Steem - The pump was nice, but much bigger things to come
Steem has been rather volatile these past few days, but this is likely just the beginning
After spending much of the past year between $.11 and $.15, steem finally broke out to he upside in a major way.
It saw large volumes, mostly on the Asian exchanges, and prices rocketed up to $.22 near the peak.
For most, $.22 doesn't sound like anything to be excited about, but for those that had been accumulated during this $.11-$.15 time period, that represented about a 50% gain in about a day's time.
Something that not too many people can sneeze at.
Given that kind of move, it is fully expected that some of those gains will retrace.
Mostly for the reason I just mentioned above.
Anyone that has been accumulating these past several months, it represented a nice spot to ring the register.
(Source: https://coinmarketcap.com/currencies/steem/)
However, I don't think that move up was all the excitement we are going to see with steem this year, not by a long shot
I am not sure exactly what triggered the bullish move, but there is a decent chance it had something to do with the disappointment surrounding EOS not launching their much anticipated Voice on the public EOS mainnet.
More about that can be seen here:
However, even if it had nothing to do with that, it doesn't make me any less bullish on steem.
Even if it was just a random pump on steem, that is still good news.
We haven't seen too many random pumps in steem over the past 2 years, almost to the point where it seemed like pump groups had kinda given up on ol' steem.
So, given that context, it is nice to see that steem is still on their radar, if that is indeed the case.
Finally, steem has some major development coming and SMTs and Communities are likely just the tip of the iceberg
There are a ton of things that steem can improve upon that will make it more attractive to investors as well as ordinary users.
From things like lite accounts, faster power downs, major marketing campaigns to some other proposals that have been floating around, I think steem will be a much different animal by the end of this year compared with what it is today.
And this will all be happening while bitcoin is very likely going on a massive bull run of its own.
The halving traditionally has been very good to bitcoin prices and we are less than 4 months away from the next one.
That kind of bullish background plus the steem specific developments have me very bullish for steem going forward.
Anyone that took profits at $.22, good for you, but just make sure you aren't kicking yourself when we are dollars again at some point within the next 18 months.
Stay informed my friends.
Image Source:
https://coincentral.com/what-is-steem/
-Doc
Its coming back down in price where it started.
To bad it cannot handle the pump.
My guess is that it will base slightly higher. Something around $.15 seems reasonable to me. Before we were spending most of our time around $.12, so it would represent a higher base.
It's nice for Steem to pump during a time when the rest of the market is completely flat. Makes us stand out a bit. Honestly though, we need to get back to around 80 cents before I feel like our network is no longer oversold.
Interestingly enough, Steem has proven it can pump that hard in a matter of days. (May 5, 2017) We really are a volatile asset.
Yep, agreed. It got steem some free press at the very least even if it gives back some/much of the gains. Free press is always welcome! Though I also think it will make a higher base than where we came from setting it up for the next surge.
Even up to 100% gains actually...
There you go... yep. Those 50% gains represented totals for those who had been accumulating at the top of our range, not the bottom.
Heartily agree with your statements here. I really haven’t gotten excited about the recent price flux. I’ve been buying crypto since 2010 so I didn’t see the pump as much to write home about. However it was nice to see, and I do feel that if changes are made then Steem will do well in the future. If we had an easier to use signup that would appeal to normal folks, then I think we would see more people come through the door. The reality is I just enjoy engaging with the Steem block chain. It’s just fun. I’ll save being excited for if/when we break above 3 USD. I enjoyed the write up, so upvoted and resteemed.
Thanks, and yea I am mostly looking for north of $1 myself before I start to get excited as well.
"Anyone that took profits at $.22, good for you, but just make sure you aren't kicking yourself when we are dollars again at some point within the next 18 months."
I think those who cashed in a $0.22 were among the lucky ones. What we saw recently was merely a piggy-back effect from the rise in Bitcoin's price. Piggy-back effects are rarely if ever sustained because in order to do so, a coin must be able to support its new increased price, and in order to do that, there must be a considerable market for the coin. Unfortunately the Steem coin has no significant market outside of Steemit, and to make matters worse, Steemit is a dying forum platform, clearly indicated by its continued drop in active memberships.
Steem was one of the only coins in the green and it was green by a wide margin, some 50% plus. The pump was very steem specific as opposed to riding the coattails of bitcoin like we usually see. Whether it was related to news or just a random pump, it was good news no matter how you slice it. Steem climbed from 80th place on Coinmarketcap to 66th during the pump.
"The pump was very steem specific as opposed to riding the coattails of bitcoin..."
I do not agree! Most coins increased considerably in value over the past few days, and are now falling back.
"it was good news no matter how you slice it."
Good news for day traders perhaps, but not for long term investors. I'm sure that those who bought in at $0.14 or $0.15 and sold at $0.22 are quite happy. But what about those who just bought in at $0.22? I'm sure they have a much different view.
Steem was far and away the best performing coin yesterday. Check the charts. If you really believe steem was just following bitcoin yesterday, you weren't paying attention.
And yes it was good news because it got steem some attention again. Something that is always a good thing when prices are primarily determined by speculation.
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Just my speculation, but I think some traders finally took notice that Steem was still sitting in the accumulation zone and took some profits and moved them to Steem since it hadn't pumped yet as an alt.
I'm going to be more excited if we hold above the 1900 Satoshi point for the next week or two as I think price will slowly begin moving up again to the next resistance point and bouncing around from there.
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