Steem Price Prediction: STEEM Shoots Up 25%, But Here's Why New Crypto Might Outshine it

Steem Price Prediction: STEEM Shoots Up 25%, But Here’s Why New Crypto Might Outshine it

Updated: 25 October 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Steem (STEEM) price is up almost 25% in the last 24 hours, boasting a strong position among the day’s top gainers. The token is hot today, with a trading volume increase of 100% over the last day, based on CoinMarketCap data.

Interestingly, investors have observed that Steem’s price records a repeated upward movement every fourteen weeks. If there is any trust in this evaluation, the cryptocurrency becomes an interesting addition to portfolio diversification endeavors.

We mentioned a cycle every 98 days(14 weeks). #Steem is now at the top of the highest gainers list. My position is up 70% in total. Now it's time for me to say goodbye. https://t.co/QPu1cuzPGh pic.twitter.com/HfXstEPMBU

— ASG | Gem Market Maker (@sekadamrejimi) October 25, 2023

Steem Price Prognosis As STEEM Tries To Reclaim Range Highs

Steem price breaking out has seen the altcoin test the $0.2798 resistance level for the sixth time since April. From a technical standpoint, the cryptocurrency is still on steam and could record more gains. The Relative Strength Index (RSI) remains northbound, holding above the 70 level. Its inclination to the north shows momentum is still rising.

Also, the Awesome Oscillator (AO) indicator records large volumes of green histogram bars, suggesting the bulls are heading the market.

With this stance, increased buying pressure above current levels could see Steem’s price shatter the $0.3034 resistance level. A decisive move above this barrier would confirm the uptrend. However, the altcoin continues to push for a close above the critical resistance at $0. 2798. Traders looking to open new long positions should probably wait, lest they are caught in the exit liquidity.

Steem price — TradingView: STEEM/USDT 1-day chart

On the other hand, a rejection from the $0.3034 resistance level could see Steem’s price retract. A daily candlestick close below the $0.2798 level could see STEEM tag the $0.2500 psychological level. In the dire case, the slump could see STEEM descend below the $0.2000 psychological level.

Investors should also monitor the RSI to identify when STEEM would be ripe for selling. In this case, a potential drop below the 70 level would be a good place to exit.

Meanwhile, forward-thinking investors are looking at BTCMTX, which offers a new opportunity for Bitcoin (BTC) ownership. The token is in the presale stage, with more than $2 million in the bag.

STEEM Alternative

BTCMTX token is the native cryptocurrency for the Bitcoin Minetrix ecosystem, a stake-to-mine project that has experts predicting 10X growth. It is a cloud-mining platform where ordinary folk can mine Bitcoin in a decentralized way. The whole process has been tokenized, thereby eliminating risks relating to scams. Further, decentralization and tokenization have also put the process in the hands of the trader.

Beware of potential #BitcoinMinetrix Scams!

Keep in mind these suggestions: 🔒

🔐 Double-check information from reliable sources.
⛔ Avoid disclosing sensitive information.
🔎 Notify authorities about any dubious accounts promptly.#CryptoSecurity pic.twitter.com/MGaeByB30z

— Bitcoinminetrix (@bitcoinminetrix) October 25, 2023

The project brings forth a reliable cloud-mining platform even for the ordinary crypto user. It is committed to fixing challenges relating to high hardware costs and deceptive scams. These have been key detractors, discoursing people from mining BTC.

Considering #Bitcoin mining but not sure where to start?

Cloud mining with #BitcoinMinetrix might be the solution!☁️

✅ Ease of entry for beginners
💰 Cost-efficient without high electricity bills
🔇 No worries about space, noise, or maintenance
🔄 No hassle of hardware resale pic.twitter.com/7gtnjOSg4D

— Bitcoinminetrix (@bitcoinminetrix) October 19, 2023

Standing among the newest stake-to-mine projects in the market today, Bitcoin Minetrix employs a smart contract-controlled technique. Specifically, built atop the Ethereum network, the project creates a safe space eve for the regular investor. Token holders can stake and burn BTCMTX tokens to earn mining hash power.

Showing how #BitcoinMinetrix differs from typical cloud mining. ⛏️🪙

1️⃣ Using ERC-20 #Tokens removes the need for transactions.

2️⃣ Users control their mining power via earned credits from staking.

3️⃣ Smart contracts on #Ethereum automate security and decentralized staking. pic.twitter.com/EyxaQQ6EIR

— Bitcoinminetrix (@bitcoinminetrix) October 22, 2023

The project’s entry barriers are very low, with a single BTCMTX token going for a meager $0.0112. Notably, this value is only up for the next two days, with the countdown showing the current stage is just about to end.

Buy BTCMTX in the current stage of the presale before the price increases.