Steem risk falling outside the TOP100 coins ranking by CoinMarketCap, what can be done to address the decline???
It been a painful couple of weeks and months for Steemian, 2019 has been brutal for what was once one of the most promising cryptocurrency projects. The only encouraging factor is the steadfast support the platform continues to receive from those who believes in the project. What cannot be ignored is the statistics and charts reflecting on the project. Last night I was looking at CoinMarketCap ranking and Steem was trailing at 87 spot, now it seem to have pull its way back to 82 as the fall of ranking of other projects has push it higher: https://coinmarketcap.com/currencies/steem/
There is no real catalyst that can add some enthusiasm, traders have been fighting a relentless selling pressure that only spikes volume to the downside. This has been a prevailing trend for the last couple weeks, whenever buyers come to the party, they are greeted with equally excited sellers. To be fair to the project, the overall altcoin market has seen a sea of red with occasional crazy pumps that all seem to miss Steem.
At these prices Steem seems like an attractive bargain but having dip my foot in this water, its dangerous as the bottom seem like a pie in the sky. Nonetheless, if you want to be different, you cannot ask for more blood in the streets than this. Of course this isn't trading advice, one can argue that the upcoming hardfork could add some excitement and this could be a potential play. Things can only get more painful or interesting from here, with Voice launch imminent and hardfork within weeks, let see how Steem and SBD manage to do in the coming days.
Everybody thinking that Steem will go higher should just BUY SOME, instead waiting that miraculously the price will go higher by itself!
I need to see a major reversal candle that actually holds for a couple days than trying to catch this falling knife. I bought to many times to end up getting rekt, so I am not touching it.
Probably when I see signs that Steemit Inc isn't selling with their automatic sell orders, I dive into this again, the bottom isn't in if you asking me, we got a long way to go. Probably at 10 satoshi just base on the chart
I agree it very likely could go deeper, but you had asked this question in the title which promted me to this reply :) If enough buying pressure would exist, the negative trend would be stopped, but obviously too many are thinking like you.
Well I definitely like Steem, I want it to do well but its been a painful project to look at. I actually wrote the post to get a feel of what folks are thinking so I can make my moves. Probably if I see SBD making some crazy moves, I would probably take a dip in Steem again as it has followed it in the past but as right now, its hard to pinpoint where the pivot point exist for anything happening moving forward.
And with this I also see that people are getting disinterested in making post also. It is also scary for someone like me who does not know what happens internally in these markets. Let's hope some actions happen and Steem gets on a better position.
It depends on your outlook and how long you intend on holding. I don't have confidence in the Steem team delivering so I try not to get to emotionally involved in the project. Lets hope that they deliver and I certainly wish all the best for you. If it falls outside the TOP100 its trouble so keep an eye on that. The Steem team hasn't shown any interest in token price or the fact that investors have seen huge losses, in fact, they continue to sell so you have to look out for yourself