With the crypto dump happening the last month, Steem has been affected more than other cryptocurrencies. It stood at around the 30th spot on CoinMarketCap, but now it just went outside the top 50! I am not here to discuss the fundamentals behind this drop, as there are other people way more qualified than me to do so, but what I do see is the chart and interpret it from a technical standpoint.
The thing is, when Steem was chilling at $0.80ish, it was important to not break down, as it was the last support area in a very, very long time.
Unfortunately, the general market crash caught Steem in a weak area, and an accelerated dump followed.
What I want YOU to be aware of, and to prepare accordingly, is that the next support area is still a way to go. As long as the market doesn't swing out of the bear, there is a real possibility we'll soon see Steem in the $0.10s.
If this happens, DO NOT PANIC! Steem isn't going to zero, Steem is not a useless shitcoin, Steemit is not shutting down. It is just a technical drop that makes perfect sense on the chart. Hell, we may even see Steem at $0.07 if Bitcoin does indeed go as low as <$2000 as some bears say.
If you believe in this platform and what the Steem blockchain represents, just hold onto your fiat and scale in as we approach the support area.
Cheers and stay sane!
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