Steem (STEEM) Price Analysis: Steem’s Unprecedented Fall Is to Continue for Some More Time; Bull is at A Distant
Steemit is a social media blockchain supported crypto coin. The users of the coin are basically online content creators. It also has an application called Steemit. It was founded by Ned Scott and BitShares creator Dan Larimer in 2016. The users get STEEM coin based on the quality of contents. The higher the quality of the content, the greater the reward becomes. Steemit uses the delegated proof of stake algorithm for mining of new coins.
With a negative 36.52 % of ROI (Return on Investment), Steem is ranked at 51st in the crypto world. The total coins in circulation currently are 308,665,486 STEEM. The current market cap of Steem on 12th April at 04:04 UTC is 126,329,680 USD, and the value of each coin in terms of USD and BTC are 0.409391 USD and 0.00008150 BTC respectively. The 24 h volume at the same UTC stands at 2,053,718 USD.
The value of each coin has not been very consistent throughout the year. 2019 started with a very lower note, but it soon gained momentum. But at 0.42 USD restraints, the coin started to fall. But with some restraints, it has been moving fairly. The market cap on 12th March was 154,363,735 USD, and the value of each coin in terms of USD and BTC were 0.503994 USD and 0.00012962. Since that time, the value has taken a fall. Even the market’s heavy growth after April 1st could not help the coin to revive. The current market cap is 18.16 % less than the value of 1 month back and the same way the value of each coin has deflated by 18.77 % in the last 30 days. But currently, it is moving to the downward margin with a target of 0.35 USD.
The value of Steem coin is not giving any positive signs to the investors. The unprecedented fall in the value even at the time market is growing, has shocked the investors. The value may rise after it hits 0.35 USD or 0.36 USD. So, short term investors are advised to wait some more time to get a buying deal. But, in order to get a profit on that, they may have to wait for a long time. The bearish claw is not going to leave Steem very soon. Long term as well medium-term outlook is not showing any signs of bull.