I think Steem is in a funky place. We're more volatile than many of the other crypto coins because we have SBD. By having SBD we have something stable-ish, but by virtue of making that one stable we have Steem, which becomes much less stable. On top of that people think of this as a token they earn. And you typcially try to spend the thing that you earn. We don't really have a mindset here of investing just yet... that'll come and I hope that Steem-Engine, tokens, and business help with that. People come here to work, and they spend what they earn. It puts downward pressure on the price of Steem that many come here to earn and spend. In the end it'll be healthy, but it makes for some wild price swings.
I've heard this before. I don't believe it. I believe the opposite. Steem is in a great position to thrive. I know more tools and games are on the way. It's easy to build to build here. There's lots of devs with the skills to build here. There's a community. Others will tell you that their tech is better. others will tell you that their apps can do more. Those things might be true, but then I ask "how can you plug me into the community" and i get blank stares... "Well, we have a telegram group with 40,000 acounts and zero activity..." Yeah, that doesn't quite cut it for me.
People said Steem was dead. The altcoins were all gonna die. Death was imminent. It's still here. It looks like it's on rebound like crazy too.
CMC and marketcap might not be the best way to track stuff, but it's one way to do it. Steem has been under 50th recently. That's bad. You can see it's sitting at 36 now. That's not great, but I got a feeling we have a little pause in price before the buying starts again.
That's a chart of the price of Steem in USD. The yellow line is the 200 day moving average. You can see that steem is right up against it. It's forming some resistance right there. You can see the shorter term moving averages turning back up. When I'm looking at this thing I think we're gonna have a few days or weeks where the moving average prices are able to catch up, and then Steem is gonna shoot past the 200 day moving average. The last time Steem went above the moving average we went from 20 cents to 9 dollars. We'll see where it goes this time...
Next big resistance line is around 76 cents. Here's hoping we can reach it before the end of March. Trading is hard otherwise everyone could make a fortune. I'm not an expert or really all that good. So, I just HODL steem and build here. You gotta figure out what's right for your family because I don't know, but I'm looking forward to Steem doing well again!
Since Steem might pause here for a couple weeks consider taking some profits off the table through purchasing cards on the Monster Market through Steem Monsters or Peakmonsters. We're launching delegation soon where you'll be able to rent cards. So, even if you don't want to play you could snag some big cards to rent. Steem has a great chance to grow, and in order to grow significantly we'll likely need to grow by tens of thousands of users. Monsters has to grow the player base too, but if we just get 1-2k more people it'll have a drastic effect on card prices. So, our goal post feels lower to me, which is why I keep buying, hodling, and soon I'll be renting!
Disclaimer: informational and entertainment purposes only. Not a financial expert I don't know your situation and I'm not in a place to tell you whether or a good or exceptional idea to sell your house and hodl monsters. Do your own due diligence.
