STEEM Struggling To Close Above $3
The $3 level seems to be extremely relevant for STEEM. I know we all want STEEM above $3 (heck, ideally back at $9.20 right?). The higher the price for STEEM, the better for everyone. I know this seems silly and obvious to announce, but there are many factors people fail to appreciate about higher prices.
One of the things people fail to realize is that higher STEEM value means exponential growth for us since rewards are worth more, making curation power worth more, and then propelling rewards which are also worth more.
In addition, the higher rewards and values drive more and more people to the site, creating more demand and perpetuating this price movement. Overall, it's win/win!
Now let's get back to the chart...
Obviously we have HUGE rejection at $3. No idea why this is, but it's completely evident. We did see this price level be a region that provided support before and since we have a close below, now it's a struggle to recuperate.
Stochastic RSI on the daily is heading down and bearish, so I'm anticipating some pullback. I don't see it in the cards anytime soon to climb above this level. Bears have been trying for the last eight days to close above this level, but the bears reject and prove that this level is relevant.
In the meantime, there's still plenty of support.
In time steem will trend up , good time to accumulate
I'm going to write a comment on your post without reading your content and upvoting it.
Because that seems to be your style. So I'll copy it.
Good post. .agree 3 is our key level...probably trade sideways for a bit before a move is made...may be a good time for a bit more steem to the coffer!
Happy~~
so good, thank you so much
I think its going to take a little time. For some reason BTC seems to be the determining factor in the market , regardless of the other coins value. If BTC drops, so does everything else. I think until we start to see significant gains in that area, or the people behind the steem block-chain start actively marketing their platform, then we're kind stuck here. But that's my opinion lol. Great post!
Happy trading!
your post will help us thanks for your post
good post. keep it up & all the best.
steem one of most complete cryptos!!