Bitcoin
BTC$42 499.74

-1.69%

Ethereum
ETH$3 240.18

-3.24%

Binance Coin
BNB$471.64

-5.87%

Tether
USDT$1.000291

-0.01%

Cardano
ADA$1.48

4.97%

USD Coin
USDC$0.999982

0.02%

STEEM Pumps Massively After the Hard Fork


April 2020

Those of you who follow the developments in the crypto industry closely must have heard about a controversial - some call it hostile - takeover of the blockchain company Steem and its proprietary social media platform Steemit by Tron and its ever-present CEO Justin Sun. Despite the vehement resistance to the acquisition on the part of the existing Steem community, it had taken place.

The community, however, has almost immediately announced his intention to carry out a hard fork of the Steem blockchain, which would be a crucial step on the path towards creating a whole new blockchain environment dubbed Hive. The fork took place on the following cryptocurrency exchanges: Binance, Huobi, and Bithumb - all STEEM holders received new HIVE tokens in the 1:1 ratio. 

Still above 200EMA


From the technological standpoint, the new Hive blockchain will be built on the foundation of its predecessor’s code, with few tweaks and adjustments, derived from the community feedback.

It remains to be seen what would be of the once-promising blockchain project that laid the groundwork for the blockchain-based social media, but the thing that interests us, traders, the most is the huge 180% pump of STEEM that happened right over a couple of days prior to the hard fork.

1-day STEEM/USDT chart

Congrats to those who managed to jump on the bandwagon and lock those incredible profits, although those who have been holding the token prior to the pump still have a chance to capitalize on it since the price hasn’t fallen to its starting position yet, presently attempting to establish support on top of the 200-period EMA, but the chances of it are low because the ATR indicator tells us that STEEM remains in the phase of high volatility, which would be directed to the downside. The reason lies in the fact that the hype surrounding the takeover is gradually dying down while the number of holders is expected to decrease dramatically after the fork.

In addition, the Stochastic has already made a downside crossover on the daily timeframe, thus increasing the probability of a move in that direction.

If the upswing does occur, it should die down at $0.3 because the coin has no more incentives for growth, at least for the time being. There is a significantly higher likelihood of STEEM going below the 200EMA and down to the pre-pump area of $0.118, where it would continue a tedious consolidation while Justin Sun and his team at Tron will be trying to figure out what to do with the aftermath of the rebellion. Therefore, it would be more practical to short STEEM in the medium run, but there’s also an option to wait for a probable bounce to $0.3 and then go short.

1-hour STEEM/USDT chart

That constitutes the strategy for the coming week, whereas those who want to make a quick buck on the smaller time frames would be disappointed since the coin is currently being traded within a very tight price range on the back of the declining Average True Range indicator, which suggests that the coin is going to stay in that range for a while, or at least until it initiates a breakout from the Bollinger Bands squeeze. As already mentioned, the path of that breakout could still be directed upward, but it is most likely to be rejected at $0.3 all the way to $0.118.

Author: Alex Paulson for Crypto-Rating.com

Related

Steem (STEEM) Price Prediction
Steem (STEEM) Price Prediction
STEEM Price Forecast for November 2019
STEEM Price Forecast for November 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 71.2% 55 $42 499.74 -1.69% 3.90% $804 612 153 299 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 67.2% 67 $3 240.18 -3.24% 7.66% $386 221 666 258 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.2% 55 $471.64 -5.87% 13.52% $78 669 453 462 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000291 -0.01% 0.01% $78 422 379 350 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 74.8% 53 $1.48 4.97% 33.24% $49 641 760 562 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999982 0.02% -0.02% $45 408 574 979 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 60.4% 78 $142.41 -5.01% 7.28% $44 738 935 131 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 71.2% 58 $0.760679 -2.17% 5.13% $36 256 323 649 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 71.6% 59 $80.99 -5.64% 18.07% $29 003 031 725 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 75.6% 53 $26.06 -6.24% 12.03% $25 733 903 487 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 46 $0.168009 -5.80% 17.84% $22 289 819 399 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 65.6% 76 $88.17 -6.02% 6.34% $21 545 510 909 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 70.8% 54 $2.27 -2.65% 14.59% $16 595 998 407 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 72.8% 59 $0.000029 -5.71% 7.80% $15 821 241 817 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 94% 1 $1.000713 0.14% -0.01% $14 457 507 802 BUSD 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.