Where's the Rally?
Do I have to say "pump" :)
Alright, folks! What happened to that rally on steem? Remember the nice rally we had on Steem on Apr 03... that fizzed! It's been 7 days, and almost the entire rally in price is gone. There is a daily chart below to show the reality:
It is a multiple working hypothesis on the price of Steem currently:
- After the steem-hive fork; a whole lot of people are leaving steem and accounts are on powerdown
- All those powered downed steem are getting old of the exchanges putting pressure on price
- There is significant incentive from the new steem leadership to rally the price
- To diversify their asset by selling at a higher price
- New steem leadership emerges by buying steem from the open market
All these forces are in action at the same time, which makes the price volatile. That is actually an welcoming event to the trading community. This is reflected both in the daily and hourly chart as an increase in volume in late March- April;
Above is the hourly chart for the Steem/BTC pair. To the left of the chart is the ~800 satoshi rally that pushed the price to 2974 satoshi, but unfortunately all of that is gone. At the time of writing the steem/btc is trading at 2239 satoshis.
Looks like it will be a constant struggle between the different forces I described above. It will be beneficial for all parties if prices rally become sustainable.
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You know; those things actually work! ;)
I was a little bummed when the Steem price dropped a few hours before my power down came in, lol. Oh well, that is all just part of the game. I still got a few thousand more Hive in the end so it's a win win for me.
Yes, it’s a process, and we are all traders at this point.
I think there will be a steady outflow as the people who want to leave are slowly powering down and cashing out
I see everyone powering down on Hive... sending to exchange for new Airdrop.
The only reason there'd be a rally is if some whales were buying, completely ignorant that Sun has censored and frozen the funds of the witnesses he colluded to take out.
What smart investor would invest in a platform that was supposed to be decentralized yet ended up like this?
IMO, the only people who'd be buying Steem are idiots that have no understanding of the fundamentals and what a huge failure this system has been under Sun's "leadership" or very flimsy principles.
I suspect the same Sun acolytes that blindly buy Tron will do the same for STEEM. They hunger for a ruler. Such is the way of most of the general population. I'd like to find one freedom loving person who understands blockchain that intends to remain here. I have some small hope he'll end up dumping steem when it's all said and done and it recovers some of its former promise. I don't intend to bet much on that possibility however.
what do you think will happen once all those that powered down have gone?
you think we will see a $1 + steem price?
Who's gonna buy if they actually know the fundamentals and background of what happened here??
Certainly not too many with any principles or brains...
Justin will try to keep it at .17 to make the chain keep paying out SBD to show that everything is stable.
If that is the case, it’s good for us.
what an idiot HAHAHAHA
You will see a rise in price if BTC continues to increase. The only coin that has been preforming during this bear market is LINK.
I still don't understand, what happened? The peak did not last long.