1 STEEM = ₿584 Satoshi -- Is the alligator preparing to move down?
(Chart by TradingView)
In mid-July, the alligator of Steem against Bitcoin climbed over ₿675 Satoshi and has been slowly making its way down ever since, searching for prey.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator had been showing bearish signals for about half a month.
However, the Stochastic Relative Strength Index (RSI) is currently in overbought territory, which indicates that the price may be below its intrinsic value.
The alligator is now opening its mouth downward, which may indicate that it is preparing to move down.
Let's keep the alligator of Steem against Bitcoin in our sights as it embarks on its journey.
About Steem (STEEM)
Steem is a blockchain-based social media platform that rewards users for creating and curating content. It is designed to be a more decentralized and transparent alternative to traditional social media platforms, which are often criticized for their censorship and data collection practices.
Steem uses a three-token system: STEEM, Steem Power (SP), and Steem Backed Dollars (SBD). STEEM is the main currency of the Steem blockchain and can be used to purchase goods and services on the platform. SP is a staked version of STEEM that gives users voting power over the Steem blockchain. SBD is a half-stablecoin that is bottom half-pegged to the US dollar.
Users can earn STEEM by creating high-quality content, such as blog posts, articles, and videos. They can also earn STEEM by curating content, which means upvoting and commenting on other users' posts. The amount of STEEM that users earn is determined by a number of factors, including the quality of their content, the number of votes they receive, and the amount of SP they have staked.
Steem is a relatively new platform, but it has already grown to a large community of users. It is currently the 6th most popular blockchain by market capitalization.
Here are some of the benefits of using Steem:
- Decentralization: Steem is a decentralized platform, which means that it is not controlled by any single entity. This makes it more resistant to censorship and data collection.
- Transparency: The Steem blockchain is fully transparent, which means that all transactions are public. This makes it easy to track the flow of money on the platform.
- Rewards: Users are rewarded for creating and curating content, which encourages them to produce high-quality content.
Here are some of the drawbacks of using Steem:
- Technical complexity: Steem is a complex platform, which can be difficult to use for some users.
- Volatility: The price of STEEM is volatile, which means that its value can fluctuate wildly.
- Scams: There have been a number of scams on Steem, so users should be careful when interacting with the platform.
Overall, Steem is a promising blockchain-based social media platform with a number of potential benefits. However, it is important to be aware of the risks involved before using the platform.
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