Steem (STEEM) Price Analysis : Synopsis on STEEM’s Degrading Market
Steem is a social blockchain that owns and grows communities. STEEM represents a fusion of ideas, drawing from both social media and cryptocurrencies to create a new kind of platform. It also powers real applications through its a social app called Steemit. It uses the proof of brain algorithm which allows the users to edit the content and the features, based on the quality and the functioning capacity; the users are rewarded with STEEM coins. It makes revenue flow possible for users with this rewards – The greater the contribution, the more tokens they earn. The major advantage of this cryptocurrency is that it can be used in the non-digital world as well.
Steem is the 46th largest cryptocurrency in the market whose market value traded at USD 136,389,784 at 08:34 UTC and the concurrent trading price was 0.442362 USD or 0.00010938 BTC. The circulating supply of coins that influences the trading price amounts to 308,507,427 STEEM coins out of a total supply of 325,481,521 coins. The current Mcap value at 14:54 UTC is USD 136,431,827 for the corresponding 24h volume of $2,612,893. The trading value of the cryptocurrency opened at USD 80 million at the beginning of January 2019 and reached a peak of USD 123,942,742 on January 23 before the degradation. The market deteriorated to a low of USD 82,994,882 on February 06 at 16:34 UTC, while the price traded at $0.263957. The current value increased by 64.39% from its past. The MA of the cryptocurrency exhibits an uptrend with the value rising from USD 128,083,251 on March 07 at 01:34 UTC to the current value by 6.52%. The digital currency reached its all-time high on March 10 at 18:34 UTC, when STEEM was traded at 0.543575 USD for its relative MCAP value of USD 166,976,317, a growth of 30.37% from the past. The increase in the price of USD provides good support resistance to STEEM.
Future of STEEM is predicted to be bright and advantageous. Crypto Ground estimates that there would be a hike percentage of 219.93% and the current price would bounce to 1.4065 USD by the beginning of 2020. It also predicts that the cryptocurrency would be on a continual growth with an increasing percentage of 1,427.72% and a rise in price by 6.7161 USD. Predictions from Trading Beasts suggests that the trading value of the currency would increase by 293.06% reaching 1.73 USD by the end of 2019 and as for long term, the percentage increase nears 450% and the trading price hikes to 2.46 USD on an average. Contradicting to the growth analysis is the technical analysis by wallet investor. The analysis predicts that the market is in for a set back by the end of 2019. The current price is expected to degrade by 269% and reach 0.142 USD.
However, the current market does not support the predictions due to the dipping values. The bears pressure the crypto-coin and hence do not cooperate with buyers. This crypto’s market does not satisfy the requirements of the merchants and investors. The prediction foresees STEEM’s bright future. However, the cryptocurrency will rise in value and benefit only from the investors – both long term and short term. And a stable increase in the market trend will support such investments.