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

Assalamualaikum everyone!

Welcome to the post. Hopefully, all of you will be doing well and enjoying the time with the grace and blessings of Almighty Allah. Today, I'm here to be a part of the week 3 contest in the beloved SteemitCryptoAcademy. The topic of discussion for this week is quite interesting and informative, Steem’s Potential in the Bull Run. So, let's start the fun without any wastage of time.

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?

We all know that the cryptocurrency market is now having a bull run, which could also pump the STEEM price in 2024. Optimistic analysis suggested Steem will be worth more than $0.38 by mid-March and we have already seen that it's very close, with the possibility of rising further by the end of year.

Talking about the several things tat will influence Steem's future. The overall favorable condition in the cryptocurrency market may benefit Steem. Furthermore, growing use of the Steem blockchain for social media and content creation may increase the demand for the coin. However, competition from comparable platforms has always been an important factor for all of the financial platforms.

There is no doubt that the success of the STEEM token is dependent on its development roadmap and community growth. Successfully implementing new features and building a amazing and friendly user base can greatly increase Steem's value. However, Steem's price will be highly influenced by larger market dynamics as well.

So, summing up all the factors we can say that the year 2024 is going to be a good year for the growth and development of the Steem coin and we can see lot of pumps in the market. The overall market trend is also bullish so we can expect that the STEEM price will also move in the positive direction.

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?

Well, there are number of technical indicators that are widely used in the cryptocurrency market and the choice of the indicator is totally dependent on the trading style and personal benefits of the traders. However, it is always important to use the mixture of the indicators including the trend indicators, the oscillators, the volume based and so.

As far my personal analysis lies, I have used the two important indicators for the spotting of the STEEM coin's bull trend in the recent days. The both of them are shown below along with some explanation.

In the picture you can clearly see the after and of the market and I have marked the area where the MA cross indicator lines have make a golden cross. They made a cross below the price action line and it indicates in upcoming trend which was seen in the market and shown with the rising arrow. So, this is the use of the trend indicator, MA Cross.

Now I have used in the most widely used at the most popular trend oscillator indicator which is the RSI indicator. The RSI lies are showing a double top pattern which is an indication of a bullish market so the market has already entered and reacted against the signal and we can expect even more after and in the market of the coin very soon.

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?

There are number of things that can be considered in the regard of the important features that can contribute towards the growth of the Steem platform and coin. The first and the most important is that the Steem uses a one-of-a-kind compensation structure to encourage content creation.

Users that generate and curate quality content earn Steem Power (SP), that gives voting rights and a share of platform governance. This encourages high-quality content creation, resulting in a more engaged user base. In a bull market where user activity and engagement are critical, this concept of rewarding the content creators could be beneficial.

Steem uses the Delegated Proof-of-Stake (DPoS) consensus process. Instead of high energy consuming mining, Steem token holders vote for witnesses, which are trusted entities that validate transactions and secure the blockchain. This not only decreases energy consumption, but also allows the community to influence the platform's direction. So, this is also a plus point for the Steem blockchain.

Another important thing is the scalability of the chain. The Steem blockchain architecture is unique and effective for scalability. It uses a mechanism known as "block splitting" to manage high numbers of transactions without sacrificing speed or efficiency. This scalability is important for a platform seeking to attract a large user base, particularly during a period of increased user activity in a bull market.

Steem allows producers to directly monetize their contest using Steem and Steem Power. Users can exchange earned tokens for other currencies or keep them for voting rights and possible price pumps. This built-in monetization mechanism offers producers an alternative to standard ad-based platforms. And it may attract the users looking for a more equitable and transparent platform.

Unlike the other platforms, Steem focuses on social media and content creation. This particular thing enables it to target a certain user base with great features and functionalities. In a crowded cryptocurrency scene, Steem's unique strategy could help it attract users looking for a more engaging and rewarding social media experience, particularly during a bull market. So, these are some of the points that make distinction for the Steem blockchain.

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's ability to succeed in a bull market is determined not only by its technical qualities, but also by how users and apps have lately interacted with the blockchain. So, let's discuss some of the important and notable points in this regard,

Steem had a very good start. Back in 2016-2017, its unique structure focus on content creation drew a large number of people. This early liking initiated Steem's first growth. However, recent developments indicate a less positive outlook. Popular Steem-based platforms, such as our beloved platform Steemit, have not experienced considerable user growth. But we can hope for a better time.

Talking honestly on the topic, Steem's application ecosystem appears to be less developed than its competitors. This lack of user and application growth could pose a challenge in a bull market. Increased user adoption is important for increasing demand for Steem tokens. If Steem is unable to attract more users and applications, it may struggle to compete with platforms that have a larger user base and a stronger ecosystem, particularly during a period when user activity and engagement is critical.

There is no doubt that there are glimmers of hope, however. The recent bull market has promoted interest in Steem, resulting in some price gains. Furthermore, the Steem community is continually working on ways to attract new users and apps. We are very hopeful that the positive steps from the Steem team will be beneficial for the platform.

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?

Steem plays an important role in the present cryptocurrency bull market. While it has impressive and attractive features such as rewarding content creation and decentralized governance, its success is dependent on overcoming some drawbacks in comparison to competitor platforms.

In a bull market when rewards creation and profit taking is the first priority of everyone, Steem's ability to reward content creators with tokens could be a big benefit. This focuses on more equitable monetization compared to standard ad-based platforms positions Steem to attract creators looking for new options.

In addition, Steem governance is consistent with the decentralized ideology of cryptocurrency, which may attract to people who appreciate projects that have a strong feeling of community ownership. However, Steem suffers some challenges.

Recent figures indicate a flat or declining user base. Without a huge attraction of new users, Steem may struggle to compete the other platform having a very strong user base and trust. The absence of various applications may limit Steem's attraction to those looking for a broader range of platform features.

We have seen in the recent days that the server of the Steemit platform was officially down and took more than 2-3 weeks to recover. There were many difficulties for the users while creating content, publishing it, engaging with the users, curating the content and so on. So, these developmental things needs to be improved to a great extent and in a quick manner.

Several market trends will be critical to Steem's success, both in the short and long run. In the medium run, the rise in popularity of social tokens (cryptocurrencies linked to social media platforms) may help Steem if it can establish itself as a leader in this field. Furthermore, the overall favorable conditions in the cryptocurrency market may result in a rising tide that lifts all boats, thus pumping Steem even if user growth is slow.

Talking about the Steem's long-term growth, it depends on attracting and sustaining a larger, more engaged user base. This could include applying techniques to increase platform usability, attracting well-known creators, and developing a stronger sense of community.

Moreover, developing a healthy ecosystem with a larger range of applications can also be very beneficial. Steem wants to attract developers that can offer unique tools and capabilities that improve the user experience and make the platform more competitive in the long run.

Conclusions

The overall cryptocurrency market is in a bull run and it's the best time for the Steem platform to show it's power with the best possible steps for the growth and development of the platform. The steps should be taken to improve the user base and gather a strong trust of the users all around the world. Talking into account these points, the Steem future will be very bright in the bull run of this year.

I would like to invite my friends @malikusman1, @artist1111, @solaymann and @suboohi to be a part of this amazing contest.