In a recent Steemit article by @crypt0 he states that he believes that the SBD (Steem Dollar) is oversold!

From my experience trading cryptocurrencies I firmly believe we have hit a bottom and the market is preparing to rally shortly!

People want the crypto market to bring back the green days and investors who have taken profits are anxious to get back in and bring prices up even further.

@crypt0 states:

With the price of Steem Dollars at recent all-time low, and way below the price they should be tethered to ($1 USD), it seems that the market has oversold. Does this imply that the rubberband will pull us much higher, as shorts close, and FOMO strikes the hearts of many? Perhaps. Does this mean that we're at bottom, or close to it? Likely.

Lets look at these points closer!

1.) SBD is at an all time low and trading at $0.90779 as of July 17, 2007

For a currency that is supposed to be tied to the dollar that is big news. What to expect in even the smallest rally is a basic return to $1.00 extremely quickly.

2.) Shorts will need to close.

People who have short sold the market (sold shares they don't have) will need to close their positions quickly. This will result in many buys shooting the price up.

3.) FOMO

People will see these prices rising at a rapid pace and jump on the bandwagon increasing the crypto market cap even further.

Final Thoughts

These are exciting times for crypto after a record year of trading and a massive sell-off mostly due to unsustainable pace of increase people are looking like they are ready to get back to trading. Trading means buying and that means more green days ahead!

This means expect huge increases in the crowd favorites as well : ETH, DASH, BTC and LTC

Best of luck to all of you!

Sources:

@crypt0 - Steem Dollar OVERSOLD - Are We At The Market Correction Bottom?? Things Look GREAT!

https://steemit.com/steemit/@crypt0/steem-dollar-oversold-are-we-at-the-market-correction-bottom-things-look-great