So here we are again at this price level that has become a sticking point for some time. We will see something new or more of the same?
Pendulum of Price
Looking at the daily chart of steem we see that this 40 cent area has been are line in the sand. Price closed above 40 cents a couple days ago and currently remains above it.
The real question is can we form some kind of base here to see possible price appreciation into the 50s.
Back in April it looked like price was firmly established above 40 cents and our upside wad near 60, but price took a dump and here we are back to square one.
All I want to see is price remain above 40 cents for atleast some kind of extended period of time. That would be the first step in positive price action.