STEEM Price Acting Better Than Many Other Coins of Late
It was a great boost of morale to see the price of steem rise in recent weeks, but what has been even better is the way price weathered the storm of the crypto market selloff last week.
Maintains the Higher Range!
As you can see looking at the chart above after steem broke above the $2.60 area it made a run at $4.33 (the open/closing all time highs) only to get rejected and then test the $2.60 area as a support level several times.
After spiking through the level on intraday basis on four straight days while the entire market sold off - Steem was able to maintain the level and close above it.
That level is now a defined support and is the bottom of the trading range with the upside still being the $4.33 area.
Summary
Upside target is $4.33 area. When Steem can establish above there then we are looking at a run at the all time intraday highs around $5.
Down side is the $2.60 level. That needs to be maintained so we do not breakdown into the prior range of $1.65 to $2.60.
Let's go Steem!
Learn to Invest Like The Cat
Best Regards,
Disclaimer: All content in this post is my opinion and for educational purposes.
I like these numbers. Of course I would like steem $10+, but in the begaining of the year I wanted steem to be above $4 and maintain an above $2 price. To make my goals. So far, so good.
Yes - $10 steem is what I would love to see. When it can establish above $5 that is likely the next target. Still much work to do
Roberto bro, Im proud to report that I've been converting my btc to steem last few days... im feeling pretty confident this is the right boat to be on.
That being said, I do think SBD's pump is over... i think..
My dude, if more steem is where you want to be then get it done. I pushed some crypto into steem at one time as well, early in my steemit days.
Now that I'm at my target amount of Steem/SP I have been since cashing out SBD to buy BTC, LTC, ETH, EOS, etc.
@scaredycatguide Very interesting post. Looking at the market it seems that a huge buy wall of 20K SBD has been appeared under 0.36 STEEM/SBD.
Now a STEEM/SDB price drop is unlikley. We know this and also traders know this at least until the wall won't be destroyed by sellers. But this is very hard.. So expect a great STEEM/SBD rise, maybe over 0.5
Sadly SBD is going down quite a bit now in this correction. Let's hope that it changes soon.
Yeah, but SBD was designed to be a $1 peg originally. So anytime its above there I look at it as a bonus. The price of steem is what I want to see long term appreciation in.
SDB rally not very likely for the moment. Enormous buy wall appeared at 0.36 STEEM/SDB price.
Let's see what happens...
It's all gravy at the current SBD price level anyway :-)
Interesting analysis as always @scaredycatguide. I wonder if the token performance is at least in some way altered by the ecosystem behind it. Rather than just being a means of exchange and a trading instrument, the utility that investment into steem provides, especially when powered up, coupled with the delay in powering down, may mean that price action is more subdued or shock tolerant. I'm speculating here but would be interested in whether others too see a fundamental difference. Still, I find it fascinating that technicals still seem to apply; something you've noted a number of times 😊
GOOOOOOOO STEEM!!!!
Good pos
I liked the idea both steem and SBD are holding just under 1 to 3 ratio. Your explaining the charts goes a long way to understanding where things can move.
Nice Pump =)
I wonder how much new Steemit user growth is responsible for price performance of Steem.