STEEM Possibly Entered into a New Technical Reality!

The last few weeks have been a wondrous paradigm shift for the Steemit community. Not only did we witness STEEM decisively regain the one-dollar mark, it went and doubled-up on the offer, moving firmly above $2. I have said this before and I'll say it again -- STEEM renders nearer-term technical analysis obsolete as soon as they are published!

Now, as an analyst who is personally vested in STEEM and the cryptocurrency markets in general, I'm definitely not complaining! I have seen a 4,300% return on investment -- inclusive of my blogging -- in two months time, which is absolutely unheard of. If I knew that STEEM was going to be this powerful, I would have sunk everything I had into it! :)

Of course, the past is the past, and I don't live life in regression. The question now for Steemit users is what trajectory STEEM will take. We just saw a sharp correction in bitcoin, yet number-two ranked crypto ethereum is flirting with $400. So is STEEM a buy or a sell?

STEEM Price Recap

To determine the answer, let's take a look at what STEEM has accomplished so far in the cryptocurrency markets. May 8th may forever be known as the Steemit pivot. The STEEM coin decisively punched its ticket to $1.09, so far leaving behind the 50-cent level.

From there, STEEM tracked back down to the low-70 cent range. But it never trended below that range, affirming tremendous strength in its bullish channel. A little after mid-month, STEEM shot up to around the $1.20 range, where it met some resistance. STEEM dropped back down again before eventually returning to $1.20 in early June.

This time, the third go-around, STEEM would not be denied. It quickly shot past $1.20 and settled in a range between $1.40 to $1.50. After most Steemians woke up the following day, the STEEM cryptocurrency was already well past $2!

A New Technical Reality

One of the critical points not to ignore is the absolutely massive volume registered when STEEM broke into $2. Trading volume on June 6 was a record-shattering 46.5 million. To put this into perspective, Apple (NASDAQ:AAPL) stock's three-month trailing volume is just under 25 million shares!

Not only are people coming over to the cryptocurrency markets in droves, they are also doing so towards lesser-known platforms like Steemit. So my friends, the day when Steemit becomes a Facebook giant-slayer is steadily upon us!

But more to the point, I strongly believe that STEEM has entered a new technical reality. Last month, we saw STEEM trend in a range between $0.70 to $1.20. As I suspected at the time, the ability to secure STEEM at less than 50 cents were long gone. Now, the era of one-dollar STEEM may have likewise closed.

The broader evidence speaks for itself. Not only are cryptocurrency assets exploding higher, a competitive surge is budding within the digital markets themselves -- see the "war" between bitcoin and ethereum. By logical deduction, more demand equals a higher price.

I will produce another analysis that details the shift from mainstream investment vehicles to cryptocurrency assets. But for now, my fellow Steemians, enjoy the ride -- it is going to be a profitable one!

Thanks for Reading!

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I'm a financial analyst and a contributor at InvestorPlace and Crush The Street. One of my personal and professional goals is to make Steemit my primary hub for investment ideas and human interest pieces. Together, we can create a platform that truly works for the best interest of the people!

InvestorPlace profile -- http://investorplace.com/author/joshenomoto/#.WSNWddy1uM8
Crush The Street profile -- https://crushthestreet.com/about-joshua-enomoto