Everyone know about the price jump in steem coinciding with the announcement of SMT. However, that initial pump doesn't mean much if we do not get some confirmation and follow through.
To the charts!!!
Bigger Picture
The chart above is a 1 year view of the daily price action of steem. I wanted to show this so you can see how much price actions (support/resistance) there as been in the 33k-35k satoshi.
After finally blasting through that resistance line again, steem then pulled back to it and now today, we are trading right at that 33k-35k.
A Closer Look
On this chart I have zoomed in so we can see the past few months better. You still see the line around 35k (which looks less clean here) but I have also added a resistance line around 40K satoshi; if you look at previous highs from August and the lows set in May this is a pivot point for sure.
Conclusion
Even though the 35k line is a bit messy in the near-term it has been a pivot point so much in the past that it still holds weight.
I'd really like to see Steem close above 35K and set its sights on that 40k resistance level. After that there is some room to run.
We shall see how it plays out!
And with that, we hope steem is singing this song!
Best Regards,
A close over 40k would be nice. SMT is exactly what Steem needed. SMT will help the whole crypto industry by helping the mass adoption phase.
Agreed, SMT will be good for crypto on a whole. I do wonder a little how it directly adds to the value of steem price.
I was contemplating the same thing. How does the value of Steem directly go up if SMT is being used? Is it that SMT is built on the Steem blockchain? I still haven't had the chance to read the white paper... only read a few peoples posts talking about SMT.
UPDATE Well, it didn't take long to get that answer, the new daily candle for steem formed and price immediately has sold off.
I'm not sure if we'll get much more than the little bounce that we already had. As there's no real date/time frame for a rollout, there's not much for investors to go on.
Add to that the recent crackdowns and increased government interest in ICOs and exchanges and I'm not sure if we'll get much clarity on sentiment and price action in the short- to mid-term.
On the other hand...there's a chance that there will be some steady gains from the hype alone, but that might not happen until an official release date is confirmed in the 2018 road map, which won't be released until after the new year, most likely.
Yeah, I hear you man. I'm watching the chart and hoping for the best, but we do need a real catalyst whether it's HF20 or roadmap release, something.
A real catalyst would be a massively improved UI, but that's apparently too much to ask from a "social media company."
The token-creation thing has been done a few times already in crypto. Bitshares even has it...and their prices aren't doing very well compared to the others. Not sure what Steem can add regarding investor value without other large improvements elsewhere in the ecosystem.
I wish that Steemit, Inc. would work on improving their own flagship product (Steemit.com) instead of copying things that already exist. This just seems like a move out of desperation while they continue to ignore user feedback on vital social media functions/features. And we shouldn't assume that other investors don't see this happening as well. Confidence in development seems to be pretty low overall.
There's a reason we're not seeing many useful projects/businesses being developed around here. Token-creation won't magically change that, in my opinion. I really do hope that I'm wrong though. I would love it if that were the case.
At this point, I'd be happy if just the on boarding process was improved/fixed. Guess all we can do is wait and see. shrugs
A-freaking-men, you sing the song of my people.
steem price will surely go to the moon after all the updates...at that time, all of us will be all smiles ....
Sure hope you are right buddy, but after more than a year watching steem and other cryptos I am more in a "show me" mindset with steem rather than the blind faith I had previously. Still is and will be my largest holding though.
I agree with you, good point ...however my lastest post indicated what @ned plans to do with the latest SMT ...fingers crossed
Poloniex again blocked the deposits in SBD/Steem. I did my deposit and after 6 hours no confirmed yet...
Oh buddy, please stop using poloniex. It's dancing with fire. At least use bittrex, have not once had a problem after a year of use.
Dude da Bosss and Steem, you kidding me !(said in attempted guido accent). Nice analysis will be keeping an eye on that price.
lmao!
great stuff glad to upvote :)
if you like check my post :
https://steemit.com/ico/@morality/making-money-of-an-ico-is-real
Nice @scaredycatguide :-)
I do BTC/USD daily chart analysis. Pls have a look and give suggestions:
https://steemit.com/trading/@aarcee/bitcoin-trade-btc-usd-03-oct-2017
Thanks
thanks friend for your information... upvote
I hope that this happens.
STEEM may not hold itself at the $1.50 USD mark for long.