Steem is testing long term support area again. Can it hold?
Seems like while the whole blockchain market as whole is rising rapidly, Steem is struggling to gain momentum upwards.
And now it is testing a critical support yet again and this time it might not hold. For those looking to trade Steem, keep eye on this. There might be good times to scoop up some cheap Steem later on.
Even while the popularity of Steemit has been growing at decent rates the money isn't following for some reason. Any whales with ideas why this is happening? Steemit is one of the few projects with product out after all.
Disclaimer
This is not trading advice that should be followed. Every action you take on the market is one that comes from your own decisions. Make clear plan of your own before a trade and stick to it!
And it is with a great concept behind this product!
I personally think if the community is strong and we continue to develop it , whit additional content, the people will come, then the popularity, then the market cap will rise and the wheel will turn.
Thank you for your insights @igster !
It would be only logical, yes. I guess Steem will do what Bitshares did when it comes to price. Slumber at low point for a long time until it explodes upwards. This could take years however.
In my view the good thing about that is that, even it takes time, this will give us the lead time to streamline the content creation, it will give us time to make a more polished and complete form of the platform and when more people come on-board it will be a working, thriving ecosystem, whit unlimited possibility of growth!
With time comes competitors though.
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.
steam is undervalued right now. A sleeping giant.
I wish so as well, we'll see.