Steem Market Update: Why the sudden price drop, and what should we do as investors?

How are you all? When I woke up this morning and opened the Steem chart on my phone screen, I was honestly a little taken aback. Even last night, when the market seemed quite promising, it was natural for an ordinary investor to be worried after seeing such a red candlestick. Currently, the Steem price is hovering around $0.065 to $0.067.[1][2] Although this is not very unusual for the crypto market, this scenario is not at all pleasant for those who were hoping to make a profit in the short term.

I analyzed several charts and global market news to find out why the market suddenly went down like this. The main reason seems to be that Bitcoin (BTC) is taking a slight correction from one of its strong resistance levels. And those of us in the crypto market know that "when Bitcoin sneezes, altcoins get sick." Since Steem is a part of the altcoin market, this bearish or negative sentiment in the global market has directly affected our Steem price. Also, as the volume has decreased slightly, panic sellers have started selling their tokens in fear, which has pushed the price down a bit.

Now the biggest question is - will the market turn around from here, or will it go down further? I did technical analysis and found that the current $0.063 - $0.065 level is a very strong 'Support Zone' for Steem historically. We have seen before that whenever the price touched this level, buyers became active,e and the market gave a nice 'bounce back' from here. Moreover, the RSI indicator is now almost in the oversold position, which means that the selling pressure is almost over, er and very soon we can see a positive movement or green candle in the market.

Many people are asking me in my inbox or comments whether I should sell now. My personal advice and my own strategy is to be patient. Losses in cryptocurrency are only losses when you sell it and cash out. I personally see this dip market as an opportunity. Those who have extra funds or liquid money in their hands can buy some STEEM at this low price, so that when the market recovers, the average buying price decreases and the profit margin increases.

Finally, I will say one thing: the crypto market always tests patience. It would not be wise to make the wrong decision after getting disappointed by today's red chart. The Steem project is fundamentally strong and has a huge community. So it would be wise to think long-term rather than be afraid of this temporary drop. I am keeping a close eye on the market, hoping that we will soon see a break of the $0.070 level again. Let's see what surprises the market has in store for us!