SEC S16-W3 Steem’s Potential in the Bull Run
In 2024 we all know that Bitcoin halving have to takes place in April but before the month of April as now we are in March and still we are continuously observing positivity in overall market and it has been a historical pattern in past that whenever Bitcoin halving event occurs then as a result market definitely go into bull run and still market is in bull run and we are observing continuous increase in STEEM price each day.
Secondly we all know that inflation rate of STEEM is increasing day by day with the passage of time so for that reason it is decreasing the supply of this token and increasing its demand with the passage of time in order to increase scarcity so for that reason potential of STEEM token in bull run is definite.
Another reason that I can give is staking that has been already occuring at steemit as we have practical example at this platform steemit that users are continuously maintaining their club status so this is they are staking their tokens and burnsteem25 is another commitment to which there are many users just like me which are committed strongly who want betterment of the platform so in general there is a lot of staking which is increasing with time also.As well as not only this there are many people also who are interested in investing in steem blockchain due to its stronger project.
From all the above things that I have explained I can conclude and I can predict that in the year 2024 STEEM is going to touch minimum $0.75 and maximum $0.90 .... Cryptocurrency market have a lot of fluctuations and there are multiple factors due to which market can influence and these factors are market demand investors sentiment other regulatory changes and technological advancements.
If I elaborate these factors in general words then I can say that if demand of this token is increasing in market then it means that supply is becoming reduced and people are demanding more for this token and that's why it is definite and angles to that it is more adopted by users and investors sentiment is also related to that because if demand of a particular token is increasing then definitely there is a positive news and investor sentiment is also positive words this particular token. Regulatory changes and other advancements related to technology are also key factor that we should always take in consideration.
Performance of STEEM and other cryptocurrencies can be influenced by different general factors about which we all have an idea which include it's adoption its uses that how much it is using and its support by the community and conditions of market that are going on so for shaping trajectory of a cryptocurrency these all factors are that which should be keep in consideration.
There are some technical indicators that I am currently recommending for assessing the upward trend of STEEM token in crypto market.These technical indicators are much important and significant for understanding and analyzing market trends.
| 1 | Moving Averages |
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Moving averages are widely used for determining trends and potential support and resistance levels. The Simple Moving Average calculates the average price over a specified period.Investors keep in consideration for crossover of short term moving average over long term for identification of bull run.
| 2 | Relative Strength Index |
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The RSI is a momentum oscillator that measures the speed and change of price movements.Relative strength index have particular range which is used in determination of measuring of buying and selling situations.When you see relative strength index about 70 then it would indicates increase buying pressure and below 30 would indicate selling pressure.
| 3 | Volume |
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Volume is again an indicator which shows level of market participation and liquidity. Higher trading volumes during price pump shows increase buying signal which creates positive uptrend and vice versa so decline volume means potential weakness in market.
| 4 | Moving Average Convergence Divergence |
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Moving average convergence divergence is used strongly for telling the relationship which exist between two moving averages of asset price.There are two lines which are MACD and signal line so crossing of MACD above signal line is bullish signal and vice versa.
| 5 | Fibonacci Retracement |
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Fibonacci retracement levels are horizontal lines that are potential support and resistance levels depending upon the Fibonacci sequence. Traders are mostly using these levels to identify entry or exit points during the time of price corrections when there is overall uptrend. The common retracement levels that we use mostly are 23.6%, 38.2%, 50%, 61.8%, and 78.6%.
There are fundamental characteristics of STEEM blockchain which I am explaining here as well as I am also giving you insights according to my knowledge that how underline technology in this blockchain is apart from other projects in crypto world.
Content Creation and Social Media Integration
STEEM blockchain is one of the great platform that allows any authentic person to make an account at this blockchain and start creating and sharing his quality content in the form of posts and in return receive rewards in the form of STEEM token. In this way it encourage users to be very active in their participation and contribution at this platform.
Proof of Stake Consensus Mechanism
Delegated proof of stake is consensus mechanism which is used by this blockchain that make it difference from different consensus protocols which are proof of work and proof of stakes systems but in this consensus mechanism which is delegated proof of stake users can give their vote for witness who validate their transactions and make the network secure and by the use of this consensus mechanism scalability increase and transaction confirmation time also increase in more efficient way.
Decentralization and Governance
STEEM motive is to make blockchain more decentralized so that users may not feel hesitated in decision making process of every kind so there is also democratic governance level which gives a sense of ownership and it also foster community involvement.
Steem Power and Resource Credits
STEEM blockchain comprises of some unique concepts like STEEM power and resources credits.Steem power is a great way of giving a user more influence at blockchain so the more there would be STEEM power the more there would be the influence of user and vice versa. When I talk about resource credits then they let the users to approach to network resources depending upon their holdings of STEEM power.Abuse may be prevented in this way.
Scalability and Transaction Speed
STEEM blockchain is working on delegated proof of stake consensus mechanism allows for faster transaction processing compared to traditional proof of work and proof of stake systems. This scalability and transaction speed make STEEM blockchain more suitable and unique as compared to other social media platform because at regular basis high volume of transactions occur at this blockchain.
Community and User Engagement
Steem has a vibrant and active community of users which is determined about content creation, curation, and engagement. The platform encourages interaction of users with each other and rewards for users for their contributions that they are giving in form of content creation and engagement with users.
Diverse Applications
STEEM blockchain is not confined just to social media applications but it also has a use in gaming and other technological advancements so due to diverse applications this blockchain make a different from other traditional blockchains and projects.
Steem is unique because it combines blockchain technology with social media. It permits users to create and share content, like blog posts and videos, and get reward in form of Steem tokens depending upon the popularity of their content.So people can earn money depending upon their level of creativity and engagement on the platform.
Other cryptocurrencies use complicated systems for validating transactions, but steem blockchain is using a delegated proof of stake (DPoS) consensus mechanism which are making transactions faster and more efficient, which is important for a social media platform where lots of transactions happen all the time but they don't occur with such level of efficiency and smoothness as they are occuring at steem blockchain.
STEEM blockchain also have Steem power concept.Steem power is a great way of giving a user more influence at blockchain so the more there would be STEEM power the more there would be the influence of user and vice versa. So all that are reasons making STEEM blockchain apart from other blockchains.
In recent times the adoption and usage of the Steem blockchain have been evolving on a positive manner because of as more users are joining the platform, creating content, and engaging with the community. There are several factors influencing adoption and usage of steem blockchain.
There is an incentivized model of steem blockchain.STEEM blockchain is one of the great platform that allows any authentic person to make an account at this blockchain and start creating and sharing his quality content in the form of posts and in return receive rewards in the form of STEEM token. In this way it encourage users to be very active in their participation and contribution at this platform and no one wants to mis earning plus learning opportunity.
Steem blockchain have increased adoption by decentralized applications (dApps) built at top of the blockchain. These decentralized applications offering blogging, gaming, and social networking. The integration and strongness of these applications has spread the use cases of Steem, which is attracting more users and developers towards the platform with passage of time.
Steem blockchain has made reasonable efforts in enhancement of overall user experience and accessibility. The development of user-friendly interfaces and mobile applications has made it very approachable , accessible and smooth for users to engage with the blockchain.User basse in this context is becoming broader and is increasing users activities at steemit.
There are factors that influence the growth of the Steem token in a cryptocurrency bull market.
Adoption increase and more number of users activities inform of blog creation and engagement is most important factor so in a cryptocurrency bull market, when prices are increasing and investor interests are more then the adoption and usage of the Steem blockchain can have a positive impact at STEEM growth.
If adoption and usage at STEEM Blockchain is increasing then definitely it leads to suppressed supply and increase demand of STEEM token for giving rewards to content creators.Increase demand men's increase price and worth of STEEM token in overall market.
As well as there is a growth of decentralized applications built at Steem can be a source of attraction for investors and normal users.If there would be success of these decentralized applications then definitely it would bring more success for STEEM token also which would in return leads to increase investment and more activities of trading.
Positive user experience and accessibility of Steem can attract new investors and users to the platform during the time of a bull market. The smooth level of using it and the ability to earn rewards for content creation could be appealing to individuals that are searching for participating in crypto world so new users and investors influx can increase steem token price.
In the context of the bull market of cryptocurrencies, how does the Steem token position itself compared to other similar projects I am explaining it here;
Steem token positions is a unique project with its focus on content creation, curation, and community engagement in context of bullish trend.As compared to other similar projects, Steem Blockchain and steemit platform stands out with its incentivization in which users can earn tokens for their contributions.
Steem blockchain have an well established user base and active community. The platform has built a strong number of content creators, influencers, and users that can actively engage with the platform. This existing user base is giving Steem a positivity in terms of adoption as compared to other new projects.
There is one more factor that sets Steem Blockchain separate and unique is its integration of decentralized applications which are offering multiple and particular services including blogging, gaming, and social networking. Decentralized applications are providing additional use cases for the Steem token and attracting users from different passion and expertise, expanding the ecosystem reach and potential.
There are a few key factors to consider when we talk about long and short term success of STEEM Blockchain.
Growth and adoption of blockchain technology and cryptocurrencies play a key role. When more people become recognized with cryptocurrencies and blockchain platforms, the demand for tokens like Steem automatically pumps.If there is positive market sentiment and more acceptance of cryptocurrencies then it would pump STEEM token growth.the growth of the Steem token.
With the passage of time more and more development and improvement of the Steem platform is much significant . Steemit team requires to be focused on enhancing user experience, scalability, and security. There should be regular updates, glitch fixes, and feature enhancements which could be a great opportunity and chance to attract more users and developers to the platform, which would be a contributing factor to the long-term success of the Steem token.
Steem Blockchain ability in adapting to change in market dynamics (Supply and demand)and evolving user preferences is important to consider and understand. Crypto market is very fluctuating and trends can fluctuate easily. Steem blockchain needs to consider concept of adaptability. This adaptability can make sure the long-term success of the Steem blockchain and token.
When I talk about regulatory developments and compliance with frameworks that are legal then these are significant factors for the success of any cryptocurrency project. As governments around the world are establishing regulations for cryptocurrencies, projects like Steem then they also required to make sure transparency and more compliance.By sticking to regulatory needs it can develop more trust in investors,users and affecting growth in appropriate way.
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Thank you for support
Assalamualaikum Your insights into the potential growth of STEEM in this bull market are truly enlightening. I appreciate how you have considered factors like Bitcoin halving inflation rates and staking all contributing to STEEM upward trajectory. Your technical analysis and recommended indicators provide valuable guidance. Best of luck
Wasalam!!
Your comment at my post is very justified because it seems that you tried to understand all the things I have explain about potential growth of STEEM token as well as I am happy that you understand all the factors explain by me that I responsible for creation of more potential in this token and in this blockchain ultimately.
Thank you so much for wishing me best of luck it means a lot to me
Dear friend,
Thank you for bringing out these salient reasons why steem token should reach $0.9 by the end of 2024. You stated the high level of staking being done globally, the burnsteem25 initiative, and the prospect of additional investors will take it to that level.
Steem is embedded with wonderful dapps that endears it's users to it which leads to massive adoption. The fact that it incentives content creators engenders a feeling of loyalty too.
I am greatly looking forward to steem reaching that high this year.
Wishing you the best in this contest.
I agree with you that if today we are expecting potential in STEEM token then it is not just due to sole factor of Bitcoin halving. There are also many factors associated with its like we are doing staking already in the form of joining and maintaining our club status and by burning of 25% of our earnings.
I agree with you that there are wonderful applications which are being used by STEEM blockchain and these are a source of attraction for general users and for investors also so due to all these things I can say that there is bright future of this blockchain.
Thank you so much for wishing me a lot of success it means a lot to me
Yes this is true that Bitcoin halving is taking place in the upcoming month April. Bitcoin halving is the signal of Bull cycle in the market. The bull cycle always increase the liquidity in the market. It's highly expected that Steem coin will accumulate more liquidity in this bull run too, which will help increase it price.
According to you, you have predicted that in the year 2024 STEEM is going to touch minimum $0.75 and maximum $0.90. Yes very valid too, but as far as my knowledge is concern I m seeing steem above $1 this year. The reason is because it has a very limited supply in the market. A little liquidity can increase it's price too much. For your information, only one billion market cap can reach the price of steem to $2.2 or above.
Wish you get succeeded in this contest friend.
Thank you so much for your extensive comment at my post and I am very happy that you have clear understanding about Bitcoin halving and it's benefits related to Bull cycle start in overall market and when definitely Bull cycle would start then it would involves all altcoins so in return it would be very helpful in increasing STEEM price too.
I am happy that my predictions of rate or price of this token in 2024 is valid according to you but according to your knowledge you are expecting very high from this token and I wish that your predictions comes true not me 😂
Because we all want to see STEEM among top 100 cryptocurrencies very soon.
Thank you so much for wishing me success
Your post is very informative and well detail which is giving a clear understanding of this token potential and factors associated with this token during bull run especially the applications about which you are talking and unique consensus mechanism.
You wrote very well I wish you good luck in this challenge because I truly understand the indicators use you have explained and purpose of each and every indicator also
Thanks a lot for your response at my post ☺️
I am happy that through my post you gained a lot of information and knowledge as well as not only this you have also learn about factors which I have explained in my post.
Thanks for wishing me good luck in last of your comment..
Stay blessed ♥️✨
Your welcome
You love the way which I express my feelings for your content and really it was super and I learn many more things.
Same wishes for you 🤞
Thanks for responding me back 🔙
Assalamualaikum dear brother!
You have beautifully described the topic in a very detailed manner. I must appreciate the way you have said about the appropriate and beneficial technical indicators that can be used at this time for the prediction of the possible pump in the STEEM price. Necessary steps from the Steemit team are very much important at this point to attract more and more users and thus they can contribute towards the growth of the platform.
Thanks for sharing your views and good luck for the contest.
Wasalam brother!!
Once again I warmly welcome you at my post ....You are again here with one of your most justified comment.I am happy that you learn a lot from technical indicators especially which K have explained and yes you can check pump and dumps of any token by implementing these technical indicators.
I agree that there should be the introduction of new essential incentives by steemit team for attracting investors from crypto space...
I wish good luck to you too...
Always stay blessed 😇💖
You're welcome dear brother. Stay blessed ♥️
Same to you 😄