STEEM/USD Technical Outlook - 19th September, 2023
It's no shocking news to crypto traders and investors that bitcoin is steadily increasing but the stability is very much unpredictable. It usually go up and then test back. This happened last week starting 11th of September till date. As of 10th September up, steem price was gauging at $0.151, but now it has increased to $0.164 because the increment in bitcoin being $25k to $26k has affected it a little. Are we heading to the bitcoin halving year? Very likely. I'll be giving a weekly report on steem price and market capitalization.
screenshot from my coinmarketcap
Total Crypto Market Capitalization |
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This post will throw more lights on STEEM/USD and its analysis.
Looking at the charts above, we can see that the entire market cap has experienced an increased value. It had a total of $53 Billion some hours ago. This actually recorded a gain in Crypto market and other coins got influenced and added a little percent to their value. This has affected the price of bitcoin which was $25k to $26k.
Steem Technical Information |
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From the increased value of bitcoin, steem price is steadily increasing. Its total market capitalization was $73 million having a 0.91% increase. Its price is currently trading at $0.165 with a 24 hour trading volume of about $1M. Its circulating supply is 444M steems and its total supply is 409M steems. Its maximum supply shows infinity from the chart meaning we don't know or can't predict the maximum amount of Steem coins that will ever exist in a lifetime unlike bitcoin that has a maximum supply.
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Steem/USD analysis |
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The purpose of this analysis is for us to predict the future price of Steem using technical analysis. Looking at the monthly chart after the accumulative year of Steem rose its price up to $0.25, there was a swing in price which led to the breakout below the support level at $0.165 - $0.166 which is the current fluctuating price of Steem in USD. lately, price of Steem reversed backwards and retested the support at $0.19 not until it broke this support to the price we have now. As of last week, the price rise by $0.91%. Seems we're heading to the bitcoin halving year.
screenshot from my coinmarketcap
I can vividly remember those days during the bull run year the price of Steem exceeded the normal rate of dollars and a dollar on the platform could generate a considerable good number of steems. During the bull run, steem price kept increasing maximally that's why we're very much prepared for the next bull run coming up in months. So my prediction or analysis on the price of Steem this period from the charts is that steem would keep on increasing for a short period of time and then rest on a particular value at the beginning of the year. Watch out for my next update on this
Disclaimer: Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have
Wow! Wow! @bossj23 this had been part of my prayer for long, longing for steem growth from the phase I was. I could remember back then, the booming stories about seem growth in early 2021 was really a surprising package if I was present. But today due to the sudden fall of crypto, the entire coins are affected as well. With this alone, I'm concerned with much of your post on @steemalliance community since it's a make-up evidently. Steem must rise again! It's my intent prayer 🙏🙏
https://twitter.com/bossj23Mod/status/1704200277543260436?t=aRKv55TIen1THaPvM-jfgQ&s=19
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