Steem Price Now Testing the Support Level!
Here we are testing support, just a week ago we were contemplating if steem could push through 60 cents. Oh what a week can bring.
Bouncing Back and Forth in a Range
Well, atleast that is what I hope the price is doing. After failing to breach 60 cents on two occasions since we leveled up out of that bottom range; steem finds itself back down to that old resistance point around 40 cents.
Luckily that now represents a support level and hopefully it will remain that way. Either way it is not fun to be testing support as only two things can happen.
1.) We hold the support and remain in the range
2.) It breaks support and we drop back into the lows.
Neither are super great as even the good outcome isn't technically bullish.
However, range bound is fine with me if it means a consolidation before going higher.
With all of crypto in sell mode the past few days it's to be expected that we would see steem testing support.
It just needs to hold otherwise we are back to square one.
STEEM is in a really interesting token.
It, in the past, has followed along with bitcoin bull runs.... but not quite.
It is hard to tell what STEEM will do.
My guess is that it will lazily go up as many other coins rapidly go up.
It won't be the best, it won't be the worst.
But, that leaves a wholelotta middle ground.
Yeah, it kind of muddles in the middle of the pack. Much to my dismay.
I still have some fiat ready to pull the trigger on getting some more! Pullback was expected so I hope this line holds although it may really be up to bitcoin. Another introduction weekend ahead!
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Should I be higher on steem? I'm honestly losing more and more faith in this coin after all this time.
I think that there are fundamental reasons things should improve with lower node costs and more development of the Dapps here. While marketing and this user growth is lackluster, where else can you do what is done here and earn some crypto? Will not bet the farm but I still feel the potential!
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Valid points sir!
It is just following the BTC price like a ghostly stalker.
Nice level there for price to stop and bounce.