Steemit Crypto Academy Contest / S9W1 - Steem performance in 2023
Hello everyone. It's nice to welcome you all to the first week of the season 9 steemit crypto academy engagement challenge.
This week, we will be focusing on steem performance and below is in entry.
Should you invest in Steem now? Perform technical analysis to predict the price of Steem in December 2023. You can use Tradingview.
- Should I invest in Steem now?
Steem investment is very much an option because Steem is a unique cryptocurrency which offer great value to content creators.
Similar to the challenges musicians experience with centralized music platforms, content creators also face certain challenges which includes difficulties in signing up, getting low value for their contents and low revenue from their audience. This issues are basically because the platforms ars centralized and thus have third-parties who take share of whatever revenue content creators generate from their audience.
This struggle are often discouraging to most content creators and for that reasons, they are constantly in search of ways to avoid them and get maximum value for their contents.
This is what portrays steemit as a safe heaven for content creators because the platform is specifically made for content creators and due to it's decentralized nature, it eliminates the influence of third-parties and brings content creators one-on-one with their audience thus allowing them get maximum value for their various contents without having to share reward with any third-party.
Steem on it's own is the cryptocurrency of which these content creators on steemit are rewarded with and for that reason, it's adoption will only but increase. And with the increase in awareness in content creation, I believe Steem is just starting it's journey of being one of the most valued cryptocurrencies in the world.
In my opinion, investing in Steem now is very much recommended.
- Perform technical analysis to predict the price of Steem in December 2023. You can use Tradingview.
Looking at the chart to determine the possible direction and price of Steem by the end of the 2023, we will see that Steem has more positive possibility.
I will be showing this using houbi pro wallet because Steem has been existing on the centralized cryptocurrency exchange longer than is has on most other centralized exchange.
Looking at the 1 month time frame of Steem, we will see that Steem currently has a high bullish volume and it's focused more on the upside which it is expected to hit at least $0.4 by the end of 2023.
$0.4 mark the next level of major resistance and Steem will be hitting it once it successfully surpass it's current resistance of $0.2
Coming down on a weekly time frame, we will see that Steem is also targeting a price range of $0.4 - $0.5 and this is most likely to be achieved by the end of the year if there are no more FUD against the crypto market.
Coming down to an hourly time frame, we will see that Steem have just broken it's 0.2 resistance and is headed for a retest on the now support.
An FVG (Fair Value Gap) have been created in the market and the price is expected to cover the imbalance which is why Steem ought to retest the broken resistance which now serves as a support before continuing on a bullish move.
In other to transfer Usdt to Steem cryptocurrency in the steemit wallet, one would have to purchase and convert Usdt to Steem using any exchange that has Steem|Usdt pair.
Here, I will be using Binance to purchase and convert USDT to Steem.
After converting to Steem as seen above, we will move to transferring the Steem to Steemit wallet.
Here we will proceed with the last confirmation on Binance and the Steem will immediately be sent to Steem wallet on Steemit.
As at the time of this post, I have 2,268 Steem power which have been achieved through constant reward power up thus seeing me maintaining a #club100 status.
- Expected growth of my Steem power by the end of 2023
I have a target of celebrating club dolphin before the end of this year and that will mean me having 5,000 so by December.
To achieve that, I plan on powering up at least 100 Steem weekly from next month. Counting from next month, we have 32 weeks remaining for the year to come to an end. If I should power up 100 Steem weekly for 32 weeks, that will give me 3,200 Steem power.
Adding it to the current 2,268 Steem power that I have, it will be a total of 5,468 Steem power by December and that's a dolphin!!
Currently, I power up roughly 40 Steem weekly based on the level of support I get.
In other to power up 100 Steem weekly, it will require more hard work, dedication and consistency from my own ends which will likely help me gain more influence and support on the platform.
Steem is a very promising cryptocurrency and that makes it very good for investment. Looking at the Steem price chart, we are very much likely to see a price increase up to $0.4 by December from it's current price of $0.2 and that's a whole 100% return on investment (ROI).
NOTE: Cryptocurrency is very volatile and therefore you should always do your own research before making any investment
I will like to invite @nadiaturrina, @lhorgic and @artist1111 to join in this contest.
Hi @sir-charles-jude,
I also have the same hopes like you and I am very sure that Steem Will touch 0.5$ at the end of 2023, but we can not predict the future of crypto we can only pray and I hope that we will take Steem to the moon with our efforts.
How you withdraw Steem from Binance wallet to Steemit wallet is really informative and I hope it will help newbies a lot.
Your aim to becoming a dolphin at the end of 2023 is truely very good, and I pray that you will achieve your this target.
Thank you for sharing brother. Success to you.
Regards,
@malikusman1
Thank you for going through my post. I believe with hard work and consistency, I will achieve my goal of becoming a dolphin at the end of 2023.
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.
Technical analysis does favour adoption of steem but fundamentally steem seems weak compared to other cryptos .
Could you please help me in understanding it better . What it means ?
vow that's 2x increase and I wish all the best .
Good luck
Fair value gap occurs when there are inefficiencies in the market. That's when there's a high pump or dump that results in the creation of imbalances. The market usually ensures it closes those gaps especially when the force behind their creation have died down.
Thanks for taking your time to go through my post.
Thank you for sharing your thoughts on Steemit's performance in 2023 Sir Charles Jude. Your post provides a clear overview of the Various factors that could influence Steem's Growth and adoption in the coming years. I appreciate the Insights you've shared About the importance of community engagement marketing efforts and partnerships . your post is informative and well researched making It a valuable resource for anyone interested in The future of Steem. Keep up the good work!
Yeah, the growth of steem is very essential to all users so it’s very important we all know the factors that can influence it. Thanks for reading my post.
I guess I would have to read this over and over to properly digest this content. You seem to be good with projections and I must commend you for a job well done. Keep up-ing the quality. Thanks for the invite.
Thank you. Its very important for us as users of this platform to know this things. Thanks for finding my post satisfying.
I read through your entry and it is superb. Indeed steem is good for investment at this stage because of it's unique nature and ability to add more value to content creation.
I also admire your determination in building your Steem power. Targeting club dolphin is a huge target. I encourage you to keep up the good work.
You can check out my own entry by clicking here
Yeah, the steem coin is very good for investment now. Also, It’s very important to build sp and I believe reaching clubdolphin will be very possible with hard work and consistency. I pray God help me.
Thanks for reading my post.
Realmente has escrito un artículo muy profesional, hace tiempo que no veía una explicación tan catedrática sobre lo que representa STEEM para los creadores de contenido frente a otras opciones disponibles.
Por otro lado haz hecho un muy buen análisis técnico sobre soportes y resistencias. He disfrutado mucho leyendo su participación impecable.
A well detail explanation you have given here my friend. You are right about investing in steem now because it is one of the cryptocurrency with much potential. Your predication of the price of steem to hit 0.4$ at the end of the year is quite possible. Recently we saw the bullish movement that took the price to about 0.37$ and with that we believe any other move may push it to the point you have predicted. I wish you success in the contest dear friend.
Yeah, there is a possibility that steem will get to $0.4 at the end of the year. Thank you for taking your time to read my post.