Steemit Crypto Academy Contest / S7W4- Cryptocurrencies continue to recession or rebound in 2023.
flyer maker
My dear Steemians, today I welcome you again to my post, @jasminemary. Today I have talked about cryptocurrencies will continue to experience a recession or rebound in 2023 as part of my entry to the engagement challenge contest organized by the SteemitCryptoAcademy.
In your opinion, will the cryptocurrency market rebound in 2023? Or will the bear market period continue? Justify your answer in advance with technical indicators, if possible.
Yes, in my opinion, the cryptocurrency market will rebound in 2023. From the beginning of the year, we started seeing changes in the cryptocurrency market. Bitcoin and other cryptocurrencies began trading on a bullish trend. Based on my prediction and a lot of news that I have read about the cryptocurrency market, I have been seeing positive news about cryptocurrency.
Despite the bear market that we faced in 2022, I am fully sure that in 2023 many people will be comfortable with the cryptocurrency market because there will be mass adoption of cryptocurrency, which will lead to a bullish market. In this year, I don't think that the cryptocurrency market will experience a serious bear period; instead, this year 2023 will be a year that cryptocurrency will rebound and start a strong bullish trend.
With a rise in price since last November, Bitcoin is currently trading above the level of $23,000. On January 21, 2023, it achieved the vital $20,000 threshold for the first time in the previous five months. As of the time of writing, over $24 billion is being traded daily in bitcoin. Experts are watching the impending Fed meeting in the United States, which could make or break Bitcoin and pave the way for further increases.
It should be remembered that the Bitcoin price began to rise as it crossed the critical threshold of $16,800. Once again gaining momentum, the price has been displaying positive signs up until this point. Let's look at the technical indicator of the image below.
From the image above, you can see the MACD (moving average convergence divergence) indicator gaining a strong bullish trend.
Also, the Relative Strength Index (RSI) for BTC/USDT is above the level of 55%, as we can see the following:
- Support levels: $15,000
- Resistance Levels: $30,000
Has the long duration of the bear market affected your work within the Steemit ecosystem? And what do you advise the rest of the users during such periods?
No, the long duration of the bear market didn't affect my work within the Steemit ecosystem; instead, I was motivated to work harder so I could accumulate more Steem Power. During the bear market, I engaged myself in clothing business, so I would not feel worry over the bear market as much.
Well, my advice to the users in such a period is that they should know that bear is the nature of cryptocurrency and in order for you to succeed in the bear market you need to work very hard or, if possible, double your source of income so you can save and sell later during the bullish market.
Also, as a crypto trader or Steemian, you should not invest all you cannot afford to lose into cryptocurrency, and you shouldn't borrow to invest in cryptocurrency when you haven't carried out proper analysis.
Which cryptocurrency do you see as promising in 2023? Tell us the most important characteristics of his project and the reasons for your choice.
The cryptocurrency that I see as promising in 2023 is the BNB token. When it comes to the *BNB token," everyone knows it is owned by the largest cryptocurrency exchange in the world, called Binance. The BNB cryptocurrency was initially made available for trade in 2017. The market capitalization of Binance Coin is $48,895,687,708 USD as of the time of writing this post, based on the data gotten from Coinmarketcap.
BNB was initially released as an Ethereum-based ERC-20 token, but it has since been moved to the main BNB chain. The initial total supply of BNB was 200,000,000 coins; however, as a result of frequent coin burn events, the supply is progressively shrinking.
The most important characteristics of the BNB project
BNB token is very important within the Binance Exchange ecosystem. BNB is utilized as a utility token that enables users like you and me to get discounts when paying for our trading fees. BNB has a variety of use cases. Additionally, the BNB token is used to pay for gas fees when performing transactions in TrustWallet, Metamask, and other decentralized exchanges that support Binance smart chains.
What do you think of the status of the two cryptocurrencies, Steem and TRX, over the past year, and do you see them as promising for the year 2023? Justify your answer in advance with technical indicators, if possible.
The majority of us all know how important Steem and TRX are to us. I see these two cryptocurrencies, Steem and TRX, as very promising for the year 2023. Currently, as it stands, I am confident that our dear Steem price for 2023 is anticipated to skyrocket, reaching a maximum of $0.26 and a minimum price of 0.2 in this February, and in addition to that, the costs of Steem may retrace soonest to reach an average price of $0.21 before the end of February.
From the chart above, Steem is trading at $0.1871.
TRX
As for TRX, looking at the chart, it shows that before 2023, the price of TRX was at $0.05, and as of then, the RSI is at 40% and the price has moved up to $0.06, whereas the RSI also moved upward to $0.06, and based on the RSI level, the price is at $0.08, which means the token still has the potential to move up to the resistance level since the RSI is still moving up to 70%, which means the coin has a potential to skyrocket this year 2023.
@yakspeace, @temitopef, and @roomi and I am inviting you.
Hi friend I hope that you will be doing good.
You have presented this post in a very beautiful way as always and I admire your qualities to express your ideas about the crypto trading and technical analysis as well.
I agree with you that the Crypto market is going to rebounce back in 2023 year and your technical analysis of the chart also shows this thing.
I believed that if there is no bad news in the market then we will see a huge bullish market very soon.
The bnb coin is also my favourite coin because of the burning schemes and the maintenance of the supply of that coin which makes it much more trustworthy and strong coin in the crypto space.
I am happy to know that the bear conditions in the market does not effected your work on the platform and it tend you to stay resistant and wait for the better conditions the market.
Thanks a lot for sharing with us and I wish you a very good luck for the contest 🤞
I sincerely thank you so much sir for your support and good comments.
You have carried out a detail technical analysis on both steem and the Trx token my friend. Indeed there are high possibilities of both coin skyrocketing to a significant level this year 202 based on the above technical analysis. It is also a clear evidence that this year all crypto may stay at the bullish phase for a while because since the beginning of the year till now we have experience sudden bullish moves in the crypto space and that is what we want i guess. I wish you success in the contest my friend.
Thank you so much for your generous support and comments sir.
Greetings my friend @jasminemary,
It's great to see you share your thoughts and insights on the state of the cryptocurrency market in 2023. Your analysis of the market trend and use of technical indicators to support your argument is impressive. You have a positive outlook for the market this year and believe that the bear market will not be as severe as the previous year.
It's also good to see that the bear market did not dampen your spirit and motivation to work hard within the Steemit ecosystem. Your advice to others to double their source of income and not to invest more than they can afford to lose is sound and practical. Your selection of Binance Coin (BNB) as the cryptocurrency that is promising in 2023 is also well-reasoned, taking into consideration its importance within the Binance exchange ecosystem and its use cases.
Keep up the good work, my friend! I'm sure the Steemit community will appreciate your quality posts and hard work.
Regards,
@artist1111👤💻💰
Thank you for coming around.
Hi @jasminemary
You have explained about the future of upcoming Trends of the market by using charts and indicators of MACD or RSI for analysis.
Yes hope so we will see the positive changes as the BTC reflect the upward trend which indicate towards the posotive impact and stabilization of the market.
Good to hear that your work is not effected by the market bearish trend however there are a lot of people that are effected due to the reduced reward pool of the platform. But we always learn from the bad conditions.
The bear market also teaches a lot to the traders.You have explained about the BNB that is the trending coin of the crypto world and always give the positive result.
Steem and tRX are also reflecting the positive change in the coming year and we are hopefull to see them in the bullish trend.Good luck for your entry.
Thank you so much for your lovely support.
Hello My Friend @jasminemary, I am impressed by your comprehensive analysis of the cryptocurrency market. Your optimism about the cryptocurrency market rebounding in 2023 is well-justified by the bullish trend seen in Bitcoin and other cryptocurrencies. Your analysis of the MACD and RSI indicators is particularly insightful, and it shows your deep understanding of the technical aspects of cryptocurrency trading.
I also appreciate your advice to the users during bear markets, reminding them to work hard, diversify their sources of income, and invest only what they can afford to lose. This is very important advice for anyone who wants to be successful in cryptocurrency trading.
Finally, I am particularly intrigued by your choice of Binance Coin (BNB) as a promising cryptocurrency in 2023. Your explanation of the use cases of BNB within the Binance ecosystem and the fact that its supply is progressively shrinking due to coin burn events, makes it a strong candidate for investment. I am sure that many other users of Steemit will be taking note of your analysis and making informed decisions accordingly.
Keep up the great work, @jasminemary!
Regards, @fabiha
Thank you so much for coming around.
Greetings @jasminemary,
I hope you are fine and enjoying your life to full with family and friends.
You have shared a detailed content with us on topic will the cryptocurrencies continue to recession or rebound in 2023. You said that it will rebound and I have the same feelings because BTC has started moving up and most of the technical indicators are indicating upward trend is started after a long bear market.
Yes you are right to double our income sources in bear market because cryptocurrency is highly volatile and risky market and we can't depend only on it. As you have started clothing business and this is the best thing you did. I was also thinking to start clothing or food business but due to no knowledge in these fields, I will first learn it by sitting in a shop mean to say will do job there.
You have said BNB is the promising coin and it is true because it is coin of a famous exchange and they will not let it down this year. More than a year it was in downward direction but I think now CZ Binance will promote it to bring investors. Moreover the positive movement of BTC has confirmed that 2023 will be a good year if things move in same speed.
Yes TRX and STEEM are also looking promising this year because BTC is showing positive sign in the market and things are getting better. Also the team is working really hard of STEEM and TRX so they will skyrocket in 2023.
Overall, you have shared quality content with us that is full of knowledge. I wish you success in this contest. Stay Blessed :)
Thank you so much for I sincerely appreciate your support and good comments.
My Pleasure :)
It’s no surprise you picked the Binance coin (BNB) as your coin of interest.
The Binance Coin (BNB) is a crucial component of the Binance Exchange ecosystem and serves as a utility token with multiple use cases. BNB enables users to receive discounts on their trading fees, making it an attractive option for those who frequently trade on the Binance platform.
Moreover, the BNB token also serves as a means of payment for gas fees when conducting transactions on decentralized exchanges such as TrustWallet, Metamask, and others that support the Binance smart chains. This versatility and usefulness of BNB further adds to its value and usefulness in the wider cryptocurrency market.
In conclusion, the Binance Coin (BNB) is a strong player in the cryptocurrency market, offering users not only savings on trading fees but also a variety of use cases and applications. It's no wonder that BNB has become a popular choice for many cryptocurrency investors and traders.
Thank you so much for your lovely support and Comments.
Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
We support quality posts anywhere and any tags.
Curated by : @chiabertrand