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Price Analysis

Steem (STEEM) Price Analysis: Is the Downtrend of Steemit Coin Long standing?

Steemit coin is backed by social media blockchain. Online content creators primarily use this coin. An app called “Steemit operates this.” Ned Scott and BitShares creator Dan Larimer created this coin in 2016. It claims of using the delegated proof of stake algorithm in order to mine new coins. It follows the philosophy of quality of content, the better the quality, the more the number of coins allotted.

Current Statistics-

SteemSteem coin is 53rd largest coin of the market. It has its ROI in negative 34.63 %. The total coins in circulations stand at 312,186,527 STEEM. The current market cap as on 19th April at 03:04 UTC stands at 131,186,535 USD. The value of each coin stands at 0.420218 USD and 0.00008047 BTC respectively. The 24 h volume at the same UTC stands at 1,040,100 USD.

Comparison-

Steemit coin (STEEM) has started the year around 0.26 USD. Now it is being traded at 0.42 USD. But, the almost 100 % increase has not been stable. The coin has seen much instability over the last 90 days. In the second week of March, the coins reached its zenith at 0.50 USD. The market cap on 19th March was 142,982,276 USD. The value of each coin in terms of USD and BTC was 0.465456 USD and 0.00011595 BTC. The current market cap is 8.24 % less than the market cap of 19th March. The value of each coin in USD has deflated by 9.71 % in the last 30 days.

Prediction-

The coin is now hovering around 0.40 USD. We predict the coin to grow stably to 0.45 USD. The next resistance should be at 0.45 USD. It may fall a bit once it reaches the resistance. By the end of the next quarter, we predict the Steemit coin to reach as high as 0.75 USD. The medium-term outlook is bullish. Steemit coin (STEEM) should touch 0.1 USD by the end of 2019. 2020 prediction also shows a bullish trend. Multiple market interruptions may happen in 2019 finally surging the price to a level which is not anticipated.

Conclusion-

The short term investors are advised to wait for the next resistance, or they can buy the coin at this price. This will give them much profit in the next 3 weeks. The medium-term and long term holding may pay a high dividend of almost 200 % by the end of the 2nd quarter of 2020.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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