Hello friends, it is the beginning of the week and today in the morning we are going to put the Ethereum futures aside and we are going to analyze STEEM and understand why the price still remains below $ 0.20 and has been unable to exit the distribution process that has been generated since March 7, 2019.
1D Chart
The capital distribution has manifested itself in a bearish channel pushing the price to $ 0.10 (indicated with the red arrow) at this level and 0.11 (green arrow) is where we can see that the lawsuit has rejoined the game.
1D Chart
This means that there has been no professional intervention in favor of the demand since 2018. Which means that, until the market makers involved in Steem do not generate the partial withdrawal of the offer, the price will be unable to rise.
On March 18 of this year (green arrow) we could see how the professional demand tried to exit the bearish channel by injecting large volume, however, as there was no follow-up of the demand with the real intention of breaking the downward structure, this distribution movement was unable to maintain its strength, bringing with it an imminent stoppage of the volume by the supply, incorporating the price back into the bearish structure of the distribution channel.
1D Chart
Despite these bad signs for those who are waiting for the breakdown of the $ 0.20 level (indicated by the channel's overbought line), it is observed that since November 20, 2019, demand has stopped the decline of new minimums for supply already started to create a growing structure that continues to this day. Which leaves the price in a large contraction formation within the distribution channel.
1D Chart
Steemit needs a true demand that manages to consolidate the price at $ 0.20 and that really intends to generate new highs, there needs to be professional support. If the demand does not achieve this, we could be facing the possibilities of a distributive range for a longer time or a search for the supply to generate new lows below $ 0.10
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Alejandro Aristeguieta
CEO in Aristeguieta Capital.
Investment Firm and Financial Analysis.
Can't you do a piece explains why HIVE price is not taking off.
Pump and dump cases, sad for us platform users not benifiting from price rise when other cryptos are flying, seems such a shame, that's why LEO looks promising and alluring.
You know why, it has more use cases in DEFI, besides for voting on posts and they done lots of development work.
Steem's a controversy, that big lawsuit warning when one goes to steem is enough to prevent that platform from actually growing, only people who hope to get some cryptos will keep writting there or posting there.
Anyway.
Hello, how are you, thanks for participating.
Sure, we can make this article. We'll post it right here on Project Hope as soon as it's ready.
The LEO token is attractive, you could take a look at it too. However, I consider that if you see these platforms as a savings account based on compound interest. You can benefit a lot, even trading the tokens out of it and then back to it.
The price of STEEM within its internal ecosystem remains undervalued. However, in exchanges it is much more expensive, therefore if it cost you nothing to produce this crypto, and you have obtained it at a much lower market price and make this change in a place like Binance, you can get a lot profit by difference.
Regards!
I'm not sure if HIVE is a good place to post about steemit ....