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RE: Steem is testing long term support area again. Can it hold?
You've got to be very careful with shakeouts of long term holders. It's not uncommon at all for trash to get pumped (so large holders can bail) and great names to experience long periods of dreary trading (accumulation by the big boys). I recommend hanging tight. That's what I'm doing anyway! 😎
I'm just powering down to make sure my stake is liquid when needed be. If the communities aren't introduced soon enough I probably have to start selling it when time comes.
I think that may be what is happening on a larger scale. Folks are tired of waiting? Then it starts to fall and shakes out others...
Sure, eventually Steem will be pumped up when it has concentrated even more. But there are other promising projects with growing, organic interest of wide audiences. It speaks volumes to me that Steem is being ignored even if it's been out for a year - the price can't go much higher than this I feel as posts would get way too high rewards. I've seen it happen two times now. When the price pumps, whales don't adjust at all.
This should not be seen as an advice to dump holdings. If people are planning to hold for couple years, then Steem might serve well, but there's a lot of volatility we're missing out of currently by holding Steem and SP.
But you're totally right. Some coins can go for year or two doing nothing when it's being controlled by whales and once they're ready, it'll go up very fast.