Steem Price Action

7개월 전

State of affairs for price of Steem

It's been a while I wrote about the price action about Steem or any other crypto. I still have a decent amount of steem, and I am interested in healthy price for the steem token. So I thought it is about time I should take a look at the price of steem and see how is it performing in relation to other equivalent assets.

Daily Chart

Steem_daily_apr25.JPG

Today, April 25, 2020; the steem/btc daily chart looks flat. It does have a slight uptrend to it, but it is mostly related to the broad base it has s from post-EIP consolidation. That broad base was rather healthy. Then around late March we had the hard fork and the price spike associated with the airdrop. Then there was another price spike in early April. After that it is mostly sideways to down price action.

Hourly Chart

Steem_hourly_apr25.JPG

The purpose of the hourly chart is to focus on the short term price action. Steem/BTC pair is mostly sideways. At the time of this writing, steem is trading at 2143 satoshis. It is trading mostly between 2000 - 2300 satoshis, approximately. This is a fairly narrow range. Volume is nothing interesting and seems like there is not much interest among traders to buy this particular token. At the same time, there is not much sell volume either, so prices are rather stable or sideways.

In times like this we typically need a buying program. If a large investor starts to buy a lot of steem at the market, that will certainly trigger a rally. I think that would be good for most of the people invested in steem.

There are many ways to trigger a rally in steem. The simplest is for a large investor to go to an exchange and start buying at ask price that is offered. The investor must buy at higher and higher ask prices to trigger the rally. When that happens more and more traders/investors will buy as "fear of missing out" and that behavior typically sparks the rally in a particular token or any asset for that matter. I guess that is what most of us are waiting for in the steem community.

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Please summon this mythical beast, this buyer of steem!

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I am trying all kinds of black magic mate! :)

Maybe the beast is stirring a bit ;)

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All you have to do to summon it is to give reasons to buy Steem. Sounds easy, but it is not.
Other than speculation, there are no reasons to buy Steem.
The Steem blockchain is centralized and censored. And most of its users are selfish and greedy.
Why would people buy Steem?

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Speculation is all that we do!

And when large investor shows up witnesses freeze his stake?
It'll be a long wait, I guess.

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Correction: ”sock puppet witnesses.”

The actual witnesses voted in as delegated representatives of the communities themselves got booted out as Sun colluded in a coup, froze their stakes, and censored them while at it.

Sounds like exactly the type of project a smart large investor would be looking for.

🍻

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You're right but don't forget who triggered his actions.

I always hope to see steem price reach a new all time high

Wait till the next full moon then pull the trigger. Or before.

The simplest is for a large investor to go to an exchange and start buying at ask price that is offered.

Ha.

Good luck finding a large investor that won’t do his homework and find out the history of what happened here recently.

Sorry to say it, but any “large investor” who actually knows what Sun did with this community would be a fucking idiot to put a dime into it.