In last weeks review, it was mentioned that Steem may rise towards the last major high of ~$5. Here is my latest review.
Here is the weekly chart of Steem with a Heikin Ashi overlay on the candlesticks and key levels indicated. The top level indicated of ~$5 is the spike high in early July of last year. The weekly chart is also printing nice green bars since early November indicating the bullish trend.
The daily chart shows that Steem broke through the last major high in June and quickly pulled back. Today received a nice bounce back to the upside with a potential next target of $5, the last major high. Stochastics went to the over sold area under 20 and will be rising back up with the price rebound.
The down days for Steem shows volume lower than 10M. But with the current rally, it should be >10M, at least for a few days/week.
Steem is currently #34 for crypto market caps. It is now over 1 Billion!!! A nice New Years and X-Mas present for all of those holding Steem.
Daily chart of Steem Backed Dollars (Red line) tie to Steem (Blue line) broke away on Nov 22nd and spiked away on Dec 6th. The spread was over $13 USD's at one point. It is currently at $4.54 USD's. Both are on the rise, will the spread increase or decrease???
Google trends data for people searching for Steemt is still near an all time high. Venezuela in the number one spot with China in second, same as last week.
Going into 2018, Steem may continue to appreciate in price with the development of the Smart Media Token. With various social media sites monetizing their platform on the Steem blockchain, the Steem coin will be the benefactor.
You can access the SMT whitepaper by clicking on the pulldown menu on the top right of your page, scroll down towards the bottom and click on SMT Whitepaper.