Steem (STEEM) Price Analysis: Steem’s Inconsistencies are Putting the 1 USD Target to a Distance
Steemit Coin (STEEM) is not a conventional crypt coin. It is supported by social media and backed by blockchain technology. The founders of this coin Ned Scott and BitShares creator Dan Larimer created this coin for online content payment and settlement platform. The philosophy of the coin is directly linked with the quality content. The higher the quality, the more coin the user will get. It also has an application called Steemit. Steemit uses the delegated proof of stake algorithm in order to mine new coins.
Current Statistics-
With a negative 30.16 % of ROI (Return on Investment), Steem is ranked at 50th in the whole market owing to its size. The current circulation stands at 311,522,912 STEEM. The market cap on 15th April at 06:04 UTC is 139,870,477 USD. The value of each coin in terms of USD and BTC stands at 0.448989 USD and 0.00008687 BTC respectively. The 24 h volume stands at 1,902,006 USD at the same UTC.
Comparison-
Steem has not been showing consistent growth over the last three months. It has been subject to many fluctuations. But it did not go with the market trend after 1st April. The growth was minimal, and it rather started to fall in the 1st week of April. The market cap on 15th March was 142,579,267 USD. And the value of each coin in USD and BTC were 0.466000 USD and 0.00011908 BTC respectively. The current market cap has deflated by 1.89 % in the last 30 days, and the current value in USD is 3.65 % less than the value a month back. The value of Steem has been subject to many ups and downs. The inconsistencies in the value have cost the coin heavily in terms of market cap.
Prediction-
As mentioned earlier, the coin has been facing some unexpected movements in the market. The 0.53 USD resistance has pushed the coin to a lower level. The short bearish movement now seems to last a little longer than anticipated. Over the few days this week, the coin is likely to rise to 0.50 USD level. This is a good time for the buyers to gain in a short period. Medium term and long term outlook have bullish movement with huge instabilities. The coin may reach 0.65 USD to 0.70 USD by the end of this week. On the long term, we predict the coin to reach the ultimate target of 1 USD.
