That crypto rollercoaster...
Good evening fellow Steemians, do you remember our chart from yesterday? - Have a loot at it again:
We were close to testing the resistance line at 2.20$ almost all night. Now it's time to check the graph from today:
Unfortunately, it looks like we're going down again, not even touching that yellow resistance line at 2.20$. As for now we're at about 2.02$ (Cyan color) where a lies a very week support line. If it doesn't handle the drop we might see another serious dip below 2$. Our next resistance line lies somewhere around 1.80$ (Orange color) and if the situation doesn't change we might get there this night.
Why is it happening?
Personally - I'd link this situation (again) to the price of Bitcoin. It looks like it's really unstable right now going higher just to get a seroious dip. I think that we need some time for it to calm down and go up again. I expect Steem to follow.
What can you I to help Steem increase in value?
Almost everyone of us share a common idea. We would like Steem to succeed, be a worthy and recognisable crypto with high value and investing potential. To help recover from this down there are a couple of good practices that we all could follow to help stabilise the situation on the market:
1) Double think before selling low
2) Don't let the overall cryptocurrency panic influence you
3) Create quality conten to let the platform grow (maybe start an interesting project?)
4) Promote Steem and Steemit in social media, discuss with other people and convince them that crypto is in a good shape and has a bright future (what I do stronly believe!)
DISCLAIMER
All the above statements are my private thoughts on the topic of cryptocurrency, market and investing. Do not use them to make any investing decisions. The author does not take any responsibility for your actions.
Always think twice while investing - it's your hard earned money and you have to be aware that you're taking the risk and might lose them! That's why you should never invest more than what you're fine to lose.