Price Analysis

Steem (STEEM) Price Analysis: Can Steem Recover from Bearish Growth Triangle Trap?

Steemit (STEEM) is social blockchain supported the crypto coin. Online content creators predominantly use it. An app called Steemit does the mining. It was created in 2016 by Ned Scott and BitShares creator Dan Larimer. The users of this coin are allotted STEEM coins on the basis of the quality of the content they deliver. As per the Steemit platform, the higher the quality, the greater the number of rewards delegated to the users.

Current Statistics-

Steem

  • Steemit (STEEM) is the 53rd largest coin in the global crypto market.
  • The ROI (Return on Investment) stands at negative 39.85 %.
  • The coins in current circulation stand at 312,783,559 STEEM.
  • The market cap as on 24th April at 01:54 UTC is 121,048,041 USD.
  • The value of each coin in terms of USD and BTC stands at 0.387004 USD and 0.00006969 BTC.
  • The 24 h volume at the same UTC is 1,644,003 USD.

Comparison-

Steemit coin started the year 2019 with a very lower note at 0.26 USD. However, it has grown itself for a few days before starting to show inconsistencies. The inconsistent triangle was never away from the growth path of this coin. After the April 1st boom, the value got inflated for a week, but again it could not retain the momentum. The market cap on 24th March was 145,133,309 USD. And the value of each coin was 0.471418 USD and 0.00011698 BTC. The value of each coin has degraded by 17.9 % in the last 30 days.

Prediction-

As mentioned earlier, the Steemit coin (STEEM) has been performing with many variations until now from the starting of the year 2019. The 1st April boom also could not do much to revive the growth of the currency. However, as the whole market is experiencing a price correction, Steemit coin is likely to reach its actual level soon. From now on, it is going to rise. The current 0.41 USD level should reach 0.48 USD before facing resistance. From there the coin may show some weaknesses. But the medium term and long term outlook are bullish. By the end of 2019, the coin will reach 1 USD, and 2020 should see the value at 5 USD per coin.

Conclusion-

The short term investors are advised to wait for some more days before locking a buying position. This will give them a huge profit margin in just a week or two weeks’ time. The long term investors should hold their investment till 2020’s 2nd quarter to get at least 400 % to 500 % profit on their investment.

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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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