Anyone else noticing this on STEEM as of late?
I will just post this picture of STEEM trading as of late and see what you see...
So STEEM has had several rather large pumps over the last couple weeks.
However, after the pump the price has not held the gains at all, in fact not only have all the gains retraced, but the price has even made lower lows...
Do you see what I see?
(Source: https://www.mexc.com/exchange/STEEM_USDT)
What are your thoughts?
I will reserve mine until I see a few comments...
I had noticed similar re the retracememt, not the lower lows which is Interesting. Eyeballing the charts (on my iphone) vs. BTC/USD, it appears Steem's lower lows may coincide with a broader crypto selloff.
Yes there has been some unfortunate timing in that regard, but I think there is also something else going on...
Yap, its seems like there is always something else.
Thanks for sharing your thoughts! The same thing is happening to BTC!
Upvoted! Thank you for supporting witness @jswit.
Probably pump and dump discord groups. Needs to have more adoption for the price to rise over time (eg. adding it to payment processors like bitpay or https://www.poof.io/)
Looks like someone is unloading to me... pump it to bring in traders etc and then unload the bags.
As seen here - near the bottom, powerdowns were unusually high from April/May until last week, so that would make some sense.
Yea, unfortunately the price seems to make a lower low after every one of these pumps. Part of that is bad timing relating to bitcoin also dumping, but part of it also appears to be someone unloading a large stake and is trying to get as high of a price as possible by pumping it first to attract liquidity to sell into... that or shorts pumping it to attract liquidity to short into... neither is very good for us lol.
Agreed. At least the price has still been holding up decently against other coins like BTC, ETH, and LTC, though. It went from less than 800 SATs a few months ago to 1100 now.
Of course, I'd like to see it back in the >10K range from the early days, but at least it's been moving in the right direction for a little while. ;-)
Also, not sure on your connections, but the STEEM wallets just went offline at MEXC and they have been offline forever at Bittrex. US based users don't have many options to access STEEM with both those Exchange Wallets down... if there is anything you can do or anyone you can pass that along to it would be great!
Sorry, but I don't have any inside track, either.
The US exchange situation is frustrating. After blocktrades left, I have only found ionomy and simpleswap.io.
Is there much liquidity on ionomy? simpleswap?
Definitely not on ionomy. I think simpleswap is probably just a bot that routes through a bigger exchange somewhere, so it probably has liquidity, but there are trust issues. ;-)
I feel Steem is shadowing Bitcoin, just with more volatility and therefor more violent price moves. On Tradingview, If you overlay Steem with Bitcoin you will see same moves. We need Bitcoin to finally move up again. In the long term, I believe in Steem and the price will rise with the Bitcoin tide.
I think through time, banks will get on the train as well, but not cryptos with proof of stake but only proof or work. So Steem will not be in that basket
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