Steem Price Prediction August 7th
Steem Price Prediction August 7th. Steem is currently coming off a 1 day downtrend with huge selling taking the price down to the 0.0031 vs Bitcoin a huge support level for Steem. Strong buying took over at this point as is common in these situations as a massive move out of the lower Bollinger Band range acts like an elastic band as you can see on the 1 day chart below. A move to 0.0042 vs Bitcoin should occur short term as the uptrend continues. At this point I expect consolidation for a time with the price trading 0.0042 and 0.004. Taking a look at the chart below we see Stochastic RSI is at -59 and should reverse over the next couple of days testing the higher range. The CCI is at -10 and should recover to the lower range.
![Image of 1 day Steemit](https://cryptrader.com/c/PSexE7B0)
The 4 hour chart is showing a nice breakout with the Stochastic RSI is at 60 and rising.
![Image of 1 day Steemit](https://cryptrader.com/c/K4ozbVFI)
The Steem cryptocurrency has reached the third place in market capitalisation after bitcoin and ether, leaving behind such tokens as Ripple and Litecoin. Since its first payout 10 days ago, the Steem cryptocurrency, which circulates within the Steemit decentralised social network, has become 12.5 times more expensive. The token’s market cap has jumped from $13 to $260 million. The number of new users, transactions and posts has tripled in the three months that have passed since the platform was launched. Steem’s everyday transaction volume on the blockchain has increased to several hundred thousand dollars.
I do not own Steem and the above analysis is just my opinion please come to your own conclusions on Steem.