STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #01))
Dear steemians, I hope you all are doing good this weekend.
My Naira, My Steem Watch is a project that is aimed to review the price performances of Steem in relation to Naira.
As the demand and supply of Steem rises and falls, including the impact of the demand and supply of other tokens on Steem, so does it affect the value of the Naira/Steem and Steem/Naira. The forces of demand and supply are inherent in the market because they are drivers of the crypto market.
[source](Screenshot from gate.io)
After reaching the last peak on 29th May, 2024, closing at 0.3239, steem prices have remained in downward direction. But this downward movement is not only seen on Steem prices alone, the crypto market is witnessing some deep levels of downtrend.
This is coming even when there is the optimism that bitcoin price would push to new high levels after its halving. It is expected that the halving would also influence or push the prices of altcoins and related tokens to find their way to new high levels.
These expectations were dashed as bitcoin maintained stability that hovered at the price between $67,590.60 on 1st April to a post halving stable low of $66, 364.08 on 15th May, 2024.
The above scenario might have been caused by the increase in operating costs and decrease in reward system, leading to massive offloads of the coin by the miners, which has put a bearish some bearish pressure on BTC.
After closing at the high of N448.670 on the 29th of May 2024, Steem has also been impacted by the larger crypto market forces and could not withstand the bearish pressure. This bearish pressure mounted on Steem, pushed the price from the high of N448.670 to the low of N327.450
Despite the sputtering downtrend seen in Steem/Naira, there is still an underlying potential future gains.
In the coming week, we anticipate Steem gradual recovery as investors/bulls might likely cash in on the low prices to hold more Steem. Steem fundamentals remain strong and this could contribute to its recovery.
On the broader market perspective, a reduction in operating costs of BTC and an attractive or increased reward system for miners, would likely attract the bulls, which would also influence the prices of other coins.
- Naira images are legally owned by me.
My best wishes to all!