It's 11 AM...
and I am in the middle of a saltwater flush (I like to 'drain the swamp' every now and then if you know what I mean?) I figure what better time to do a brief market analysis, before the going gets tough, and the restroom beckons me.
With the hardfork underway, Steem is pumping hard today. I assume speculators are finding the new 9.5% APR in inflation to be of utmost interest, from a supply and demand perspective. At current available supply, that would bring roughly 20 million new Steem into existence by next year (most of which ends up in the hands of curators I believe?) Any rate, our current $.30 Steem token would loose about 3cents per year, even if Bitcoin went sideways.
We have not seen Steem re-test bottom in over a month now. After this mornings 40% jump in price I would look for support around .00025 - .00028BTC before climbing any higher. If .0025 does not hold I would expect prior lows to be tested.
If we continue to climb in price I could see $.75 - $1 Steem in the near future. At that point we may see some profit taking and prior support turned resistance.
With all things considered, I see Steem as a top 5 cryptocurrency if ever there was one. Nothing is for certain in crypto but all signs are pointing green.
Ooopp.. Gotta go, nature calls.
Next time,
I see this support now on poloniex. hope it didn't break
0.00032320 | 41093.48350865 | 13.28141387
Seems we hit .0002866BTC. Will watch for support in this area. I'm bullish on Steem in general so wherever strong support lands, it would be a buy.