1 STEEM = ₿597 Satoshi -- Is the downtrend still in effect, or just a temporary setback?

_{(Chart by TradingView)}

Steem's Ultimate Moving Average against Bitcoin reached a peak of ₿650 Satoshi in late July, but then gradually decreased until today.

Meanwhile, the SuperTrend indicator has recently changed from a buy signal to a sell signal, after giving a buy signal for almost a month.

Despite the bearish trend of the Squeeze Momentum indicator, it seems to be gaining strength.

The Steem price against Bitcoin experienced a short-lived rally before returning to its previous level. Is the current downtrend still in effect, or is it just a temporary setback?

Let's keep an eye on the latest Steem price fluctuations.

About Steem (STEEM)

Steem is a blockchain-based social media platform that rewards users for creating and curating content. It is designed to be a more decentralized and transparent alternative to traditional social media platforms, such as Facebook and Twitter.

Steem uses a three-token system:

• Steem (STEEM): The native cryptocurrency of the Steem blockchain. STEEM can be used to pay for transactions on the network, as well as to vote on content.
• Steem Power (SP): A non-transferable token that represents a user's voting power on the Steem blockchain. SP can be earned by holding STEEM, and it can be used to upvote content and influence the distribution of rewards.
• Steem Dollars (SBD): A half-stablecoin bottom half-pegged to the US dollar. SBD can be earned by staking STEEM, and it can be used to withdraw funds from the Steem blockchain.

Users can earn STEEM by creating and curating content on Steemit. When a user posts a new blog post, article, or video, it is voted on by other users. The more votes a post receives, the more STEEM the author earns. Users can also earn STEEM by upvoting the content of other users.

Steem is still a relatively new platform, but it has already attracted a large number of users. As of August 2023, there are over 1.2 million registered Steem users.

Here are some of the benefits of using Steem:

• Decentralization: Steem is a decentralized platform, which means that it is not controlled by any single entity. This makes it more resistant to censorship and manipulation.
• Transparency: All transactions on the Steem blockchain are public, which makes it more transparent than traditional social media platforms.
• Rewards: Users are rewarded for creating and curating content, which incentivizes them to produce high-quality content.

If you are looking for a more decentralized and transparent social media platform, then Steem is a good option to consider.

Here are some of the challenges of using Steem:

• Steem is a complex platform, and it can be difficult to learn how to use it.
• The Steem community is still small, and it can be difficult to get noticed.
• The Steem blockchain has been criticized for its high energy consumption.

Overall, Steem is a promising platform with a lot of potential. However, it is still a new platform, and it has some challenges that need to be addressed.

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