When Steem, Inc. laid off employees last fall, I thought it was the beginning of the end for the token Steem. With their backs against the wall, the company buckled down and got there expenses, primarily their infrastructure expenses in order.
So the turnaround story begins…hopefully with a happy ending (keep your minds out the gutter). Steemit Inc. appointed Elizabeth Powell as Managing Director of Steemit and I have been very happy about the her Team’s transparency communication within the last couple of months.
And you know what, I have to give them credit, despite some of the back lashing by remaining professionals and trying to regain the trust of the Steem community.
I do think this blockchain has a lot of potential, but potential has a shelve life. In the business of business, it requires a combination of a clear vision, the ability to execute the vision and a little luck along the way. And I give them credit for at least having a road map now.
So here we are, price is back in the weekly demand zone at $0.23. After hugging the short term up trendline for the first five months in 2019, price struggled to close above the longer term down trendline. And what I can tell you is the longer price remains in the weekly demand zone filling all the unfilled buy orders, the probability of price breaching the demand zone and going lower decreases.
This post was tough to write because I'm a long term HODLer of Steem, but I must remember that the name of this game is to low buy and sell high. But what might be undervalued or low in price, could go lower in price. This is where one might buy with conviction because they believe Steem should be much higher. If that is the case, leave your emotions out of the equation because if you decided to buy Steem at current prices, know that is could go lower? So before you pull the trigger, know why you pulled the trigger, but more importantly, have a plan behind why you pulled that trigger to buy at $0.23. The first test for all the buyers of Steem will be this major support/resistance line at $0.30
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.