STEEM... the lovable crypto we have decided to invest in, is in its biggest challenge ever, I believe.
The price of STEEM dropped to new lows, liquidating its market cap to $210 Million and 41st seed in the crypto market.
trade stats - 11th Nov 2018
Bid/Ask 0.74433 / 0.74825
Day's range 0.74048 - 0.76673
52wk range 0.00002 - 8.40298
Previous Close $0.77507
after several attempts to break the resistance around $0.82 (the blue line), even after HF20 and some improvements, finally the support on $0.78 (the red line) broke and the price dropped to new lows.
what's next?
I believe the STEEM price depends on two major factors:
- Bitcoin and Ethereum prices; which don't show a strong signal of getting any better sooner than 2019
- more adoption of the blockchain through new dApps and frontends like steemit, dtube, steepshot etc
more dapps and frontends on STEEM blockchain, means more usability and more consumption of the token and therefore, more demand.
Steemit is a great platform but it is limited to blogging enthusiasts and lovers. there should be many more for STEEM to be applied on.
Technical support/resistance levels
knowing these levels help you in entery points and exit strategy:
About EXIT
Does it sound awful to talk about exiting a position? think again! everybody should have an exit plan from any position in life!
Never enter a situation that you don't know how to exit!
my decision?
I don't panic, may stop buying more tokens to see the 0.7 to 0.78 channel ends in which direction.
I will continue on blogging, which is my passion and promoting STEEM and other cryptocurrency platforms to those who are in my social media rings.
We should help the blockchain ecosystem to penetrate people's lifestyle and change their mindset to decentralisation.