Is it a good idea to buy into STEEM now that it’s rebounding?

In the past few weeks, the price of STEEM has recovered significantly. The token reached a high of $0.2500 on June 11th, which was its most significant value since June 11th.

The price was a staggering 64 percent above the lowest point this month. It has a market capitalization of over $93 million, putting it in 262nd place on the global scale.

What is Steem and why is it gaining popularity?

Today, social media is one of the most significant industries in the world. Many young people spend many hours every day on popular social networking sites like Twitter, Facebook, and TikTok.

Many individuals are unsure of how to make money through social media. Many users, particularly those on YouTube, generate money by inserting advertisements in their videos.

Steem is a blockchain technology that is revolutionizing how content producers make money online. It’s doing so by allowing users to create tokens that help them profit from their work and develop communities.

Smart Media Tokens (SMT) are digital assets that allow for near-instant settlement and zero transaction costs. At the same time, these tokens may be used to raise money through an Initial Coin Offering (ICO).

Developers can also utilize Steem’s technology to create applications. Steemit, DTube, and Utopian are some of the most popular apps on Steem.

Steem is presently being used by more than 1 million individuals, and the number of Steem applications has grown to 324. They’ve also given creators over $59 million in rewards.

It is not clear why the price of Steem has risen in recent days.

The most likely explanation is that investors are purchasing the tokens down. Since they were worth over 70% less than their all-time high. Another possibility is that the developers continue to give out free coins.

Steem price forecast

Data Source: Tradingview

The four-hour chart indicates that the STEEM price has been in a strong upward trend for the previous several weeks. It has successfully crossed both the 25-day and 50-day moving averages.

The cryptocurrency has even surpassed the crucial resistance level at $0.2163, which was the lowest point on May 31st.

As a result, bulls may seek to break through the key resistance level at $0.2805. This was the peak on June 9th. A decrease below the crucial support level of $0.2163 will negate the bullish view.

The RSI has been rising as well. This is a sign that the bulls are in control of the market. The MACD is also above the zero line, which is another bullish sign.

However, the price is approaching the overbought region of the market. Therefore, there is a possibility of a minor correction before the uptrend.

So, is it a good idea to buy into STEEM now that the price is rebounding? Let’s take a look at some of the factors that could affect the price of STEEM shortly.

The first factor to consider is the overall cryptocurrency market trend. Cryptocurrencies have been on a tear lately, with Bitcoin and Ethereum leading the charge.

However, the overall market is still in a correction phase. This means that prices could continue to fall in the short term

The second factor to consider is the recent hard fork of STEEM. The hard fork was necessary to upgrade the blockchain and make it more scalable.

However, it caused some controversy and there is still some uncertainty about how it will affect the price of STEEM.

The third factor to consider is the upcoming release of the SMTs. The SMTs are a new type of token that will be launched on the STEEM blockchain.

They are designed to provide incentives for users to create and curate content. The SMTs are set to be released in the fourth quarter of this year. Therefore buying STEEM now is a pretty good idea.