SEC S16-W3 Steem’s Potential in the Bull Run
My warmth greetings to all numbers of the #steemitcryptoacademy and the entire steemit ecosystem at large. Welcome to my post, which is going to be analyzing the current steem potential and the influence in the recent bull market run.
As we have all noticed, there has been a tremendous increase and rise in the current market. Almost every coin in the market is standing bullish, perhaps steem is not left out. With an all-time high from $0.1412 to $0.4103, which is the highest bull range attend by steem, since last year.
Other whale 🐋 coins in the market such as Bitcoin, Etherium, BNB Just to name a few have also a highest all-time bull run. With Bitcoin picking the highest height ever since it creation at Peak value of $73,730.12
Hiking price in the current market has sprightly attract investors which goes a long way to push the market even for the higher up. Although a lot has to be taken into consideration before investing in the crypto market as it needs a lot of technical and fundamental analysis, it's a fully understand the market.
I have previously made a prediction on the analysis of steem price following the favorable market condition in the past, such that I was able to do a testnet on 5000 steem, predicting it to go higher in the nearest future.
Below is a screenshot of the portfolio I saved earlier on
Far back to when the price was $0.2182, I made my predictions, following the favorable market condition that was presented at the time. That is dated back to January 27th when this activity was carried out. I was able to see it reach a peak value of $0.4 103 making an overall percentage of 65% interest in return.
Currently the market is witnessing some support level and retest, it is still certain that It is going to bounce back and take us new higher heights.
| 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? |
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Based on my technical analysis, I predict the steem price is going to go higher than it is currently, following the favorable market condition. A lot has to be examine while making this predictions, As the crypto market is susceptible to all form of changes at any moment and at any given time.
My predictions are valid but not so certain as crypto market is what it is anything can happen at any time. But nevertheless, looking at the crypto chat and various news and focus from top ranking personals and analyzers, I could say we could be witnessing an all-time high of roughly about $0.5556 to $0.6123 by the end of 2024.
I do not predict only verbally. But then I have also analyze the steem price change.. and spot something rehearsals and gearing up spots in the market which will have the market to rebounce back and retain its bull nature if the laws are obeyed.
Currently I can say the market is likely to retest a Low of $0.2322 , and after this point it might rebounds bad to the all-time high. We should be waiting for come end 2024.
The strategy to attending this height is simple. With the current hiking price, it's a potential way to attract investors and a lot of new persons will be getting to creation, an increase number of steem users Will Foster the growth of the platform and also have it attain some reasonable height with its competitors out there.
With steem's policy of rewarding users through content creation, Many people find it easy so get into content creation and get paid at higher rates. Not to make it complicated. Content is based simply on social and educational writings. so I don't see anybody having difficulties in creating content here. Always remember good content will never lack quality votes.
Finally an increase in the number of steam users for foster the higher demand for steem token and this was greatly how to make your skin ecosystems stronger and stand toe to toe with it competitors in the crypto market.
| 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? |
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Alright, indicators at one of the best analysis to predicting the market. Using the right indicator at the right time will yield better results. so before picking an indicator you should have a full and better understanding of the indicator in question.
My favorite indicators I always use in the market are
- The exponential moving average
This indicator is widely known epic reciprocation in the market. In the hands of the right users, you are going to make an enormous profit with this indicator. My EMA is set to 200 value.
Ema 200 helps you so predict the overall market direction quite well, especially on l long time frame. 1H, 4H, 8H, are the best time frame to use this indicator.
2.. The simple moving average.
The simple moving average is use in comparations with the EMA as the both play a rule in presenting market trends. The SMA indicate mostly the behavior of market within a short time frame.
In combination with the EMA, when ever the two cross paths, there is likely to be a market outbreak.if the EMA Crosses the SMA from below, the market will be a bull. If it crosses the SMA from above, the market will be bearish.
3.. Moving average convergence divergence (MACD).
This indicator helps us determine the average wait of the market. Cumulative Pattern down the zero line indicates a likely down trend. While the reverse happens if they are form up the zero line.
| 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? |
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The steemit blockchain is a secure and tampered proof technology that allows users to record transaction in a share ledger in such a way that one a transaction is written, no body can change or reverse it.
Cryptography is a method used by parents blockchains to secure every account. They do this by providing private and public keys during the creation of the blockchain account.
Same with steem who provide master key, public key and private posting key which cannot be altered unless The person shared him with someone which is advice not to do so from a very beginning. So the security makes the steemit blockchain widely secure and benefit the users.
The steemit blockchain is a decentralized system which allowed user to enjoy the blockchain without any interference from any third party, such as a government or the central system.
As in the local system, there is a freedom of user to create more content and enjoy not the benefits. More content make the blockchain stronger and outstanding from its competitors.
Block spitting is a mechanism used by steemit to accommodate large number of transactions from users without having to interfere with the need of speed and time. We just mechanism so much work can be done in less than no time and this is less energy consuming.
And the most important of all users, some steem Get their content monetized right after creation which is one of them outstanding aspect of steem. This is done through voting on the content created and this is an easy way for users to earn.
This goes a long way to attract more users to the platform and thereby making the blockchain system even away more stronger. Which in return for little pump in the price.
| 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? |
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Looking at the statistics, the steemit ecosystem have evolved drastically. Not quite as expected but there is a change which is a gradual process. There is limited interaction on the platform, especially when there is a dump.
Now it is not the case as we are experiencing a pump. Many users have engaged and this were also help. Makes the steem price to pump as well since many users indicates they high deman for steem and when there is a demand, there is a hike in price.
We hope the pump stay much longer and it will help the steemit ecosystem attracted high fan base and this over a long way to stabilize the price of steem and make it go higher.
| 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? |
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With the recent hiking price, steem token it's almost equaling it competitors as there is the introduction of the SBD system of a reward. This is the most interesting fact that attract users of this platform.
Higher curation will attract more users and that's the right mechanism for a platform looking to grow it fan base. The decentralized mechanism and strick governance of steem ecosystem will help it gain a right spot in the market in both the short and in the long run.
Concluding I believe the steemit ecosystem is still on its way to development, and the recent bull run is here to make that happen. I urge users to recruit more bloggers and create more content which are the tools for sustainability and by so doing the price of steem token will hike at or above my predictions of 0.5 to .60 come end 2024.
Content credit: @rafk
Steem stands apart for its adaptability. It flaunts high throughput and low exchange charges, making it reasonable for obliging expanding client movement without compromising execution. In our current reality where versatility matters, Steem's design positions it well.
Thanks for contributing to my bro mehn. Do appreciate
Hello friend,
You have demonstrated the possible affect of the bull run on the Steem market in a nice way. It is very true that the overall market conditions will surely push the Steem price in the upward direction and we can hope for a good increase in the value of the STEEM coin. You have said well that the higher curation from the Steemit platform will attract more users and thus it will benefit the whole system.
Thanks for sharing and good luck with this impressive entry.
Greetings my friend @rafk! Your article's optimistic predictions for STEEM's future are impressive! 🚀 Your insights on STEEM's unique positioning are insightful. All the best in the contest, success for you! 👍