.  

In my opinion, that driving force doesn't look like it is going to let up in the immediate future.

In Conclusion... 

Yes, we might have dips and pull backs along the way, but there is a massive Tsunami driving this thing that is likely very different than a normal run of the mill pump and dump. Also, many technical indicators are only just now flipping to the positive side...

And in my opinion, that is a pretty exciting combination my friends!

Stay safe out there and be sure to stick to your trading/investing plans. Rarely do decisions based upon emotions turn out to be good ones. 

Image Source:


Follow me: @jrcornel 


Haha I agree! Now we just need India to follow suit!

The summer of all cryptocurrency lol.

India was never a part of the party, right?

That is a good question. I think crypto is being introduced over there as well but most of the buying of bitcoin recently (and then the altcoins) was coming from Japan.

I am saying this because I am Indian. Government hasn't considered these coins legal yet. A lot of companies are trying those online petition signing...

Mostly for Bitcoins...

Nothing has changed much. This is a country with a billion people and so many are deadly curious to get into crypto.

Too tough.

Heck, even buying litecoin was quite a process as we have to convert from INR -> USD -> BTC -> LTC.

Kinda unfortunate, but hey, that's life I guess. :)

This comment is very insightful being that you speak with experience. Hoping India joins the party. Population is always a huge thing and India has it!

Yes, absolutely! I do tell my friends about it.

Most of them still don't believe / take cryptos seriously.

The problem is, many media outlets have shamed cryptocurrency. Still those who know its potential - who have been around for a while - are always finding ways to enjoy the benefits.

We definitely need the government to legalize cryptos! This year, the focus is on going digital / cashless - so let's hope things changes. Fingers crossed there! :)

Yes, things will change in India, pretty sure about that. Bitcoin has been the face of crypto and that has really affected how crypto is views in general. But India has a level of literacy, so change will definite happen soon!

Oh wow. Yes I would imagine in time that will change... if that does the sky is the limit for these currencies. Hopefully all the increased awareness and publicity puts some pressure on them...

Absolutely. If India enters, man, we are all gonna have a Ferrari. :D

Until then, we function slowly yet steadily. :)

Thank you for this post. I have been very curious about what is happening in India but here in the US we seldom hear anything about the economy in India, especially the crypto currencies.

I am glad to know!

India is huge! And our PM wants everything to be digital - to go cashless is the aim. Unfortunately, crypto doesn't make it into the list. We have private companies offering faster "wallet to wallet" transfer that are gaining huge traction.

It's mind boggling, really!

How I wish cryptos were part of our everyday affair. Also, as much as it hurts to say, our Government is trying to "control" everything - so they can have more control over the economical situation.

I am anyway adopting and embracing cryptos. I see it as one of the best way to transact internationally and quickly without leaving any trace.

You guys love your gold as much as I do

India is deciding on what to do soon regarding regulation and taxation. They should be entering the crypto party more fully soon.


This makes me happy, very happy lol

Bruhh its becuz the creator is Japanese and has 1/3 of all bitcoins or something like that

You are referring to "Satoshi Nakamoto". No one knows who he really is. However most people think he isn't really Japanese.

I like this, new investors are holding steem now.

".. a lot of steem is changing hands at higher prices. As an investor I want as much steem trading hands at as high of a price as possible. The more steem that trades for higher prices the more likely it is to hold a higher price."

Yep, I like that as well :)

Hey man - that price charting analysis is right out of my play book. Good stuff! More importantly is the point you made about Japan and the exchanges. There has to be demand for their to be positive price action on the chart.

Exciting time indeed. We've both been around steemit for a while posting regularly, now if I can only catch up with you in upvotes....still chasing you after all this time...lol. Keep up the good work man!

Haha thank you! Hopefully our charting and analysis turns out to be correct! The price is pulling back a bit here, which is not unexpected, as long as the floors are higher we are good to go.

Exactly, if we can hold and consolidate above the .00045 high from Dec. that would be constructive price action.

Yep, agreed!

Hopefully Steem can take away some of the steam of Facebook and Youtube. Ive been using Steem for one day and can tell I will be using it more and more as i find people I follow on Youtube make the move here. We ahould encourage Youtube channel owners to move to Steem.

This is getting insane! Thanks for a well done report :)

Yes it is. Surprisingly... I think it can last a while. The main drivers are pretty big ones.

Yeah, let's hope it will stay stable for a while :) I would be sad if it falls far down as fast as it rose.

Yea... I would be too. Hopefully the reasons for this rally are able to keep it from crashing right back down... I think there is a good chance they will.

I honestly didn't think we would see this until years end. Happy to see it happen now maybe I can set a new goal.

I really didn't either. It came out of no where. Now that it is here it seems like it could be more than just a flash in the pan...

Thanks a bunch for sharing your knowledge in relation to this wicked mooning, it is blowing my mind right now! All for one and one for all! Namaste :)

Same here! Hopefully this is just the beginning! :)

Great post it made me feel all warm and fuzzy inside. Cheerz!

Haha good, hopefully this is just the start...

Excellent post dear friend @jrcornel, very good news, happy for nustra criptomoneda to have started an ascent, to continue slow but without pause.
Thank you very much for all this information and your point of view

Of course! You always have kind things to say!

Awesome post. Look forward to reading the next one. Thanks

Indeed interesting times, will continue to follow it closely.

It looks like trading volume in general is up across the board, across all the top cryptocurrencies.

Yes it is. This has definitively been a rising tide lifts all boats kind of move. Which is why I am more bullish than I would be if it was a steem specific move!

Well we done the 1$ mark, but lost it again :) But lets enjoy the ride that seems to be kind of a rollercoaster. But that is FUN and we all LOVE that! These usually have the longest queues in entertainment parks :)

Yea I noticed that as well. That $1 mark is also right at the 200 MA. I would expect to see some resistance here for a couple days before we blow past it and leave it in the dust :)

Blow Past It and In The Dust - Super! I get my race helmet out and try to squeeze my head in to protect from all the pieces other coins will leave behind.

Haha man I hope so!

Lets get ourselves prepared at least... Then Who Knows... Maybe a fortune teller her on Steemit can tell us?

Haha where is that steemoracle guy? I can't remember his exact name but it was something like that... I bet he could tell us what the future holds :)

On Steemit.chat some suggests to get into some coins in the next 24hrs... Just left a message for suggestions... Maybe Steem is part of it!! :) ut what about some other HYPE coin, earn lots with that and THEN buy all Steem with the results. That will then rocket launch Steem.

Haha perhaps. For me personally I won't be touching too many other coins. I found my bread and butter here. Don't want to lose on others and miss out what I have here. But, that is just me :)

I thought I was having a hot flash when I just looked at my wallet, I got all steemy, I've made over $2000.00 the last couple days😱👵🏻

Nice! And your wallet isn't even caught up to the current price yet :)

I know, my husband said the outside markets are selling much higher than the internal market, right? Holly Molly! I said I'd start trading when my account reaches $5,000.00.

Yes, the reason for that is that the internal market is priced in terms of SBD. How much steem you can get per one SBD. Since SBD is way up right now ($1.64 last check) Steem is trading a proportional discount. Any time SBD is trading at a premium, Steem will be at a discount. Any time SBD is at a discount Steem will be trading at a premium. Does that make sense at all?

Basically if SBD is 50% higher, Steem will be 50% lower... on the internal exchange.

Now I understand, thank you!

Plus, the consumption tax on virtual currency trading is being eliminated in June. That is causing massive demand from the region.

Oh damn. In one sentence, you've explained a huge gap in my understanding of the fundamentals with BTC recently. I haven't seen this in Trollololobox or TradingView chat.

Great post and analysis!

Yep saw steem on dollar vigilante tho i should give it a try bought myself some steem power coins

Wow I just got here, apparently at the right time. Going above the 200 day MA is always a technical barrier.

Short pull back for a few hours, then up up and away again. :)

Current investment plan: HODL.

I'm a new comer to your blog. What source dose your charts come from. The internal exchange or an external one?

Cheers to all steem investors and steemit members enjoy the blast. Hope it will continue uptrend for long time

Definitely hope so.

This is an amazing post and I learned so much from it. Very exciting times ahead.

I am soaking up ALL this information, it's still so new to me so I REALLY appreciate posts like this. Thank you!!! Resteemed!!!

You are welcome! There is no guarantee that the price will keep going up, but we are certainly in a very bullish environment.

It's all very exciting to be sure!

I kept hearing about Japan so it makes sense that they are most likely behind this price increase. I'm with you, breaking the 200 day MA is a big deal for Steem.

To the moon! ;)

Haha, yeehaw! ;)

I discovered Steem exactly 3 days before it spiked! Follow @Raitmet

Nice write up @jrcornel. It's interesting to see where this is going.

50 % correction inbound

Thanks for starting this thread. Nice to see I'm not the only one who thinks like this. I do believe most coins are currently overrated. But the future lies in blockchain. Does anyone know about: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market. Check: https://www.coincheckup.com/coins/Steem#analysis To check Steem Investment research report.

Wow amazing growth and Steem will go up to its initial start value that is about $4.30 USD.

Haha, I am not sure about that as there is much more supply out there now, but it is certainly possible!

yes and we hope and wish for better for steem and steemit community.

Yes we do :)

When more people realize you can make easy money with Steemit, facebook will be done plus billions having internet access by 2020. Steemit could have billions of users.

Steem is social media without big corp and big gov farming the users. Social media is extremely popular. Big corp and big gov are extremely unpopular. Boom.

Although I am now a member due to pure curiosity, and nudging from @marketreport on his youtube channel. I unfortunately see this recent volatility as a manipulation. While I can appreciate the desire for something that you are a part of, and hope for its genuine rise in value, I question its value as a whole. The whole crypto thing as a whole actually. Here is my dilemma;

  1. You have a thing, that only exists in electronic form, thusly, is dependent on its safeguard from hacking/manipulation.
  2. It has no tangibility. It only exists due to peer to peer demand, and has no value other than anonymity for exchange.
  3. It is relatively new form of exchange, and that ability to exchange is limited.
  4. The volatility of the value concerns me as, and indicative to, its mode of exchange, and need to be recognized in a global marketplace.

What would happen if (and this is a very good viable probability) the peer to peer demand wanes due to forced regulation of the value of the item? Let's say that this form of currency DOES eventually get recognized by the S.E.C. and granted an E.T.F.. It is now an instrument. Now, all anon has been discarded, and can be taxed. Thusly, in courts can be shown taxation through one's broker, if traded on the FOREX exchanges, and will destroy its sole extrinsic value... anonymity. I do not see this as (on a macro viewpoint) as having or attaining intrinsic value such as PMs currently possess. Good Luck!!!

@jrcornel follow up... Got recognized given a futures instrument to trade it. and declines out the gate. Case in point. It has to stay anonymous. Oh well there goes that idea..... currently trading at 13000ish after 5 days of being traded on the futures market... SMH Here comes 10000.

This is awesome. I hope other countries will do the same.

Today, at least now Steem is at $0.903511. I though for sure that this coin was shooting to the moon straight up, but it stopped. Hey, it's all good, gives us investors another window for buying before it takes off again...

I found you, Steem!!!! My first post too. Excited about the future. God Speed!!!!

There seem to be a LOT of positive indicators at the moment... and meanwhile, lots of Steemians are actively working to get new people to join the platform.

Whether there's a scpeculative bubble in alt coins or not, the thing that makes me feel very good about Steemit/Steem's future is that we have this social content site to offer an actual "economic reason" for Steem (the currency) to exist... that's something most of the other (often "lookalike") coins just don't have. So good for us!

Thank you Japan!

It seems like Asia is a good target right now for crypto!

I have been an investor in stock markets for about 4 years now and I have never seen a stock shoot past it's 200 MA like that. Those are some very interesting charts to look at. I'm new to Steem but from the way it appears, Steem has great potential in the near future.

Hi, im new here but i love the idea on investing in new cryptocurrencies. What do u think steem will reach in the next 6 months?

Great to see this upward trend! Thank you Japan

Yes it is! Hopefully it continues!

Japan's recent validation of alt coins has led to gains in many of the more substantive coins, steem being one. This should lead to more adoption of the blockchain revolution and continued appreciation.

excellent analysis!!!

Any recommendations regarding which wallets to use for Steemit?

Haha that is great! Thanks for sharing! And it is very true ;)

Went down to 80 cents but holding. I was wondering of the rush to alt coins will be a bubble or not. It looks like it will deflate slowly then maybe push back up mid way.

Great post :) Thanks!

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very informative, always, upvoted

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