Two weeks ago, STEEM, the token of decentralized social media platform Steemit, has hit an all-time low of 424 sats on Binance. The token was in a prolonged bear market since May, when the community forked the social media platform after its acquisition by TRON.
Recently, STEEM had two green weeks, albeit with gains that were rather unimpressive compared to some altcoins.
Yet could this be the reversal of the downward trend?
To test this idea, we’ve asked Hybrid Intelligence the following question:
The cryptocurrency Steem (STEEM/BTC) settled at 0.0000056 BTC at 07:00 AM UTC at the Binance exchange on Friday, January 22. Will STEEM/BTC trade above 0.0000065 BTC (+15.19%) earlier than trading below 0.0000048 BTC (-15.19%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)
-------------------------------------
Assurance: 67%
This means Hybrid Intelligence believes that there is a decent probability that STEEM will go higher before falling again.
It looks like the token is already at the rock bottom and a possible altseason wave might pick it up.
However, web traffic to Steemit, the social media platform, did not increase despite the growing interest in crypto. For comparison, Coindesk more than doubled its number of visitors since October.
So it’s probably a short-term trade for a quick gain rather than a long hodl.
Recently, STEEM had two green weeks, albeit with gains that were rather unimpressive compared to some altcoins.
Yet could this be the reversal of the downward trend?
To test this idea, we’ve asked Hybrid Intelligence the following question:
The cryptocurrency Steem (STEEM/BTC) settled at 0.0000056 BTC at 07:00 AM UTC at the Binance exchange on Friday, January 22. Will STEEM/BTC trade above 0.0000065 BTC (+15.19%) earlier than trading below 0.0000048 BTC (-15.19%)? (forecast 51-100% - bull scenario. 0-49% - bear scenario)
-------------------------------------
Assurance: 67%
This means Hybrid Intelligence believes that there is a decent probability that STEEM will go higher before falling again.
It looks like the token is already at the rock bottom and a possible altseason wave might pick it up.
However, web traffic to Steemit, the social media platform, did not increase despite the growing interest in crypto. For comparison, Coindesk more than doubled its number of visitors since October.
So it’s probably a short-term trade for a quick gain rather than a long hodl.
Trade closed: target reached
The second wave of volume showed the similar pattern. Interesting that second upside movement happened in the same time with Tron (TRX) pump.