Steem chart review, August 16th @ 20:40pst
Here is a weekly chart of Steem since the introduction back in 2016. It has not appreciated too much over 2 years and 4 months due to the cyclical and volatile nature of cryptocurrencies.
The bear market with Bitcoin has bled over to the alt coins and Steem broke below the support at 1.32 which is not a very good sign.
It is still printing red heikin ashi bars and Stochastics are embedded to the downside. All bearish, at least for now.
The daily chart shows the breach in support and the .72 level is the next downside target.
A daily line chart of Steem in Blue and SBD's in Red.
Another daily line chart of BTC in Red, ETH in Black and Steem in Blue. You can see the major sell off with Steem compared to the other two top cryptos.
Google trends for the search for Steemit has not changed much with Venezuela on the top spot.
If cryptocurrencies are part of the digital future, this bear market will eventually bottom out and turn around back to the upside. It's a matter of time.
Does the saying 'all good things for those who wait' pertain here?
Good and exhaustive post @glennolua .
Let’s go UP soon.
Hi,
I am patiently waiting for that day when Steem will be $10
It spiked up to 9 USD last December if I remember correctly. You can see the spike up on the chart. If it does reach 10, it probably will not be there for very long based on history.
What is keeping Steem price down so low?
It's related to the bear market with Bitcoin. Most of the Alt coins have taken a worst hit to the downside, I'm sure many of them have already gone to 0. Once Bitcoin resumes the bull market (If it does), all of the other cryptos should follow.
thank you so much for the lot of information about steem.
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Coins mentioned in post:
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