Moving Charts: STEEM Prices Analysis
Hello everyone, and a very good day. The market is at an optimistic shape. STEEM is also a token that has been privileged by it. Constant gains and constant reliance. let us go over the charts once again and see exactly how bad things are compared to the last time I visited this chart.
So by the looks of it, where STEEM is now, isn't far off from where STEEM was a week ago. In fact if you look closely enough, it'll appear that both valuations were near identical. So the first part of the week, is more about the downfall of STEEM from a position of authority. In the beginning hours of our week of contention, STEEM touched a high of 0.24$. That isn't the highest in the last few weeks but it certainly was close.
Anyhow, right after this trend reached its peak, the hard reversal that followed upwards almost crippled STEEM. Went from around 0.245$ to 0.205$ in a matter of hours. By the start of 10th February. STEEM again tried pushing upwards. The more stable run towards the mill saw STEEM reach valuations worth around 0.0225$. which is essentially half of what value was lost a few days ago. But for brief moments STEEM touched upwards of 0.23$. But those were brief.
This uptrend was short. It faced degradation and eventually went in a reversal by 13th February. This downtrend shows the lowest point where STEEM has plummeted to in this week. And it was around 0.20$. Which explains how strong of a foundation the 0.20$ protection is. It was supposed to be have tested there. Because that was the most obvious scenario. What happened afterwards was entirely unexpected. Bitcoin started booming yesterday. When Bitcoin was at 21000s for, STEEM was at around 0.20$. then this trend came and took everything by storm. STEEM as well is part of that weather. That is why since 15th February onwards, STEEM disregarded all trend lines and predictions and started moving in Bitcoin's direction. This has helped the token get back to near 0.24$. And the general expectation is stay at this point and push upwards.
All Screenshots are taken from Coingecko
And by the looks of it STEEM looks pretty much stable and going upwards. And it looks more and more likely that this foundation will help STEEM go more forward and gain more value over the next coming weeks or every months.
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