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.
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.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||Volume 24h|
|1||BTC||Bitcoin predictions||89.6%||18||$48 040.82||-1.15%||4.49%||$904 138 209 931||$27 168 138 382|
|2||ETH||Ethereum predictions||74%||50||$3 406.76||-3.36%||-0.59%||$400 587 974 492||$14 083 515 721|
|3||ADA||Cardano predictions||65.2%||67||$2.37||-1.97%||-9.16%||$75 770 110 129||$1 761 903 242|
|4||BNB||Binance Coin predictions||65.6%||70||$409.51||-2.13%||-1.24%||$68 853 321 231||$1 118 665 295|
|5||USDT||Tether predictions||95.6%||1||$0.998941||-0.15%||-0.13%||$68 220 155 150||$55 238 355 832|
|6||XRP||XRP predictions||67.2%||61||$1.074680||-1.02%||-2.67%||$50 104 002 644||$2 001 954 604|
|7||SOL||Solana predictions||56.4%||90||$159.62||-0.39%||-11.29%||$47 403 146 839||$4 342 326 777|
|8||DOT||Polkadot predictions||60.8%||81||$33.87||-3.28%||5.40%||$33 450 932 962||$1 531 270 854|
|9||DOGE||Dogecoin predictions||66.8%||75||$0.238990||-2.72%||-2.75%||$31 391 728 418||$814 388 693|
|10||USDC||USD Coin predictions||90.8%||1||$0.998865||-0.13%||-0.15%||$29 376 466 972||$1 886 680 146|
|11||AVAX||Avalanche predictions||67.6%||69||$72.57||1.86%||14.34%||$15 986 861 751||$1 646 527 720|
|12||UNI||UniSwap predictions||66.8%||64||$24.41||-2.34%||2.68%||$14 931 117 171||$258 525 925|
|13||LUNA||Terra predictions||67.6%||64||$35.81||0.61%||-13.26%||$14 384 328 816||$821 923 843|
|14||LINK||Chainlink predictions||74%||50||$28.31||-3.15%||0.91%||$12 837 320 531||$907 387 794|
|15||BUSD||Binance USD predictions||94.8%||1||$0.998729||-0.16%||-0.14%||$12 797 266 194||$4 423 728 987|
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