SEC S16-W3 Steem’s Potential in the Bull Run

Hello friends, the crypto market has sprung a lot of surprises to many traders and investors. While many were expecting the previous all time high to be broken after halving, instead the unthinkable happened.

What will be its effect on Steem token and what do we project for steem by the end of this year?

This is what the steemit engagement challenge is all about. The topic is Steem’s Potential in the Bull Run

Considering the current cryptocurrency bull market, what are your specific predictions for the price and performance of the Steem token by the end of 2024? What are the key factors you considered in developing this forecast, and how might these influence Steem's trajectory in the cryptocurrency landscape this year?

Like I said at the onset, the market have taken everyone by surprise, history tends to be broken at this point where the all time high of Bitcoin was achieved before halving.

Granted many alt coins have not achieved the same feat as BTC, but I am still hopeful that few weeks before halving, we will be seeing many alt coins trying to reach the previous aths before halving.

So Steem is not exempted from this analysis. I am expecting the pair of Steem/Usdt to reach $1 if not exceeding the previous ath.

One of the reasons why I say so is because Btc leads the pack. I also know that from historical point of view such move pre-empts the move of the other coins, so Steem token is not exempted from this.

I have also considered Steems growth in price over some months now. After hitting the lows, it is poised for a move upward.

The chart below shows

screenshot taken from Binance app

So you can see from the chart that there is every possibility of movement upward to even $0.66 which is the highest on the exchange I took this screenshot from.

What technical indicators do you currently recommend to assess the upward trend of the Steem token in the cryptocurrency markets, and why are these indicators relevant in the current context?

There are so many indicators that can be used to assess the upward trend of the steem token.

One of the indicators that I use to check and map resistances and supports is the Fibonanci extension.

screenshot taken from trading view.com

So you can see that using fib extension, my $1 per steem is clearly justified before halving. That is my timeline.

The next indicator that I use is the moving averages. I am using moving averages 26, 50, 100 and 200. Using these helps me to know how the market is at any point in time.

screenshot taken from Binance app

From the chart above, the price broke out from the neckline as indicated by the red line and since then it has been moving upwards using the MA lines as supports.

These are two primary indicators that I use.

Explain in detail the fundamental characteristics of the Steem blockchain that could contribute to its success in a cryptocurrency bull market. How does Steem's underlying technology stand out from other projects?

The steem block chain is an open source chain meaning that any developer can easily build on It. This is why we have so many projects creating their token and building it on the steem blockchain. We have various dapps on the steem blockchain like Dtube, steemit, steem monsters, etc. Each of these dapps have its own uniqueness and this attracts people to the chain.

Another unique feature of the steem blockchain is it's speed of transaction. It has a record 10000 transactions per second and have a 3 seconds block time.

The fact that its consensus algorithm is Delegated Proof of Stake also makes the blockchain unique. Each of the witnesses are dedicated to the growth and stability of the chain while enjoying 10% of the block rewards as an incentive for the validation they do. These witnesses work so hard to ensure the security of the steem block chain network.

To also ensure its place in the crypto industry, it provides an avenue where it users mingle and interact. This is the social aspect of the block chain via one of the dapps known as steemit. So having a strong user base which means a lot of wallets or holders attracts investors to it. This will make it soar high this 2024.

The steem blockchain also creates an avenue where it's users creates contents and are being rewarded for their proof of brain.

This reward structure for steemit through curation by the team and other users of the platform endears the steem community to the platform itself, since it provides an avenue of growing their investments by curation and content writing.

How has the actual adoption and usage of the Steem blockchain by users and applications evolved recently? How might these factors influence the continued growth of the Steem token in a cryptocurrency bull market?

The steem block chain is on a growing momentum. Like I said earlier, it is an open source chain, easily attainable to anyone who wants to work on the chain.

The programming language used is such that many are used to it. This makes it easier for many developers to create their own token as they deem fit.

Such dapps built on the steem blockchain attracts users as well, helping to increase user base and it's adoption.

We have for instance the Dtube, where people can share their video content and also earn rewards from those who watch and follow.

We also have the Steem monster which is for gaming and attracts so many users who love the gaming side of crypto. These ones are also incentives.

We also have the steemit part of these dapps.

The more people come to know about these products, the more its adoption and acceptance and the more the userbase will be. Crypto is a game of numbers and utility of the chain.

Investors always look out for number of holders when taking investment decisions since that helps them take decision about the level of adoption of the token.

So with all these technological developments, open source nature, crazy adoption by users from a wide variety of areas, the continued growth of steem in this bull run is assured.

In the context of the bull market of cryptocurrencies, how does the Steem token position itself compared to other similar projects? What market trends do you identify as being crucial to the short and long term success of the Steem token?

For any token or coin to position itself for this bull run, there are certain factors that should be taken into consideration..

° Growth of the tokens userbase or holders: Over time, we have witnessed the user base of steem token grow tremendously beyond imaginable levels. This is made possible with it being a content creating blockchain, many users love to show what they can do to the world, teaching them in the process. While displaying their great skills via content creation , then earn in the process. That is a great asset to the block chain which draws people to it without making noise.

° User Adoption

Being used as a way of creating content, leads to community engagement and this wider adoption by the masses

° Improved User interface

The steem block chain have also been working hard to ensure that the scalability and security of the chain is improved and intact. This also helps in positioning the token where it is in the market.

° Profitability

The steem token have proven to be a profitable venture for anyone who invest and stakes on the block chain via one of its dapps Steemit. At no point will any investors money be idle as it is constantly generating funds for them. This is another reason why it has positioned itself comfortably compared to other token.

° Regulation of the Crypto industry

How well the blockchain strive to work and align itself with regulatory bodies and it's framework will go a long way in determining its success in the future and that is what the steem blockchain is already doing

Conclusion

The steem block chain is very robust and can continue to be one of the best social blockchain ever. This bull run is going to be massive. Let us wait for the token at $1 before further movement to $2.5 at the end of this bull season.

I will like @drquamu @sahmie @yancar @bossj23 and @starchris to take part. here