Alright fellow Steemians, Steem Dollar is trying to get back up again. It is currently trading at 4,10 but will get a lot of near term resistance pretty soon. Here is the daily chart:
Comment: If you look at the descending trendline you can see that the resistance is coming in at around 5,25. The good news here is that we might form a Stochastic Divergence for Steem Dollar. That means that we make a lower low on the price while the stochastics simultaneously make a higher low. This setup is one of the most reliable bottom formations.
We are not there yet, but hopefully tomorrow, we can see if this will come true. I will get back to that.
Finally I want to take a look at the area line chart:
Comment: I have already mentioned the first obstactle, but the second one is as I have named it non negotiable, we must have a daily close above 8,70 in order to break out from this short term bear market and change the trend.
Happy Steeming!
I think we're currently just in the midst of a panic sell down by investors. Stock market is starting to slow and hit resistance and so money is being pulled out of everywhere as everyone prepares for an economic correction and/or regulatory crackdown.
Given that none of that is certain...all the trends for STEEM point to great long-term potential - growing adoption, accelerating web traffic and search hits, quality platform. May not make our money tomorrow but it's a great long-term play imho.
nice posting thanks for sharing @freeforever
If we want SBD reach $7 again it should has the Market Cap around 50mil USD.
Now the Market Cap is 31 mil USD. To reach SBD $7 tomorrow that means tonight the volume should be 45 mil dollars.
Maybe it will happen , nobody knows.
I like you post