Potential Targets for Steem
It appears that Steem is finishing up its market cycle and is preparing to make a move to the upside. As you can see, the picture above and below are eerily similar.
I don’t think we are necessarily done going down in price, which is why I have a black support line at 0.09 cents. Still, we are close, and once there is a base we have the data we need to start looking at targets for when we go up.
The blue arrow and box pictured above is a price range tool. The idea is to find the bottom to the top of an asset’s price movement. As you can see in the middle there, Steem had a price appreciation of roughly 17,000% in 2017, or 170 times the price where it bottomed. From what I can find, that is top 10 and maybe even top 5 in crypto. In other words, there are only 4-9 other coins that went up in price more during the 2017 bull market. That is exciting!
So when can we expect this to happen? Well, not yet, haha. The two arrows here on our picture are pointing at monthly volume. Each green and red rectangle represents the volume (ie. People buying or selling) in a month. We are nowhere near the volume that Steem saw in 2017. That doesn’t mean the price won’t go up. Steem tends to track along with Bitcoin’s price until it breaks for new highs, and then Steem, which is an altcoin, receives more volume.
I suspect we’ll see my target of $10-$12 or $14-$15 on Steem when Bitcoin is pushing for a new high between $56,000-$90,000. Those are the next Fibonacci extensions for both coins.
Until then, we keep participating in the Steem community and enjoying time with friends. I admire all those that kept socializing during the last two years of downturn in the market. May each of you receive a mighty reward in the coming bull run!
*This article is not intended to be financial advice and is simply the thoughts and opinions of the author. Each of you has a responsibility to invest responsibly.
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why this seems it gonna go more down hahaha
Haha, no volume yet. Not expecting BTC to go much higher than $11,000 - $11,500 on this run before a pullback. Unless Steem receives volume it will come down on that pullback.
Well, I'd love to see a return of 2017 but I suppose I'm one of the faithful that have endured the downturn of the last two years, although I had to power down considerably to pay for my on-line costs maintaining my site, domain name and assorted other expenses. But in the last six months I've powered up again at 100% until recently when i defaulted to my usual 50/50 split. I agree that steem is going to experience a big upturn on the coat tails of bitcoin which has been depressed I think because of a strong American economy...but unfortunately, for you and my other American friends that booming economy is coming to an end. Speculation in alt coins and bitcoin in particular is about to begin...in earnest, peaking I think by next Christmas. We'll see soon enough if my prognostications are true, lol
Lol, that we shall. Much to come in the near future it seems. Kudos to you for continuing to write in the downturn!
@lydon.sipe A dose of optimism is always necessary. Anyway, in Venezuela, a country with a deep recession, some of those who have remained in the project have made some of the work profitable. There have also been interesting variants around the steem that have made it more attractive.