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Steemit (STEEM) Technical Analysis – Engine Room, More STEEM

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STEEM

Steemit is a blogging and social networking website that uses its STEEM blockchain based rewards platform for its publishers. The Steem blockchain produces both STEEM and STEEM dollars, which are tradeable tokens obtained for Posting and Commenting on content.

User accounts can up-vote posts and comments similar to other blogging websites or social media news websites. and the authors who get up-voted can receive a monetary reward in a cryptocurrency token named STEEM and US Dollar tokens known as Steem Dollars.

With that behind us, let’s take a look at what is transpiring with STEEM from a technical standpoint.

As we can observe from the daily chart below, STEEM, like many in the cryptocurrency universe, experienced a difficult time (from a token price point of view) during the 1Q18, whereby the coin shed 85% of its value off of its all-time high print of $9.25 on 1-3-18 before finally bottoming-out on April Fool’s day at $1.32. Nevertheless, things are starting to perk-up once again for STEEM.

Observing the daily chart above, we can see that STEEM is now trading above all of its important moving averages 20/50 and 200DMA’s, respectively, which from a technical view, is a favorable position.

In addition, we can also observe that the 20DMA (blue line) is rising, as well as its 50DMA (yellow line) in the early process of turning higher. Both positive developments.

Digging in a bit deeper, we can also observe that STEEM is beginning to carve-out a potential Cup&Handle (CnH) formation as well as building-out the right shoulder of a potential inverted Head-and-Shoulders (H&S) pattern. Both favorable indicators should they ultimately develop and complete.

Nonetheless, there’s a lot taking place here from a technical perspective, albeit, further work remains and should either and or perhaps both patterns noted above, materialize to completion, STEEM may just be on the tracks to higher ground.

Moving forward, both investors/traders may want to pay particular attention to the $4.85 level. Should STEEM be capable of taking out the level at any point in the days/weeks ahead, such development, should it materialize, suggests a possible move into the $6.25-$6.50 zone, with the $3.35-$3.50 area lending potential short-term support.

Engine.Room.Moar.STEEM.

Happy Trading!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Roel Hemkes via Flick

Chart courtesy of tradingview.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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