Daily Steem Price Update: Steem Is Down As Well, Following The Bitcoin Bandwagon
Steem is down as well today. Out of the 50 cryptos Im following on a regular basis, every single one of them are down against the USD. There are about 6 of them up against Bitcoin, but Steem is not one of them. Here is the daily chart:
Comment: As Im writing this post Steem is down 13,5% against the USD and 7% against Bitcoin. The most negative thing with todays action is that we lost the bollinger band median. So, we could continue to struggle here until we will get a rebound.
The nearest support level is 4,50 which is the rising supporting trendline that corresponds with the 50 day moving average (black moving line).
If that were not to hold, we are looking at the lower bollinger band at 3,55 or 3,30 which is the most solid support level from the old peak we had in the middle of December.
But, the future of the near term for Steem will be decided by Bitcoin, so be sure to watch the Bitcoin action carefully.
Happy Steeming!
upvote brother
thanks for information and service :)
Equity/bond markets are also getting hit for the 2nd day in a row while crypto continues to drop. Do you think there will be any additional inflows to crypto if traditional markets continue to show increased volatility/risk?
This would provide additional price support but I'm mixed on whether we will see such movement.