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Price Analysis

Steem Price Analysis: Steem Has its Path Leading towards Bear’s Den

  • Steem’s value will fall further to $0.26; buying fresh lots is advised against.
  • The resistance will be there at 0.52 USD once it stands back on feet.

Steem is a digital currency backed by blockchain technology with a special focus on online content creators. The transactions are done on an application called Steemit. The users are allotted to Steemit coins with respect to the quality of the online content.

Current Statistics-

Steem

  • Steem (STEEM) is ranked at 60th position in the global crypto market.
  • The ROI (Return on Investment) of Steem stands at negative 51.36%.
  • The total number of Steem coins in circulation stands at 319,376,852 STEEM.
  • The current market cap as on 08th May at 08:44 UTC stands at 100,264,596 USD.
  • The value of each coin stands at 0.313938 USD and 0.00005325 BTC.
  • The current 24h volume at the same UTC stands at 889,638 USD.

Comparison-

Steem has performed with a stable pace throughout the year until now. There are only 3 major instances of abrupt growth and decline. In the 1st month itself, the coin reached 0.41 USD after starting at 0.26 USD. However, the coin managed to sustain the momentum until the 2nd week of April. From April 12th the coin is on a slippery slope of price correction. The market cap as on 08th April was 159,928,818 USD and the value of each coin was 0.520316 USD. The current market cap is 37.30% less than the market cap of the previous month. The last 1-day value is also on a down-trending path. The range of Steem in the last 24 hours is 0.33 USD to 0.31 USD.

Prediction-

As mentioned earlier, the value is on a declining trend. We predict the coin’s value to go as low as 0.26 USD in the coming two months. From there it will start rising. It should face resistance at 0.52 USD. The short term outlook is bearish. But the medium term and long term outlook are bullish. By the end of 2019, the value of Steem coin should reach 1.5 USD. And we predict the 2020 prediction to reach as high as 10 USD. But it should be noted that the growth story of Steem coin will not be free from price variations. So, speculators should be concerned more about this.

Conclusion-

We advise the short term investors to stay off the coin for the time being. The buying actions need to be done in the coming few months when the value will be at its lowest point.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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