(LWC) STEEM PRICE ANALYSIS & Why STEEMIT Will Become a Monster! [Blog #1 - 23/06/2017]

lifewithcrypto (57)in #steemit • 7 years ago (edited)

STEEM PRICE ANALYSIS.png

Welcome to our Daily STEEM PRICE ANALYSIS
Friday 23rd of June, 2017

Current price of STEEM on CoinMarketCap.com

STEEM's price today, Friday 23rd is at $2.16 with a 10.42% increase in the last 24 hours.
It is currently ranked #17 by Market Cap which today is at $507 million, with a 24 hour trading volume of $3.87 million, dropping 1 rank from yesterday's #16.

Let's take a look at the 24 hour evolution of STEEM

We can see a significant rise in price at roughly 7:20 AM probably caused by a very large buy order of STEEM. The price jumped from $1.97 at 7:19 AM to $2.12 at 7:29 AM for a $0.15 increase in a time frame of 10 minutes, which is a 7.61% increase followed by a more steady growth in price to $2.24 at 10:29 AM and a small correction down to $2.16 which is the price of STEEM right now.

For a more detailed look, please check the chart live here.

We can also see how STEEM evolved over the last 1 hour, 24 hours and 7 days

0.35% decrease in the last 1 hour. A small correction which is perfectly normal.
10.66% increase in the last 24 hours. A very nice jump, and a steady one.
4.69% increase in the last 7 days. A steady increase. STEEM is doing well overall.

Today's bottom line:

STEEM is doing well. A steady 10% increase in price today, without signs of a correction coming. It is caused by the fact that people are returning to STEEM (after the successful - and beyond successful Hard Fork 19) now that it didn't crash and burn.

Keep in mind that the POLONIEX trading platform still has the deposits/withdrawals temporarily disabled, and so the volume of traded STEEM is quite low, as POLONIEX has the largest trading volume out of all the trading platforms for cryptocurrencies.

Once they re-enable STEEM deposits/withdrawals you will see a high spike in trading volume, and regardless of the outcome, as right now, it's anyone's guess if people will jump to withdraw and cash out their STEEM or just be rushing to buy more, it means that STEEM is doing well. The more trading volume, the better any "asset" does. It's like publicity - there is no such thing as bad publicity!