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
