STEEM has bounced twice off of the 37 cent level. Since all of the markets are still pulling back, I'd expect that this is still only just a temporary level and that we'll see a test of lower levels should the markets continue pulling back (which we expect).
As always, I mention this being a good thing. In fact, I really think it's a great thing. Of course it is a shitty feeling seeing the expected account values dropping (even though we're all wealthy at this point, haha!), but ultimately, this is really one of the best things that can happen given the stage of this site.
Since it's so new to the concept, we really need stabilization and usage. As you see in the upper left of the site, we're only in Beta, meaning we have a LOT of positive development left still. Once we actually see this site take off, these will seem like crazy times to see STEEM this low. So, I'm loving it all the more! When I see a crypto with GREAT long term longevity potential and a solid use case, this is the best feeling in the world with being able to see something so great be so cheap. In fact, yes, I'd LOVE to see STEEM prices at $0.01. Talk about a load up opportunity, and all of us STEEMians would be in absolute heaven.
Prices WILL go back up. Just think -- if prices are at $3.80, that represents a 10x grows in current prices. $3.80 is NOT unjustifiable at all. If Bitcoin went up 10x, it'd have to be at $42k which seems crazy. If prices keep dropping lower, it will only be an even greater reward return.
The blue lines show $2.70 and $4.60 (both relevant support/resistances). The level in between would be the 10x level for current prices. This is not a far stretch at all.
Additionally, think of all the positive benefits of loading up a ton more on dirt cheap STEEM. I'm looking forward to it and will hope to drastically add to my holdings and ability to create great power and content here on Steemit!
Hope everyone's still having a great weekend and had a great Thanksgiving!!
