SEC S16-W3 Steem’s Potential in the Bull Run
Nowadays I am very vigilantly observing market trends and everyone knows that BTC is pumping and so for that reason remaining alt coins are also continuously moving and pumping in their price so before one month steem was at around 0.22$ almost and after 15 days it was around 0.27$ and nowadays it is around 0.33$ with little bit ups and downs each day and we all know that BTC halving would takes place in April and March is going on now so it is very clear that this event has not been takes place will get but market is still giving us positive news.
For STEEM future in 2024 first I want to say that we cannot predict exactly about cryptocurrency but when I talk about current situation then if STEEM would follow the same trend then in August it would be around 0.55$ and by the end of 2024 this is not wrong to say that it could be almost 1$ in its price so all this information I am not just randomly providing, I'm providing it on base of current market conditions.
There are some key factors that we should keep in our mind when predicting price of any cryptocurrency like STEEM.
Market Demand
• What is demand of STEEM coin in market it would be much influential and significant in determination of overall price and performance of this token in market so when I talk about some factors that can be influential for increasing demand of this coin then these factors are more adoption of users more partnership and overall popularity of the platform steemit.
Technological Advancements
In steem Blockchain for within its ecosystem if there would development and implementation of new technology then it would be positivity at overall performance of steemit.If there would be more positive upgrades and improvements, scalability and innovative features would be launched then it would be a source of attraction for more users and investors.
Regulatory Environment
Regulatory changes then it would impact the cryptocurrency landscape because if there would be any rules and regulations or restrictions at cryptocurrency like at steem then it would have implications regarding steem price and it's adoption.
Investor Sentiment
What is the sentiment of investors and what is the perception of investors towards STEEM is very significant in influencing its price so if there would be positive sentiment in the form of positive news and partnerships then it would boost confidence in the investors so it would act like a positivity.
Competition
There are multiple projects which are under observation of investors because different projects caught attention of different investors that why there is a lot of competition in overall market so how STEEM is standing in all other projects as a competitor would be very impactfull for increasing its demand and it could be more competitor if there would be unique features and projects introduced at the blockchain for attracting more users.
This is very important to understand that cryptocurrency market is very speculative and their could be rapid changes that we can expect definitely through market that's why before you are going to take any decision related to investment it is important to self research as a precautionary measure as well as if you want to keep yourself updated about general performance of steem or any other cryptocurrency then it is always recommended to use reputable cryptocurrency news resources.
Yes I can recommend different technical indicators for checking and accessing the upward trend of steem token.
Moving Averages (MA)
Moving average is one of the most common and most widely used technical indicator which is used in the identification of support and resistance levels.There are 50 days and 200 days moving averages that are considered very important so when price of steem would cross above moving average is then it would be the indication of bull run and when it would cross below the moving average then it would indicate bearish trend.
Relative Strength Index (RSI)
Relative strength index is another most important and significant technical indicator which is used to measure speed and change in the movements of price of particular cryptocurrencies so when I talk about its range then it is from zero to 100 and it is used when we have to check out over buying and overselling conditions. If relative strength index is above 70 then it is an indication that there is price correction in the market and if it is below 30 then it is the indication of overselling which would indicate buying opportunity for investors also.
Volume
Volume is another one of the most significant technical indicator that is used in the measurement of number of tokens that are going to trade in a specified time period so if there would be high level of trading volume during the time of increase in price of particular currency then it would be the indication of increase in buying pressure which would support upward trend and if there would be low volume during the time of price increase of particular cryptocurrency then it would indicate that there are less people which have interest in buying and it would be the indication of reversal in this way.
Moving Average Convergence Divergence (MACD)
Moving average convergence divergence is another technical indicator which is also called momentum indicator because it is used in the identification of buying and selling signals and there are two most important lines which are moving average convergence divergence line and second one is signal line so when moving average convergence divergence line would cross above the signal line then it would that there is a positive trend in market and when situation becomes opposite to that and it would across below the line then it would be the indication of negative market trend which is bearish market.
Bollinger Bands
When I talk about bullinger bands then they consist of moving average of 20- days mostly and above and below the moving average there are two standard deviation lines which are helpful in the identification of fluctuations and price break outs.If steem in its price is approaching upper bullinger bands then it is an indication of over buying condition but if there would be approach towards lower band then it would be the indication of overselling.
My personal belief is that technical indicators should always be used with other form of analysis and historical patterns of the price should also keep in mind while making any future decision related to prediction of a particular cryptocurrency
There are most significant and different fundamental characteristics of STEEM blockchain and all these are very helpful in contribution of its success in bull market.
Content Creation and Curation
STEEM is a blockchain that is among competitors with other good projects also because it focus on users that create content and in return it focus on curation basically. This is a platform which provides users to create and share their original content and on the basis of their originality users are also given rewards in the form of different upvotes. This is one of the most unique feature of this platform that is encouraging users to remain engage with each other and by this as it is social media platform that's why it has been source of attraction for more and more users and in this way demand of it is increasing with the passage of time.
Decentralization and Governance
STEEM is very focused on decentralization So it means that it is not any single person which can take over the control at whole network and for that characteristic it gives a lot of transparency privacy security to Blockchain as well as to its users and governance system of steem platform and it is helpful in making this community and its ecosystem more stronger.
Fast and Scalable
STEEM is a blockchain in which underline technology is fast because it is using delegated the proof of stake consensus mechanism that's why transactions in high volume can be process at a high rate with full efficiency and in this way there is fast block confirmation time and high transaction rate so this level of scalability is very significant in bull market when there would be high demand of steem token especially.
Rewards and Incentives
STEEM is giving rewards too users who are part of this blockchain and are working with sincerety in the form of creating in quality content so users can earn STEEM tokens as rewards as well as they are also showing their participation in different community initiative so this are a source of encouragement for users engagement with other members of community and this is a kind of economic incentive for those users that want to hold their assets in order to increase or drive up steem demand and in return definitely steem price.
Community and Social Network
STEEM blockchain have an active community in which users are very interactive with each other in the form of giving positive comments on each others content and giving upvotes for each others encouragement.Socially it is developing a sense of belonging in between users so when I talk about a scenario of bull market then definitely more engaged community would be a source of attracting more investors and users at platform.
Diverse Applications
STEEM blockchain have underlying technology and there are also multiple applications beyond creation of quality content so there are many decentralized applications like steemit,DTube and STEEM monsters and all these are implementing their uniqueness and more interesting opportunities for users that are working at the platform so this is level of diversification and versatility which can play its a lot of contribution in success of this blockchain and especially this token STEEM while there would be bullish trend by attracting different users from different areas.
There are different things that I can explain here about recent adoption and uses of this blockchain Steem and its influence on growth of steem token in bullish trend.
• There is one of the most significant factor that is playing its role and its contribution in the growth of this platform by increasing number of users and applications that are leveraging steem blockchain. When I talk about different platforms then these are steemit,DTube and Steem monster that are source of a lot of attraction of users.
• Steemit being a social media platform and decentralized is built on steem blockchain and it is gaining traction as platform with the passage of time as users are creative and sharing content at the platform in order to earn rewards and learn from the platform so this is a level of growth due to increase level of activities of users which is a contributing factor in increasing demand of this token as users are receiving more and more tokens for their contribution in terms of creating quality content.
• DTube is again decentralized platform at which you can share your videos and it is also gaining a lot of adoption and growth because this is an alternative way of sharing your videos in decentralized way and in this way uses of this application can earn rewards when they have more and more viewers and when I talk about reason behind increased adoption at this decentralized video platform then it is give to unique value proposition of this application which is the source of attracting more users that are looking for censorship resistant and decentralized alternatives which is a great source of increasing demand of these tokens further.
• STEEM monster is just like trading card game which is also a great source of attraction and attention among users especially gamers and collectors and this game is utilizing steem blockchain for their cards ownership and trading so it would create wider marketplace for game assets so as Steem monster is gaining a lot of popularity with the passage of time that's why we can say that it is increasing versatility of steem blockchain and increasing it's ability in supporting these diverse applications.
• Steem blockchain adoption is going to increase with the passage of time as users are attracting more and more and applications are also evolving so this is a positive at growth of this token because when more and more users would show their introduction with each other then there would be high demand of this token and high demand means high price, especially if network is experiencing increase volume of transactions and activities of users in bull market. All the applications and platforms about which I have talked about our making the ecosystem of this blockchain more stronger so as all these platforms are of social nature that's why these network affects is combining with potential for increase in financial rewards so it is incentivizing users to show their participation and show their contribution in growth of steem token.
There can be different ways in which steem can compare itself with other projects in bull run.
When I talk about steem to position itself among some particular projects just like STEEM in the bull market, the Steem token offers some unique features that make it separate and more highlighted. One of the key feature of making difference of steem with other projects is its focus on social media and in the creation of quality content . Platforms like Steemit provides a chance to earn rewards for their contributions that they are giving in the form of content creation.
In comparison to some similar projects,Steem token has a well-structured user base and a versatile ecosystem of applications that has been built at top of the Steem which is a blockchain. The network which is existing effects could be beneficial in a bull market as it is becoming a source of attractiveness of new users and investors that are searching for platforms which have more engaged communities and good past record also.
There is one more significant factor that positions Steem token in more favourable way and it is its scalability. The Steem blockchain has demonstrated that it is able and capable in handling of large or group of Volume of transactions which make is more suitable for those applications which requiring transactions to process transactions in fastest and scalable way.So for long term steem success scalability is good option that we can consider.
Market trends that are potentially important or significant to the short and long term success of the Steem token are here;
• One important trend is the increased growth and adoption of decentralized social media platforms and behind reason is users interests simply. As users become more aware of the disadvantages of using of centralized social media platforms, they are searching for anything opposite to that that which is giving priority to privacy, censorship resistance, and user ownership of data. So steem is focusing on these aspects positions.
• There is one more potential trend is the increase demand for blockchain-based gaming and entertainment platforms.As there's an increase of non-fungible tokens (NFTs) and blockchain-based collectibles occurs then, there is a development of market for gaming and entertainment experiences that leveraging positivity of blockchain technology. Steem Monsters, which is the trading card game built on the Steem blockchain I have already talked in above question, so that's why this is a most significant example of how the Steem ecosystem is trying it's best to increase its adoption through all these things implementation.
Furthermore, the integration of decentralized finance (DeFi) features within the Steem ecosystem is acting as great contribution for making STEEM token much successful.DeFi are significant trend in the cryptocurrency , which offers users chances in earning passive income by different financial instruments. By incorporation of functions of Defi like staking, lending, and liquidity pools, the Steem ecosystem is becoming a great attraction source for users which are new.
I want to invite
@chant
@inspiracion
@pelon53
Your post has covered many good aspects here. You said in August it would be around 0.55$ and by the end of 2024 this is not wrong to say that it could be almost 1$. Yes it's true my friend. I believe we can see Steem price UpTo $1.5 at least this year, because Steem is performing very well so far and all the conditions are favourable for it.
You are using some valid and authentic Analysis tools: Bollinger Bands, Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI) and Moving Averages (MA). These are ofcourse some important trading tools which experts are using it here. It's really nice to read your beautiful post here.
I pray for your success in the contest.
TEAM 5
Congratulations! Your comment has been upvoted through steemcurator08.Thank you my friend for your support.
Thank you so much for your comment at my post and I am very happy that in the month of August you are expecting 0.55 $ equal steem price so I think from the long time we all have been suffered with too much decline in price so it's a time to take benefit and to be happy from the wealth which is in the future in the form of increase in the price of steem due to bull run....
I agree with all these analysis tools that are very helpful and importance for making technical analysis as well as a agree with you that when we accompained all the technical then it can bring best results so thank you so much for wishing for my success I also wishing for you and pray for you.
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Yes we would make STEEM stronger by setting 25% to null
@sahar78 Your detailed analysis of Steem potential in the cryptocurrency market is truly impressive! Your predictions for its future price and performance are well-reasoned considering factors like market demand technological advancements regulatory environment investor sentiment and competition. Its evident that you've put a lot of thought into your forecast and your insights on technical indicators for assessing upward trends are invaluable. Wishing you the best of luck in the contest Keep up the great work
Brother thank you so much for being here at my post and I am happy that my predictions for future price and performance of this token are really valid because these are well resigned according to you as well as their multiple factors which are responsible for increase and decrease in the price of future and all these factors seems to be very positive according to my technical analysis as well as not only this I have also explain that which technical indicators you can use for good results.
TEAM 5
Congratulations! Your post has been upvoted through steemcurator08.Thank you @sduttaskitchen for supporting my quality content
Hello friend, great to read from your article. You have mentioned about five different indicators that can be very useful in assessing steem and trading it.
You also mentioned that the rate of usage and adoption of the block chain is massive. That is true. Steemit being one of the dapps lures people to the chain with wonderful incentives.
Additionally, the scalability of the block chain which contributed to easy handling of large data is a big plus for the chain.
With all these, I am looking forward to a profitable run for the steem token.
Hello friend I am happy that you are satisfied after reading my article and especially you like first of all indicators which I have explained in 5 different points about five different indicators for doing technical analysis....
Not only this you also understood through my post that how use and adoption in future for this blockchain is too much and according to you it's true so it means you agree with me as well as there are different applications at Steem due to which it is attracting more and more users with the passage of time.
I agree that scalability is + point in this blockchain.
Your comment is really very satisfying I wish you good luck.....
Your post is beautiful and data analysis is also very good.You are hard working. Good luck for the contest
Thank you for your little comment.
Thanks again for wishing me good luck...
My pleasure ☺️
Best wishes for you ❣️
Thanks 🙏
May god bless you with much blessings
@sahar78 Thank you for your prayers 😊
This is my generosity for you...
Have a smooth steemit journey
Thank you 😊
Pleasure 😊
Stay blessed and consistent and loyal with your work
I wish you a very happy day 🌹
@sahar78 same to you from me dear 🥰
Thank you
I really like you wish me in such a great way 😍
Greetings @sahar78! Your detailed analysis on Steem's potential is impressive! Your predictions and insights on technical indicators are valuable. 🚀 All the best in the contest, success for you! 👍
I am happy to see your comment at my post....
My analysis is impressive for you and you understood all my predictions very well that's great..
Thank you so much for wishing me good luck and success I wish good luck to you too.
Hello dear,
One of the most important factor behind the growth of every coin is the higher adoption of that coin so we can expect that more and more user will attract towards the Steemit platform add this will positively impact the economics of the platform thus pushing the price upwards.
We have seen that the BTC halving events had always affect the overall market in the positive sense and this is the very reason why we are optimistic about the Steem coin as well.
Goof luck with this impressive entry.