Analysis of the Steem Market in The Last 24 hours

If you noticed at the time I wrote this post you will know that towards the end of July and the beginning of August, the entire crypto market was a bearish market which many people began wondering what could have happened in the market. 6 days ago, the market began forming a bullish trend which started last week Monday and until yesterday Sunday, 11 August 2024 with a bearish trend in which our dear Steem fell by about 5% after reaching a high of $0.1824 an increase of 8.3% and drop down to $0.1633

Tradingview

If you take a good look at the chart above, you will see that in the last 24 hours, the STEEM coin has seen a relatively small increase in price, moving around $0.1712, reflecting a gain of 0.2%. This 0.2% increase was then followed by a more significant increase which moved the market upward and surged the price of Steem to increase by 8.5% which made the STEEM coin hit $0.1824 yesterday 11 August 2024.

Tradingview

After a volatile crypto market, which lasted for about a week, Steem coin has shown overall resilience if Steem moves to $0.1824 again with a strong support level, then we should be expecting Steem to hit $0.2 and above.

Currently, as of the time of writing this report, STEEM market capitalization according to the information gotten from coinmarketcap, STEEM market cap was approximately $79,610,820million with a market ranking of #369.

coinmarketcap

Even though STEEM is from its all-time high of $7.34 which happened a long time ago, the current price of Steem movements and that we have experienced in the past few months is a sign that STEEM is recovering from its low last year.

Based on the price behavior of the STEEM coin which we have seen early this year, it could be a sign of specific development or wider market trends happening within the STEEM ecosystem, which we have seen a fluctuating increase (interest) and usage of STEEM over time. Although, when you take a look at the trading volume of STEEM you will see that it is relatively low compared to other cryptocurrencies that were launched in the same year, you will know that STEEM is going to perform well in a time to come.

---

Disclaimer

What you have just read here is not investment advice, and should only be treated as educational content please as whatsoever that has been stated in this post, is strictly based on my ideology of the STEEM market.