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RE: It's Steem crisis ATH but let's pause for a second and look at things on a 5 years range
I actually believe that the current downtrend is normal @jonmaim there is a chance that Steem as a currency won't recover but even if it does, it makes sense to get oversold first.
This isn't investment advice (I am not a fortune teller) but I think Steem is starting to reach oversold territory.
@chrisrice Oversold would mean we reached the bottom?
I am not a professional investor but I use the term to describe when a stock or cryptocurrency is sold to the extent that the asset trades below it's value @jonmaim.
It is hard to quantify what a cryptocurrency's true value is but I traded penny stocks in my teens that had a market cap of $50 million to $200 million based on nothing but a story and non-revenue generating patents.
That leads me to believe that Steem gets into the oversold territory soon after it's market cap falls below $50 million or about $0.16 to $0.17 USD per Steem.
This is just a rough estimate and by no means is a guarantee or financial advice of any kind but I kind of see Steem going that low before it bottoms out.
For people that just started buying recently, this is a good time for them. I personally started buying at $0.79 USD and have been buying a set amount every month since.
Thanks for sharing, this is very interesting. If we go that low, it would be a steal at that price!
That is exactly what I mean by oversold.. a price that is a real steal @jonmain.
In my experience volitile stocks and I believe cryptocurrencies too, will trend down toward 'steal' territory before the end of their respective bear markets.
A lot of the loyal Steem holders will probably run out of money before Steem reaches oversold territory, so in general, they will not be able to accumulate a good amount at bargain prices.
This isn't financial advice or professional advice of any kind but it is what I think and I plan my Steem purchases accordingly.