Hey all,
If you're thinking about picking up some more STEEM either to invest into STEEM POWER here or to use otherwise, it's at a much lower price than I would expect you to find it going forward. I'm not a technical analyst or a financial adviser, but the last time STEEM was at it's current price of $2.48 or lower was in mid December. We're essentially back to near pre-boom pricing.
Outside of the sphere of full on technical analysis, if you believe that STEEM is alive and well and will continue to be used, it just seems like a logical time to buy. Although it's true that there are other currencies in a similar state currently, STEEM is one of my safer picks. Keep in mind, STEEM is one of the most overused/underrated currencies out there at the moment. It powers the steemit website and DTube for example. It also is a fantastic crypto currency with blocks resolved every 3 seconds and no transaction fees associated. It handles more blockchain activity per day than any other cryptocurrency so it could be argued that it has proven out it's scalability more than others as well.
I personally have increased the portion of my portfolio that is STEEM by approximately 10% throughout the evening last night. I'd love to hear what others are doing! Keep in mind, the price of STEEM is influenced by the overall market, so if the overall market continues to go down, STEEM could go down further yet. Personally, my contribution was from the ETH/STEEM pairing so I'm simply banking on STEEM handling the dip better than ETH if there is more of a bear market. I also believe STEEM will grow by a more significant percentage when we re-enter a bull market than ETH. If you decide to buy into more STEEM, if you use a pairing such as BTC or ETH consider what % loss and gain you think each currency could potentially have and minimize risk/maximize rewards. If you're considering converting fiat to invest into STEEM, I would recommend looking for some TA to see if it matches what you're thinking and absolutely ladder in to minimize your potential losses (everything could still go down more).
For accountability in my post, here are the prices I bought in at via STEEM/ETH pairing: .03693, .03602, .03561, and .03452. It hit a low of .003301 on Binance last night and is currently sitting at .003498. I didn't quite hit the bottom of the dip, and it hasn't gone up significantly since last night so the buying opportunity is still here. I chose to buy using the ETH/STEEM pairing instead of the BTC/STEEM pairing because I was banking on the $9000 resistance level for BTC holding. I wasn't sure exactly where the ETH resistance was sitting but from all the sources I saw it was much lower in percentage loss terms, making the ETH pairing more attractive last night.
I'd love to hear what others are thinking on this. Do you all see STEEM as a great value around $2.48? Are any of you making adjustments into any specific coins during this latest overall dip? Thanks for reading!
Note: I wanted to keep this about STEEM but for more context, I've also increased my Bitcoin (BTC) and Monero (XMR) position a fair amount as well as my Cardano (ADA) holdings slightly.
I totally agree that STEEM should have lots of room for growth. I think that move will pan out nicely for you. Just curious, in your note you said you bought into more Monero. I just saw some TA saying Monero might be correcting downward, what made you decide to increase on Monero now? Not criticizing, just curious!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@cryptocorgi, I had seen a similar analysis on Monero, I'm thinking that some of that correction was baked in with the overall pullback so I'm hoping it doesn't pull back much further. I also like to take a step back from the TA and ask myself a couple simple questions. Does this product fill a market need? Is the product being used? My answers to those questions for Monero would be that it does fill the privacy need in the crypto space and it does seem to be one of the more active cryptocurrencies out there which implies to me that people are using it for the intended purpose. So perhaps it's me being overly optimistic, but I just don't think Monero is going to fall too much and I expect it to make some great moves this year.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Coins mentioned in post:
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit