(Steem Price chart according to Blockfolio)
Steem has made an incredible journey from it's pre-1.00 USD days to now the all time high of 8.00 USD!
First off, Congratulations to the SteemIt community as well as Steem HODL-ers!
From those all time high levels, can it go any higher?
What I see is yes. It can.
But for the time being, I do see some months of correction where people are going to take some profits with their Steem (and along with Steem Dollar). We'll need this healthy correction to build a baseline of then next support from which we can catapult onwards and up.
With the huge spike from 3.00 USD to 8.00 USD, the support could fall anywhere in between those levels, so it's really hard to tell what the support will be.
So what can be predicted is the next all time high possibility. I usually get that prediction from looking at the Steem/BTC chart over the one year.
The last time that Steem hit an all time high using BTC value, was back in June 2017 having a value of around 0.00085 BTC. At that time, Steem was around 2.12 USD (with BTC price average around 2,500 USD).
Looking at the Steem/BTC chart from above, Steem is on its way to getting towards the resistance of 0.00085 BTC soon.
0.00085 BTC with today's BTC value of around 15,500 would give it the possibility to get up to 13 USD.
So I think the next target that Steem could theoretically hit is 13 USD. Now that's very much dependent on how long it corrects and the price of BTC, but with a solid platform, I think it's still a good time to continue HODL-ing your Steem!
