This article will analyze the STEEM coin according to www.coinmarketcap.com data. First, we will discuss the STEEM coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is STEEM Coin?
STEEM is a cryptocurrency created to power the STEEM blockchain and used as a reward and incentive mechanism within the STEEM network. It was designed to support various decentralized applications (DApps) and social media platforms.
The STEEM blockchain enables users to create and interact with content, and they can earn STEEM tokens by participating in activities such as posting, curating, and commenting on content. The STEEM tokens can be traded on cryptocurrency exchanges and used for various purposes within the STEEM ecosystem.
What are the projects of STEEM?
Some of the notable projects built on the STEEM blockchain include:
Steemit: Steemit is a decentralized social media platform that rewards content creators and curators with STEEM tokens. Users can earn STEEM by posting original content, upvoting quality posts, and engaging with the community.
DTube: DTube is a decentralized video-sharing platform that utilizes the STEEM blockchain. It allows content creators to share videos and earn rewards based on the popularity and engagement their videos receive.
Steem Monsters: Steem Monsters is a blockchain-based collectible card game that operates on the STEEM blockchain. Players can collect, trade, and battle with virtual cards, each representing an ERC-721 token on the blockchain.
Factors Influencing STEEM Price
The price of STEEM, like any other cryptocurrency, is influenced by several factors, including:
Market Demand: The demand for STEEM on cryptocurrency exchanges can impact its price. The price may increase if there is a high demand for STEEM and a limited supply. Conversely, the price may fall if the demand decreases or the collection rises significantly.
Overall Market Sentiment: The sentiment of the broader cryptocurrency market can influence the price of STEEM. If there is positive sentiment and a bullish market trend, it can positively impact STEEM’s price. Conversely, negative emotions and a bearish market trend can have a negative effect.
Adoption and Usage: The adoption and usage of the STEEM blockchain and its associated projects can affect the price. If there is increased usage of the platform and a growing community, it can create more demand for STEEM, potentially leading to price appreciation.
Regulatory Environment: Regulatory developments and changes in the legal landscape surrounding cryptocurrencies can impact the price of STEEM. Favorable regulations can drive adoption and investor confidence, while unfavorable regulations can have the opposite effect.
Technological Developments: Upgrades, enhancements, and new features implemented on the STEEM blockchain can influence the price. Positive technological developments can attract more users and investors, potentially driving up demand and cost.
It’s important to note that cryptocurrency prices can be highly volatile, and multiple factors, including those mentioned above, can interact and influence price movements. As with any investment, conducting thorough research and exercising caution when dealing with cryptocurrencies is crucial.
STEEM COİN TECHNICAL ANALYSIS
After seeing its historical high of $ 1.4321 in April 2021, STEEM dropped 90% by the end of 2022, down to $ 0.1396. Although it went up to $ 0.3514 with the purchases in the market in April 2023, it is currently trading at $ 0.1742. According to www.coinmarketcap.com data, STEEM, which has a size of $76,545,648, has had a volume of $5,532,272 in the last twenty-four hours.
STEEM Chart Analysis
STEEM coin fell by 90% from April 2021 to the end of 2022, from $1,4321 to $0.1396. STEEM, which rose to $ 0.3514 at the beginning of 2023, could not maintain this rise and is currently trading at $ 0.1742. When we examine the weekly chart, we see that the STEEM coin has fallen below the $0.2033 support. While there will be a $0.1666 support zone every week, there will be a weekly resistance zone of $0.2033 for an upward move.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.