I have got some great news about the Steem price. It went ballistic on Bithumb, the Korean exchange and at its top it was up more than 200% in the last 24 hours. Lets have a look at the Korean hourly chart:
Comment: As you can see, the volume has increased dramatically and the equivalent USD price is 2.81. Right now, that is an increase of 112% but it was up even higher a couple of hours ago.
Now, there is a huge price difference between the different global exchanges so lets get over to coinmarketcap.com and have a look:
Comment: As you can see, Bithumb is clearly the highest price and also the highest volume by far. However, all the other exchanges does have a completely different price and that price is around 1.60 for the biggest exchanges.
I have searched for a reason for the sudden price increase but I havent found any news besides the huge increase in volume. The only thing I can think of is that July just started in Korea as you can see from the chart. So, as soon as we went over into July, some big investors stepped in.
Now, finally lets have a look at the Steem price on Bittrex and do some analysis:
Comment: On Bittrex, Steem is up about 30% at 1.50 right now and we have touched the resistance level around 1.60. The next target for Steem is to take out the last peak at 1.78 and get a daily close above that level. If we can do that, Steem the next target will be 2.65.
Happy Steeming folks!