STEEM, which is a cryptocurrency that has been around since mid-2016, is a major name when it comes to the world of cryptocurrencies. The concept of the platform that powers the STEEM cryptocurrency is to allow content developers and creators to monetize their content in an efficient and a more effective way. The cryptocurrency offers many solutions to the way monetized content is handled. Let us take a look at how STEEM has been performing in the markets.
STEEM Price Over the Past 24 Hours
Steem witnessed a number of ups and downs over the past 24 hours, but ended up closing the day on a low note. The currency started trade at a price of $2.57 and ended the day at $2.41. However, this was a quick recovery from the lowest point of the day which came at $2.37. The highest point of the day for the Steem price came at $2.68. The currency closed the day at a market cap of $609 Million.
STEEM Price Over the Past 7 Days
Over the past week, Steem has witnessed a gradual decline in its prices. The currency started the week at $3.64 - which was also its highest point of the week - and hit rock-bottom on Saturday when the Steem price went to $2.19 momentarily. At it's highest, the market cap of the currency was $918 Million while the currency closed the week at $609 Million, losing almost a third of its value over the week.
STEEM Price Expectations
[caption id="attachment_3384" align="aligncenter" width="1119"]
Expected movement of Steem price | Image; Tradingview[/caption]
While the week hasn't been great for Steem, the currency looks forward to a slow and steady recovery which will help it attain a breakout point in the near future. There is a strong resistance that the currency faces before it hits the breakout point, which is at $2.85. Following reaching this mark - STEEM prices are likely to soar to a high of $4.5 and beyond. However, this may take another month so HODL well!
For more (STEEM) Steem price related updates and news stay tuned to Cryptocrimson or you can also bookmark our page. We’ll also keep adding updates to this article for real-time analysis.
Check out our detailed coverage on the following cryptocurrencies as well:
: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions - which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.