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Price Analysis

Steem (STEEM) Price Analysis: Steem To Bring Back Its Mojo Of Keeping The Crypto Community Interested & Hooked

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  • Steem is pulling all strings to stay in the game, recently partners with Snax
  • Steem finds another way to increase usability by enabling self token creation

Steem’s motto has been to empower the online community through blockchain based technology. The model is simple but unique; it rewards the users for their content contribution on Reddit and Twitter. The question, however, is whether this will lead to an increase in STEEM value and bring back bullish trends considering the current scenario.

Current Statistics:

Steem Price Chart

  • Steem is ranked at the 60th position in the top 100 cryptocurrencies list by the CoinMarketCap.
  • The ROI of the coin stands at negative 53.56%
  • The circulating supply has been 321,185,212 STEEM & total supply of the coin is 338,159,306 STEEM
  • The price of the STEEM coin is trading at 0.29 USD and 0.00004855 BTC as on May 10, 2019, at 05:44:01 UTC
  • The market cap of the coin is currently 96,291,951 USD
  • The 24 h volume at the same UTC stands at 813,545 USD

Comparison:

In the last 30 days, the highest price of the coin piqued to 0.47 USD. In the last 7 days, it has moved between 0.36 USD and 0.29 USD. There has been a downward trend of over -42% in the last 40 days with the price of the coin reaching 0.50 USD & 0.00010174 BTC as on April 6, 2019, at 07:34:01 UTC. The market cap of STEEM was 157,011,642 USD, and 24 h volume was USD 6,435,501 at the same UTC. The first resistance level can be expected in the next 2 weeks at USD 0.29.

Steem Price Prediction until 2020:

The value of the coin has been in a bumpy ride since the beginning of 2019. The year started with STEEM priced at around USD 0.27 and the price almost doubled by mid-January post which it again dipped. In March, the price of STEEM currency increased again and currently it is showing a downward trend. However, STEEM’s team has been trying all possible methods to maintain a positive outlook in the market and keep traders’ interest alive in the STEEM cryptocurrency. Recently, it partnered with SNAX to double the rewards for online content contributors. The team has also been tweeting about the creation of self-made tokens on the STEEM platform. This increases curiosity which can lead to sustenance for the long term. The price of the coin, hence, can increase up to 1 USD by the end of 2019 and can reach USD 50 by 2020 if it sails through the tough times.

Conclusion:

Target to buy STEEM in the next week as the price can further go down before it shows bullish trends once again by the month end.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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