Hey there fellow Steemians, in this blog post we are going to have a look at Steem and whats going on in terms of the daily charts.
Lets begin with the daily chart vs Bitcoin:
Comment: As we can see, Steem has gone down all the way to the lows that we had back in April so I dont see that much of downside potential at this stage. There is way more upside potential but obviously, we need to keep an eye on Bitcoin since that is the big driven in this market.
Anyways, you can see that we have found long term support around 20000 satoshi and we do have 2 near term targets. Target 1 is 23000 satoshi and that is when we get a daily close above the descending trendline and Target 2 is when we have a daily close above 26000 which was the last peak for Steem.
Now, lets have a look at Steem vs the USD. I know that many of you follow Steem only in dollars so here it is:
Comment: What we can learn from this chart is that Steem has taken out the low from back in April which is looking very promising in my opinion. Steem is looking a little bit better vs the USD compared to vs BTC. The next target for Steem in USD is to take out the last peak at 1.75 and we are right now at 1.35 so that would be a positive move of about 30% from the current level.
Finally, lets have a look at the ranking of Steem versus all the other cryptos. I remember that Steem was ranked in the top 10 about 2 years ago, I think its best ranking was around number 4. That would be one helluva challenge to get back up there. For the last 6 months, Steem has been ranked around 20-30th spot and we have not lost a lot during this current short term bear market. Steem is right now ranked at 35 so we are holding up pretty well I would say.
Thats it for now, give me your comments below if you want to discuss any of this.
Happy Steeming!