After seeing a plethora of posts in regard to the recent jump in the price of STEEM, I think it's only fair that I give my take on the situation. While my username does state that I'm 'just some kid,' I've made over $15,000 trading mostly LTC since this past November. I'm going to be very to-the-point, as I don't want any impatient readers to skip over crucial points.
Before we look at the present, we should look for STEEM trends. This is the fourth time in the recent history of the currency we've seen almost instantaneous growth of a significant percentage.
If we follow this trend, then we clearly see that the newly formed price won't hold. This has already proven true, as seen in its drop to the current price of $7.30.
If that wasn't enough, then here's another point: STEEM has been taking significant gains v. BTC, which is difficult to hold long-term, as with every crypto we've seen before it.
Finally, let's talk volume. In the past 24 hours, volume has taken a 31% dip. Let's keep in mind that volume changes such as that are only amplified on the price stage.
In the end, what I'm trying to say is it's okay to wait it out. I definitely see it going down to $5. Good luck to all!
Sincerely,
Just Some Kid