Steem Weekly Performance Graph
(Source: Coinbase)
Well, ladies and gentlemen Steem has had a rocky ride these last few days hasn't it? In the past week we have seen the price of Steem fall all the way back to $0.83, representing a 15% decline in value. The downward trend started on the 18th April after Bitcoin plunged to $51,300 on the same day causing all the Alts to follow suit. In the following few days we've seen the market attempt a recovery but then the bear returned and Bitcoin and the Alts moved in a downward direction again.
Many are suggesting that this mini-crash occurred due to suggestions that tighter regulation of cryptocurrencis might be on the way, especially from the US Treasury. However, we're not sure about that theory as all of us in cryptoland are always facing the threat of greater regulation by governments, central banks and regulators. We know they are always attempting to find ways to encroach into the crypto space and control it as much as they can but they can only do so much, at least for now.
Steem Daily Performance Graph
(Source: Coinbase)
The good news is that Bitcoin and Steem are now making a good recovery. Steem has been in a buoyant mood for a while now and that mood shows no current signs of diminishing, all the technicals are in place to prove that. In fact after the initial price fall that brought Steem down to $0.93 on the 18th April we then saw it recover back almost immediately to $1.12 by the following day. Then the decline started again and it plunged all the way to that new recent low of $0.83 yesterday. But given the current robust nature of Steem it managed to soon push back and has rallied to $0.99 today, where it currently sits as you can see in the 24 hour chart above. Now that's not a bad performance by any means and again proves how Steem continues to provide us with a strong performance moment.
So to summarise Steem has faced quite a challenge these past few days, as all the Alts have, yet what we have all seen is a Steem token that is robust enough to bounce back within a very short period of time. We haven't yet seen Steem recover all the way back to the $1.20 mark yet, which had become a new default price, but that shouldn't concern anyone. The fact that Steem has returned to around the $1 mark again and has been for some time now is a cause for celebration. To see it move beyond the $1 mark at this stage of the game is an added bonus. Hopefully it won't be too long again before we see that next step upwards. Either way you look at it Steem is packed with eagerness and raring to go!
Steem on!
The ACOM Team
A C O M
acom.uno
There are a lot of big players out there taking profits and a lot buying in the dip. It will always fluctuate; Murphy's Law, but averaging the dips and increases are all part of the game. I believe we are just in the beginning of what will blow a lot of people's minds in the end, especially those who have been so critical of crypto! Steem on and persevere!
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Probably just profit taking, and a bit of consolidation with BTC and the alt's.
I also read that someone was suggesting a massive power outage in China where the large mining pools are located.
I believe this to be fake news, my miners are pooled with Antpool and they never missed a hash...😀
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hello dear friend @acom good afternoon
Excellent research and analysis work another theory of the bitcoin crash is related to the Chinese blackout: & nbsp;
Steem undoubtedly has a huge recovery capacity, and will soon be trending upward, as the rest of the cryptocurrencies will surely do.
I really appreciate this work they do to keep us informed
I wish you all a beautiful afternoon
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Steem has the capacity of going back to where it was some years back...that is over $7 - $8.
We all just need to keep shilling hard and bring more users on the platform and at the same time some big investors.
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I like that it is sticking around $1 is this slightly bearish market, but, would love to see it push out to $2 or $3 like it did in 2018. We will see...
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Good night @acom, you have done an excellent analysis and I think that since it has been around $ 1, it will go up more. Goodnight
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