Are the stars aligning for Steem?

nextgen622 (71)in #steem • 5 years ago

For a while now, I've been very bullish on the fundamentals of Steem, especially with the rapid pace of development that is happening around here, in particular with Steem-engine, SCOT, Steem Monsters/Splinterlands, Steem Peak, and Steem Hunt etc. And since the start of the year, Steemit Inc. is finally getting their act together, cutting expenses by a huge amount, and starting to generate revenue with their advertising program.

Now that Steemit Inc. have gotten to a point where they are starting to consider the reduction of their programatic selling of Steem towards the end of the year, the downward pressure on Steem looks like easing soon. More importantly, the vision of Tokenizing the Web is taking shape before our eyes with SCOT, Nitrous and Steem-engine, even before Communities and SMTs are being developed by Steemit.

Prior to June 1, the main X-factor that I was concerned about was the new EOS project, dubbed the Steemit killer. But when Voice was announced, all my fears around a challenger to Steem was alleviated. Voice couldn't be more different to Steemit, and Steem is much more than Steemit.

Until yesterday, the only thing that hindered the Steem price from taking off was the TA and sentiment around Steem. For a long time now, Steem, along with the rest of crypto has been in a downtrend, but in recent months, Bitcoin and a few other cryptocurrencies have reversed their trend and started a new uptrend. Today, we might be seeing the first glimpses of Steem trying to break out of its downtrend too. Earlier this morning, we saw Steem break above 5k sats on significant volume.

If 5k holds this time around, it may start to serve as good support. And if we hold above these levels, I think we will see the MACD turn to the positive too, which is another significant sign that Steem is finally breaking out of its sustained downtrend.

Now, I'm not a TA expert, so might be missing the mark, but to me, it looks like the sentiment around Steem is finally turning, and if that's the case, we will all be very happy holders of Steem in a year or two's time.

What do you think about the future of Steem? Would love to hear your thoughts in the comments below.

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