STEEM PRICE + VOLUME
The Crypto Currency Market has seen a huge inflow of funds these last 3-4 months, triggering some mammoth gains across the Market.
STEEM has been not exception and has witnessed an explosive few months which has seen the price catapulted from the lows of $0.07 to the highs of $2.80.
Like most Crypto Currencies a pullback was inevitable and it appears to have now completed.
As the Market inches back up towards $100 billion, the ones that missed the first explosive ride have been able to join in and it appears that the whole Market is ready to push higher.
As BITCOIN nudges its way back towards $2,400 it won't be long before it is knocking on the door of $3,000 again.
I expect STEEM to be right behind it.
STEEM is currently trading at $1.31 and is mirroring a similar pattern to the rest of the Crypto Currencies.
Like most Crypto Currencies it has retained its Long Term Bullish trend.
In the above chart I have included the daily volume traded and have highlighted the pivotal point that STEEM turned Bullish.
This pivotal point was around Mid-March, on or around the anniversary of the STEEM Blockchain which was launched on 24th March 2016.
It appears that it was after the 24th March 2017 that interest in STEEM exploded and this can be clearly seen by the huge amount of Volume that was traded.
This explosive amount of volume created an upward force, pushing the price up, which then resulted in a pull back on little or less volume.
It is this lesser volume on the pull back that is set to lay the foundations to drive the price higher.
Over the next few weeks we will keep a very close eye on the technicals, however early indications suggests that a retest of the recent $2.80 will be seen sooner rather than later.
Thanks for reading.
Stephen