Steemit has reached a critical point in the economy. Currently, Steemit is testing the last key support zone near .0015 STEEM/BTC. If this level holds, the technical analysis says that this could be another accumulation zone, which would lead to another leg to the upside after some consolidation.
Fundamentally, the Steemit economy has a lot of selling pressure and if buying pressure doesn't increase from people wanting to buy Steem power, then the economy might fizzle away. We could also see some buying pressure from speculative traders that could cause a temporary increase in price, but no one knows what will happen. I hope that it survives and that the community can continue to grow.
Happy Trading.
-This is not financial advice and I dont hold any Steem
BUY BUY BUY
EVERYBODY BUY STEEM
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My theory is this: there are a handful of authors/curators who actually care about the success of Steem, but the rest are primarily seeking passive income and selling as soon as they can. I really hope Steem succeeds but this model isn't taking into account the shitty economy and people who need to pay rent and put food on the table.
A big money guy needs to come in and buy a shitload of Steem to push it up and give investors a reason to make some bets.
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I still don't understand the incentive to buy Steem power. Clearly everybody who is contributing is seeking a monetary gain so who would actually buy Steem?
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Individuals who want to have more influence in shaping the steem community (ie. More voting/curation power).
And I'm not necessarily sure that everyone is purely driven by monetary gain. There are allot of other psychological reward systems in play also.
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