Steem price has made a strong comeback in the past few weeks. The token jumped to a high of $0.2500, which was the highest point since June 11th. This price was about 64% above the lowest level this month. It has a market cap of over $93 million, making it the 262nd biggest coin in the world.
What is Steem and why is it rising?
Social media has become one of the most important industries in the world. Today, many young people spend hours every day on popular social media platforms like Twitter, Facebook, and TikTok.
A common challenge for social media users is on how to monetize their work. Many users, especially those on YouTube make money by displaying ads in their content.
Steem is a blockchain project that is changing how creators make money online. It is achieving this by enabling people to create tokens that help monetize their content and grow communities. These Smart Media Tokens (SMT) have near-instant settlements and zero transaction fees. At the same time, creators can use these tokens to fundraise through an Initial Coin Offering (ICO).
Further, developers can build applications that are based on Steem’s technology. Some of the most popular applications in Steem are Steemit, DTube, and Utopian. According to the developers, Steem is now used by more than 1 million people while the number of Steem apps has risen to 324. They have also paid over $59 million in rewards to creators.
It is unclear why the price of the Steem token has surged in the past few days. The most likely scenario is that investors are buying the tokens dip since it was down by over 70% from its highest point on record. Another reason is the ongoing giveaway by the developers.
Steem price prediction
The four-hour chart shows that STEEM price has been in a strong bullish trend in the past few weeks. It has managed to move above the 25-day and 50-day moving averages. The coin has even crossed the important resistance level at $0.2163, which was the lowest point on May 31st.
Therefore, there is a possibility that the coin’s price will keep rising as bulls target the key resistance level at $0.2805. This was the highest point on June 9th. A drop below the key support level at $0.2163 will invalidate the bullish view.
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