The Steem token (as well as almost every other crypto out there) is dropping hard. That’s evident, of course. Almost on a daily basis, we are seeing red over and over again in the markets. However, is this is bad thing? Well, that depends of which side of the fence you are. If you’re a seasoned Steemian with quite a sizeable account already in place, then I guess it’s just a question of HODLing down and waiting out the storm. But if you’re just starting out here or have been wanting to increase your stake in the platform for a while now, a golden opportunity just presented itself for you.
The price of one Steem is slowly approaching the "one" dollar mark and my opinion is that it’s only a matter of time until we break that level. Many Youtubers I’ve watched have been regularly calling out a “bottom” in price pretty much all the way down to where we are right now. So, just to set the record straight. Where do I think the bottom is? Simple. There is no bottom. We’re is a strong bear trend so why is in the hell should we even be looking for one? Price will keep on doing what it’s doing and there’s not a damn thing we can do about it apart from adjust our strategy in accordance with these price movements. I’ve witnessed this countless times before (including the FX and Stock markets I was involved in for many years) and, I'm sure, will do countless times again.
There are three separate ranges I identify for which to play the charts. The big push upwards in price where you look to take some profits off the table. The middle ground where you’re not sure what direction the market wants to take, thus just taking your foot off the accelerator and wait. And finally, the lows of the market where you now look for opportunities to get in at a lower price, whilst buying up more as price continues to drop. We are well and truly in that third play area right now. We’ve already had the substantial drop and the markets are "still" acting as bearish as ever. A perfect combination for entrants to get into a market with a level of assured comfort.
Now, as far as I can see, Steem is one of those rare cryptos that can benefit you either way of the “big” market swings. How I see it, the capability to earn more crypto in a downtrend is reason enough to start collecting or adding to your stake in this platform. It's a seriously beautiful blockchain. In addition and without getting too deep into it, a quick check on the roadmap of Steem should highlight all the upcoming possibilities we have in store and thus prove it’s worth in the crypto space even more. Therefore making it a great coin to invest in. However, I remember hearing others speaking about the high value of Steem a few short months ago and how the “buying in” option was not a viable proposition. “If only it could get back to a dollar!” was one particular comment I recall vividly. Well, here we are and the price is almost there. A gift from the market Gods above providing an easy path to stamp your mark on the Steem blockchain and acquire a decent stake holding. There is no excuse at this point. As we’ve seen before, prices in the land of crypto are as volatile as they come and sitting around waiting for the “sweet spot” to buy in, may never reach there.
My humble advice is to get in now with as much as you can afford and add to your portfolio on further dips. At these levels and after such drastic price action, this is nothing short of “Christmas coming early”. For those who don’t believe it the future of Steem, fine, this doesn’t apply to you. But for those who have been patiently posting on Steemit, working their way up the ladder and determined to make a go of things on here, this is the moment to make an impactful improvement to your account and, in turn, your experience here on Steemit.
So, you wanna be a Steemit dolphin? At these prices, I don’t see why not…
True said:- this is nothing short of “Christmas coming early"
Interesting article, I’ve been with Steemit for over a year now and have seen the price go up a lot and back down again you could be right about it dropping below a dollar, I personally think it could be late summer before things start to improve or perhaps after the G20 meeting mid July which may see a large drop first before things get better. Cheers mike
Exactly, nobody knows what will happen next, only speculate. But the markets have dumped a huge amount already. Therefore, jumping in now and position averaging is almost a no-brainer...
I wouldn’t disagree, but I think I’m going to wait until after that meeting and possibly a large drop. Thanks mike
That'll work as I also think it will eventually get to sub a dollar. Good luck!
Good luck to you as well mate, cheers mike
You are right ezzy. I'm waiting for the price to go even lower before i buy in for a small amount. It is just a matter of time and it is indeed a great investmentopportunity.
Defo, bud. I'd say "if" prices reach a dollar, start buying in, but if it was me, I'd start now to set the benchmark figure and average in after that.
Yeah, it's crazy that it seemed like SBD would be inflated forever. I'm betting it's going to start earning interest soon.
Yeah I heard that advice before. Might be an intresting thing to do. however when bitcoin goes down another 20% i'll get more and I am only planning on buying steem in the first place when I have the feeling I get alot for my little amount I'm still willing to spend. But on the other hand this price is very good already. It's because I saw predictions of 40 cents for a steem. Thats whats keeping me from buying immidiatly.
The irrationality of us humans is hilarious. Many are leaving in droves and then fast forward and we'll be lamenting the missed opps when it was down to a dollar (again).
Averaging in looks the best way as you say. Otherwise you risk catching falling knives...
Absolutely, man. People immediately start looking for the bottom when price falls. Big mistake. Averaging at these levels are a pure gift, straight up...
Plus you can keep accumulating on Steemit without investing money. Obviously putting in money accelerates things x100, but your investment still appreciated in a downturn, unlike most other cryptos.
I have been staring at the chart for a few days now and one particular wish I have in mind is to have kept some fiat handy, and would have risk a couple of it on Steem.
Just like you said, this is not a financial advice. And those who are ready to invest knows that in life everything is risk. Therefore I'll advise all to put their risk cap on, for we are ready for whatever comes.
If we throw in what we can afford to lose with risk management as a mindset, I'd say that's a pretty safe play at these levels. :)
great post. Thank you @ezzy for giving me valuable suggestions for steemian
But if a new member like me that want to work on Steemit have to do work just for to achieve his Dolphin in Steem
Let’s try this
If you have time @ezzy could you explain what you mean by that.
Thanks! 😊
Sure! And btw, hope you're doing well otherwise!
So, what I meant was not to wait for a "sweet spot" price to buy in, but instead buy a certain amount now at the current price (seeing as it's pretty low already in terms of where we're coming down from) and adding more at regular intervals as the price decreases (if indeed it continues to do so).
That way, you're in a win-win situation. If price turns around and goes higher, so will your portfolio. If it keeps going down, buy more at a discounted cheaper price. :)