STEEM Price Analysis – January 10, 2017
For a third week, the STEEM price is trapped in a range and continues trading sideways.
There isn’t a lot to be said at this point. Volume has been falling and the current 24-hour period shows volume in the $40,000 range. Prices have been trading between $0.13 and $0.19 for the past three weeks and the STEEM price is currently sitting at a little over $0.15. There isn’t much to analyze as far as indicators go, so let’s just look at where things currently are.
On the 1-month Poloniex chart, we see the range and the dropping volume. The volume can be due to many factors, including holidays around the world, the abrupt end of the Bitcoin rise last week, and no significant news about STEEM.
The depth chart on Poloniex shows some support just below current prices, with ~$40,000 of buy orders in the ~$0.14 range and anther bump in buy orders at ~$0.13. These prices, if held based on the buy order support, would keep the STEEM price within the three-week range.
There will be fewer power downs this week – again – but the liquid STEEM supply is still rising. The liquid supply has risen ~1.3 million since last Monday and is now ~12.2% of the total STEEM supply, which is an increase of ~4.25% since last week. Total vested STEEM has fallen by ~755,000 over the same period – a miniscule 0.4%.
By next week, we should have the long-awaited road map from Steemit, Inc. finally released. This could create some buzz within the community, but whether or not that can spark some interest from outside is anyone’s guess. This could serve as a catalyst for a short-term spike or dip, depending on the substance of that release and the perceptions of it.
Every day also brings us closer to the beta launch of @busy.org. And every day that the price is not falling is a day that price support is being reinforced.
If anything noteworthy happens this week with the STEEM price, I will publish another post. If not, then I will have another analysis ready for you next week. If you have any comments or observations about the STEEM price or the blockchain/platform, feel free to share them below. Thanks for reading!
Disclaimer: I am not a professional advisor and this info should not be used for trading. I would be flattered that you think so highly of my fairly basic analysis, but it would not be prudent to use this for transacting with real money.
*Charts are from Poloniex. Analysis is current as of approximately 1:00pm EST, January 10th, 2017.
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Well done!
@kus-knee (The Old Dog)
Everybody waiting for price to drop, which will not happen.
I wouldn't be too sure about that. There still doesn't appear to be much interest in STEEM/Steemit to people outside of the platform. We can't ignore that. Will the interest pick up? It's possible, maybe even likely - but the numbers right now aren't really trending in the right direction. Any increases that we do see are tiny.
I think that people who already are on steemit, are waiting.
Looks to me like the 0.000145646 level is well fortified as we haven't closed beneath this price since early November. I think the bottom is in and there momentum building on the RSI as well as double bottoms on the OBV and The Willy Indicators.
Yes, support looks pretty strong around current prices and down to ~$0.13. Even if that doesn't hold, there are a ton of standing buy orders and some longer-term support at $0.10.
I don't know if the bottom is in, but it would take a lot to reach new all-time lows. Near-term, $0.13 - $0.14 looks like the place to buy if you're a trader. Above $0.16 would be a good place to sell. Long-term, accumulating now at any price between should be fine.
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Still a great update david thanks upped.