Could this be the beginning of a new uptrend for Steem?
As you probably noticed by now, the price of Steem has rocketed over the past 24 hours, and even more impressive since the rest of the crypto market has remained relatively steady. The question is whether this increase in price can be sustained.
Looking at historical trends in Steem price, I can recall 2 significant uptrends that continued for several weeks/months. The first uptrend around the start of 2017 when Steem bottomed at around 5800 sats or $0.07 was the time when @dan announced he would be quitting Steemit. This seemingly negative news was followed by several months of incredible growth for the price of Steem, to approx 90000 sats, around $3 at the Bitcoin price of that time.When this uptrend first started, I remember the price had gone sideways for a while, until it finally rocketed from around 7000 sats to 28000 sats in a matter of days. It then declined back to around 12000 sats where it consolidated.
So in my opinion, the price of Steem needs to consolidate above 8000 sats this time around for the uptrend to continue. In terms of sentiment, I think we have some positive sentiment coming into both Steem and Bitcoin in recent times. It's arguable whether the spike in Steem price was due to the post by @ned today outlining the new mission and vision for Steemit. In my opinion, this included some very positive statements around the focus on communities and willingness to introduce ads on Steemit. Regardless, this news, along with the development of SMTs, is very positive for the future for Steem. And from a fundamental analysis of Steem, I believe we could very likely see an uptrend beginning to develop over the next few months. Let's hope this uptrend has already begun.
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Yip. I noticed it before I had even rubbed the sleep out of my eyes this morning lol and the first thing that struck me too, was the fact that all the graphs on my other crypto widgets had not made much change at all... well... keeping fingers crossed haha!
Yep, fingers crossed. :)
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I think we may need to add toes to that too lol :D
lol. Yep true. :P
So hoping it can at least hold this increase and even better if it continues to rise over the year.
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