Steem prices have recovered strongly over the past few weeks. The coin jumped to a high of $0.2500, its highest since June 11. That price is about 64% above its lowest level this month. With a market cap of over $93 million, it is the 262nd largest 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 facing social media users is how to monetize their work. Many users, especially on YouTube, make money by showing ads in their content.
Steem is a blockchain project that is changing the way creators make money online. It does this by enabling people to create tokens that help monetize content and grow the community. These Smart Media Tokens (SMT) feature near instant settlement and zero transaction fees. Meanwhile, creators can use these tokens to raise funds through initial coin offerings (ICOs).
Additionally, developers can build applications based on Steem technology. Some of the most popular apps in Steem are Steemit, DTube, and Utopian. According to the developers, Steem is now used by more than 1 million people, and the number of Steem applications has risen to 324. They also paid out over $59 million in rewards to creators.
It is unclear why the price of the Steem token has surged over the past few days. The most likely scenario is for investors to buy the coin down as it is down more than 70% from its all-time high. Another reason is the constant giveaways from developers.
Steem Price Prediction
The four-hour chart shows that STEEM prices have been in a strong bullish trend over the past few weeks. It has managed to break above the 25-day and 50-day moving averages. The coin even broke above the important resistance level of $0.2163, which was the lowest point on May 31.
Therefore, there is a chance that the coin price will continue to rise as the bulls target the key resistance at $0.2805. This was the high point on June 9. A break below the key support at $0.2163 will invalidate the bullish view.
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