Steemit Crypto Academy Contest / S9W1 - Steem performance in 2023

Hi Steemians, I'm very happy to be participating in the first week of Season 9 of the Steemit Engagement Challenge. Today I am here to participate in a contest organised by SCA, and the topic is "Steem performance in 2023."

Should you invest in Steem now? Perform technical analysis to predict the price of Steem in December 2023. You can use Tradingview.

When I was a newcomer on Steemit, I did not know much about cryptocurrency, but after joining Steemit, I learned a lot about it and started investing my money in it. As STEEM is also a cryptocurrency, from then until now I have been investing in Steem, and I have been a member of #club100 for more than a year, which is a clear proof that I am very fond of investing money in Steem.

Steemit is a great project and a decentralised social media platform, and believe me, its future is very bright because many developments are happening day by day on the Steemit platform, which will make STEEM coin better, and I hope soon STEEM coin will be in the top 100 cryptocurrencies. I am still investing in STEEM because my SP is 14,502, and God willing, I will continue to do so.

As we all know, the crypto market is very risky, and no one but us can predict the future of crypto. In this technical analysis, I will use indicators like RSI, Parabolic SAR, and support and resistance levels. So let me tell you about how these indicators work.

Support and Resistance

Support and resistance levels are very important in crypto and can help us while trading. Support is the area where traders wish to buy the crypto coins, and resistance is the area where traders wish to sell their crypto holdings. Many new traders use this strategy for trading in their first few months.

Relative Strength index

The RSI, which means relative strength index, is an indicator in the crypto world that can help us in price prediction. It oscillates between 0 and 100 numbers. When it oscillates below 30, it means the crypto is in an oversold condition, which is a perfect time to buy. On the other hand, when it oscillates above 70, it means that the crypto is in an overbought condition, which is a perfect time to sell.

Parabolic SAR

The parabolic SAR is an indicator in the crypto world that is very simple to use. This indicator tells us about the price of any crypto with dots. When the dots are below the candles, it means now is a perfect time to buy; on the other hand, when the dots are above the candles, it means now is a perfect time to sell.

In the above screenshot, we can see that the major resistance of the STEEM/USDT pair in the weekly chart is 0.5058$ and the major support is 0.1345$. On the other hand, the RSI indicator is oscillating at nearly 50, which means it is not in an overbought area, and parabolic SAR dots are also below the candles. All these show us bullish signs because STEEM is very close to its support level, and the other two indicators are showing a bullish trend. So I hope that at the end of 2023, the price of the STEEM will go upward and touch to its major resistance level, which is 0.5058 dollars.

Describe the step-by-step to transfer USDT to Steem cryptocurrency in the Steemit wallet. Use your wallet. Screenshots are needed.

In this question, I will buy Steem with USDT in my Binance account because I don't have an account on Poloniex, and after buying, I will send Steem to my Steemit wallet. Below is the step-by-step procedure for the overall process.

In the first step, I opened my Binance account and clicked on the spot wallet option, in which I have 188.50 USDT, as you guys can see in the screenshot below.

In the second step, I searched for Steem coin in the search bar and clicked on the STEEM/USDT pair because I wanted to buy Steem coin. So I opened the STEEM/USDT pair and bought the STEEM coin with 30 USDT at the market price, which was almost 0.2217 USD. Below are the screenshots.

After that, there were almost 135 STEEM coins in my spot wallet, as you can see in the screenshot below. I had to transfer STEEM from Binance wallet to my Steemit wallet, so I clicked on the withdraw option and chose STEEM coin.

In this step, I put my username, which is @malikusman1, in the address box, chose the STEEM network for the transaction, put the STEEM amount, which was 1 STEEM, and clicked on the withdraw option so that I could transfer STEEM to my Steemit wallet. Then I successfully transferred STEEM coin from Binance account to my Steemit wallet. Below are the screenshots.

In the last step, I had to check if my STEEM was successfully transferred to my Steemit wallet or not. Then I opened my Steemit wallet so that I could check my transactions. Then I checked and saw that I had successfully received 0.990 STEEM from binance-hot. So this is the easy way to convert USDT to STEEM coins and then transfer those STEEM coins from your Binance wallet to your Steemit wallet. I hope that these steps will surely help newcomers for transactions from Binance to Steemit wallet.

How many Steem Power do you currently have? Analyze the expected growth of your Steem Power until the end of 2023. Show screenshots.

I love to do power-ups, and I am very fond of collecting my Steem power because I want to achieve big goals on the Steemit platform. I am the one who has been here for a long time and wants to spend my whole life on Steemit because I love blogging and making new friends from other countries, which is now also one of my hobbies.

For this question, I used the Steemworld.org
website, which is a great tool for Steemit users. So in the above screenshot, you can see that my current Steem power is 14,502.97 Sp, which I achieved by putting in a lot of effort and hard work. I am very grateful to the Steemit team for their support on my quality blogs.

Now I will analyse the expected growth of my Steem power until the end of 2023. For this, I will check my last 30 days' earnings so that I can guess my earnings for the next few months. In the screenshot below, you can see that my total earnings for last month, considering curation SP, Aurthor SP, and STEEM, are almost 887.97 Steem power. I converted my STEEM to Steem Power for that reason because I am a part of #club100, and I hope that I will maintain it until I am here.

This is the month of April, which means I have 8 months left, so according to the ratio of my last month's earnings, I will guess my Steem power until the end of 2023. So 887.97 × 8 = 7103 Steem power. So let's calculate it completely.

My total Sp will be = Present Sp + Average Sp + Staking reward

= 14,502 + 7103 + 411.85
= 22,016 Sp

So according to the calculation, my total Sp till the end of 2023 will be 22,016. As we all know, Steemit is a place of quality content creators, but I will try to reach 30k+ Sp by the end of 2023 with my hard work and dedication. I hope that I will achieve it with the help of the lovely Steemit team. According to my opinion, a person can achieve anything in this world when he sets a firm intention and sticks to it.