Steem vs. USD
It appears that history likes repeating itself with Steem. There's lots going on in the Steem vs. USD chart today. I've zoomed the chart out today to show the repeating patterns.
It's been a year since the RSI was this low, and that signaled a strong price for the rest of the year. exactly 6 months ago, the 50-day Moving Average crossed down over the 100-day Moving Average, and today we can see that has happened again.
If history repeats itself to the letter, we might see Steem prices fall even further, which is a great thing if you are trying to build up Steem Power through post rewards.
It would also mean that we are on schedule for a June/July altcoin run, if the trend persists that is.
Another big moment is the ~$1.78 mark that we're close to now; last year $1.78 was the ceiling that Steem kept bumping into, and finally busted through a few months ago. Long-term these are good signs, in my opinion.
Steem vs. Bitcoin
It appears that Steem vs. Bitcoin is also heading for the same pattern we saw last fall, with the moving averages reversing, and the price of Steem dropping to the next support level of ~17,000 satoshis. For me I don't see this as a bad thing, but opinions will vary. We'll know by tomorrow whether that is indeed the case, as today's candle isn't finished and could jump back up into the channel.
Steem Stats
| Last Closing Price | $2.05 |
|---|---|
| Price 1 Year Ago | $0.12789 |
| 1 Year Growth | 1602.94% |
| Marketcap Rank | #29 |
| Last Closing Marketcap | $536,550,000 |
| 24 Hour vs. USD | -13.15% |
| 7 Day vs. USD | -27.91% |
| 24 Hour vs. BTC | -6.48% |
| 7 Day vs. BTC | -15.55% |
Thank you for reading. Try to keep your head attached in these crazy and blood-thirsty crypto markets.
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I believe steem will definitely bounce back. Every cryptocoin worth having goes through these up and down cycles.
yep, and Steem is unique in that you get more Steem Power for post rewards when the price is lower, as well as being cheaper to buy. win-win.
Definitely a big win.
I'm winning on only one side though, as I'm not stable enough to buy steem.
I'll be putting the work in, doing what I can do to build myself up.
The rewards will roll in over time.
thanks briggsy for the update on steem. i always look up to your posts for crypto anylasis but my concern these days is steem only. I didn't understand the part ypu talked about building steem power with post rewards. can you explain a bit to me?
Steem Power that you get from a post reward is based on the 3.5 day average Price of Steem in US Dollars.
I'll use curation as an example:
Curators get a maximum 25% of the post reward, paid out in steem power. So if a post payout shows $10.00, than 2.50 of that post payout goes to curators.
so the total curation payout would be 2.50 divided by the 3.5 day average price of Steem in US Dollars.
So lower price of Steem means better Steem Power rewards for authors and upvoters.
wow ! thats something i never knew about. and thanks alot ! you explained it so well
Thank you briggsy for this information. I wasn't into Cryptocurrency a year ago so was unaware of the similar pattern to last year.
Thank you for sharing information
Great post one..keep it up...
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