Another Extreme Buying Opportunity for STEEM?
...And by that, I'm talking from both a BTC and USD standpoint. Although I'm sure most won't go near there BTC holdings at present, especially if it means investing in some useless alt. But you know what they say about being "greedy" or "fearful". Fear is literally the definition of the alts right about now. But looking at things from a more logical perspective, this might actually be a great time to be throwing in with the alts. Especially the most "undervalued" one...
Check out this screen capture below. Now I'm not looking at technicals or indicators here. Just simple charts and logic. The black arrow shows the last significant low we had, way back in mid-December 2018. After which, we then climbed up to sit at a comfortable 40 cent mark. And if there was a support level to be found, I'd say anything that 20 cent range has been pretty solid so far. For months, this has held up nicely.
So yesterday, we saw a dip to where we currently are, at around 35 cents. Now look at the blue arrow directly below current price on the chart. That represents zero! In other words, a price point we can't go under. So the way I see it, if ever there was a time to dollar cost average into STEEM, it would be now. Something along the lines of buying in at 5 cent intervals on the way down. I'm thinking that could work out quite well actually.
The reason I say this is because we are far from a dead project. In fact, we've got so much going on that even I find it hard to keep up. And I've been here from almost the very beginning! If STEEM is a blockchain you really believe in, then I can only assume this is a golden opportunity to capitalize on some huge potential gains. It stands to reason, given the developmental leaps and bounds we are making.
Many individuals are claiming that we may never see an altcoin season again. But I say what would you consider an "altcoin" season? Like, suppose STEEM rallied back up to over a dollar from where we are now. That's an almost 3x push upwards. Sounds pretty awesome, right? Altcoin season doesn't have to mean breaking new highs or retaking lost marketcap positioning, for now anyways. It's about looking at what "is" happening and then carefully contemplate what "could" be happening going forward.
I, like you, am quite saddened by the substantial drop in price that STEEM has endured. But whereas most people will simply crumble under the pressure and give up, I'd like to think I wanna come out fighting, harder and stronger than before. The craziest thing you could think of is buying STEEM right now, hoping for a pump in price, right? If that's the case, a move like that might turn out one of the smartest things you've ever done in the crypto space. Watch out for the perils of the "herd mentaility" mindset. A trap the majority in the market fall prey to.
Facts: The STEEM/USD value is close to zero, proven support area in the 20 cent range seems solid, the STEEM blockchain is flourishing like never before, we are 5th in the blocktivity charts, the STEEM community is enormous compared to our other digital token-based counterparts... Lol, now you do the rest of the math and tell me what you think? :)
Not greedy or fearful...just bored with the Steem action. It's just consistently, predictably, bad.
Swings and roundabouts, my friend. Just look how low we are now! I get your frustration but we're fast getting to a point where literally the only way left to go is up! :)
Well that is one way to look at it. But Steem's predictable bowl circling action has been hell on we poor souls with adult attention deficit.
Believe me, the price drop has literally taken me right to the precipice of Mount Doom itself. Except I'm trying to stay level-headed about it and not end up like Golum.
It can be extremely stressful if you allow it to be. I know the feeling only too well, bud.
I wish you luck but I feel that we are going to end up with a pile of dust with STEEM. Our energy is better spent investing in projects in the top 30 on CoinMarketCap. In my time here it has gone from #3 on CoinMarketCap to #74. Honestly our money is better held in US Dollars than in STEEM.... value is eroding away faster with STEEM
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As I said earlier, I understand any negativity surrounding STEEM and why people like your good self would think this way too. But the facts I outlined above simply speak louder than any bleak thoughts I might also have from time to time. And I listed only a scant few of them. We are very low in price whilst embracing some incredible development and active community. Acting on those two variables alone are what have made serious successes of some opportunistic individuals in the past.
I'm hoping this turns out to be another one of those cases, bud. Let's see... :)
Thanks for this great update, I'm thinking I should go for steem despite this ugly price but I have some things to do as well. Expectant parent.
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If you can ignore that instinct pulling you away from pressing the trigger to buy some STEEM, I think you will thank yourself later. No situation lasts forever, bud.
Wow. You really made a point brother I will squeeze myself and do some savings so I can buy some and keep. Thank for the tips .
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Nothing like a bit of bullish sentiment to start what looks to be an awesome weekend in the U.K. Cheers!
I'm still keeping the faith, brother! Same to you, have a great one! :)
Glad to hear that, enjoy the sunshine ☀️
This is magnificent work mate,,, Resteem for your content...
Steem is not an altcoin.
Lol, my bad! :)
I love that stance
Steem is great but Stinc dumping millions of their pre-mined steem isn't helping and I don't think they will stop anytime soon.
I'm not sure the reasons why they are doing it (as is always the case concerning them), but even they're gonna run out at some point and I'm in this for the long haul. As long as I keep believing in the blockchain and Dapp support, it makes sense to stay on-board and build.
It is elementary, dear Watson. Steemit Inc has employees it has to pay salaries to. It's got an office it rents. Steemit Inc's income from banner ads on Steemit does not seem to cover all those costs. Steem apps have 10,000 active users put together, not all of whom use Steemit. Steemit Inc is not making a huge deal of money from banner ads on Steemit. And that's their only source of income apart from selling their premined stake.
I hear ya, buddy. Just wish the transparency from them was a little better to dampen down all the worried Steemians out there. Just hate unnecessary viral FUD, if you know what I mean. :)
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I agree with your stance that most people give up on their way down. It's not easy to keep cool when you see your holding go double digit down in a matter of days.
What I would like to help me get a clear picture of what you're trying to say is the meaning of the blue arrow.
Cheers and happy steeming.
The blue arrow signifies zero, a.k.a. highlighting a value STEEM can literally never get to. And we are so close to it right now. So given all those other positive factors taken into consideration for the STEEM blockchain, my point is to reflect just how much upside potential there is, moving forward into the future.
I am wishing you are right @ezzy!
Love your positive mindset!
Still hanging in there, pal. :)