Steemit Crypto Academy Contest / S9W1 - Steem performance in 2023

Assalamualaikum everyone.

Welcome to this post. Hopefully, all of you will be doing well and enjoying the time with the grace and blessings of Almighty Allah. Today, I am here to be a part of the week 1 contest in the SteemitCryptoAcademy. The topic of discussion for this week is Steem Performance in 2023. So, let's start the discussion without any wastage of time.

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Should you invest in Steem now? Perform technical analysis to predict the price of Steem in December 2023. You can use Tradingview.

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According to my own views, the Steem investment is the best investment in the cryptocurrency space and this is why I always like to invest my capitals in the Steem token. As an active user of the Steemit blockchain, I am also staking the Steem Power (SP) on the chain in the form of Steem tokens and this is also an investment in the Steem token.

We all know that the fluctuations in the market of cryptocurrency are in the nature of the market as ups and downs are very basic part of the crypto market. Talking about the investment in the Steem token at this time, we all know that the previous year was a bad year for the whole crypto market. But after the start of this year, we have seen some improvement in the crypto markets.

But we cannot predict the market without doing any type of analysis. There are different kind of analysis but the most effective in my views is the technical analysis which is actually based on the study of the previous market movements to predict the upcoming moves of the market. There are different technical analysis tools which are applied to study the market trends and most popular tools are the candlestick chart, technical indicators and chart patterns.

So, let me analyze the price trend of the Steem token at the end of the year 2023 with the help of the technical analysis.

_{Support and Resistance Drawn on STEEM/USDT 1W Chart}

As we are analyzing the price of the Steem token until the end of the year 2023, so it is always advisable to use the higher timeframe charts while doing such analysis. So, I have opened the 1 Week chart of the STEEM/USDT pair and drawn the Support and Resistance levels.

In the above screenshot, you can see that the market has touched the support level and bounced back towards the resistance level. The candles are moving towards the resistance level and it is expected that the market will break this resistance and a bullish trend in the market is expected which will run at least until the end of 2023.

_{Applying RSI and MACD on the same chart}

The signal given from one tool is not enough to trust upon. So, I will be using two other indicators that are RSI and MACD. In RSI, we can see that the RSI line has crossed the neutral line and it is moving upward, so it is expected that the RSI line with enter the Overbought region by crossing 70 level and thus a Bullish signal is confirmed.

Secondly, in the MACD indicators we can see that the MACD line is moving above the signal line which is itself an indication of the bullish trend in the market. So, this signal also supports the signals of other two tools. Hence, I am optimistic that the Steem coin will be seen in a Bullish trend at least up to the end of year 2023, according to my analysis.

Should we Invest Right now in Steem?

There are actually two types of traders in the market. If I would talk about the long term traders who are willing to hold the Steem coin for a long time, at least the end of this year then this is the best time to invest in the Steem coin because the bullish trend is to be Expected very soon.

But if I would talk about the short term traders who don't want to invest for a long time and just wanted to enter the market and take advantage of the short moves, so they should wait a bit and find a better entry position because the MACD line has just made a breakout on the signal line towards the downward direction so it is possible that we can find a better entry position in the market. Have a look on the below screenshot in this regard.

_{MACD and RSI on 1D Chart}

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Describe the step-by-step to transfer USDT to Steem cryptocurrency in the Steemit wallet. Use your wallet. Screenshots are needed.

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There are many methods to buy the Steem token and send them to the Steemit Wallet. It is not a rocket science in the process to but the STEEM tokens. We can simply buy them from any external crypto exchange and then send them to the Steemit Wallet by following simple steps that are discussed below.

As I have already said that we can use any exchange to buy the Steem tokens. So, I am using the Binance exchange to buy the Steem tokens. For that purpose, you have to log in to your Binance account and then open the STEEM/USDT market (making sure you have enough USDT for the purchase). And then, click on the BUY option present in the bottom.

_{Step 1: Select STEEM/USDT Market}

Then, put the amount of Steem that you want to buy. In my case, I have bought 100 Steem and then click the Buy STEEM option present beside the order book. When your transaction is completely, open the Spot Wallet and click on the STEEM balance that you have in your account.

_{Step 2: Buy STEEM tokens with USDT}

Then, click on the Withdrawal option and select the Send via crypto network option from the pop-up menu.

_{Step 3: Initiation of STEEM Withdrawal}

In the next step, you have to put all the required information like the username of your Steemit account in the Address menu, amount of Steem. And then, click the withdrawal option. Then, confirm the withdrawal by filling the 2FA verification system. These, steps are shown in the below screenshots.

_{Step 4: Putting the Recipient Address and Verifying 2FA}

After the whole process, your Steem will successfully be deposited in the Steemit Wallet. You can see the below screenshots that I have received Steem tokens in my Steemit Wallet.

_{Step 5: Confirmation of Steem Deposit in Steemit Wallet}

So, this is the simple method to buy the Steem tokens and send them to the Steemit Wallet. You can buy Steem from the Steemit Wallet where you will be redirected to Poloniex Exchange.

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How many Steem Power do you currently have? Analyze the expected growth of your Steem Power until the end of 2023. Show screenshots.

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We all know that Steem Power is one of the most important things in the Steemit blockchain. Let me explain the Steem Power before going into the depth of this question. Steem Power is actually the staked form of the Steem tokens which are actually staked inside the Steemit Wallet. We can easily convert the liquid Steem tokens to to its staked form (Steem Power, SP) from the Steemit Wallet.

We also get the SP as the curation, as well as, the author rewards. A portion of the curation rewards is the Steem Power (SP). Talking about my own Steem Power on the platform, it's a very good amount at the time of making this post. The club initiative which encourages us to power up our Steem earning is a very good step by Steemit team which helped me to improve my staking on the platform. Have a look at the below screenshot.

_{My Steem Power - S.S from Steemit Wallet}

In the above screenshot, you can see that I have 12,072 Steem Power at the time of making this post. This means that I have already crossed my Double Dolphin title and this is the result of my hard work and consistency on the platform. I hope that I will keep up my hard work and do more to improve my Steem Power in future as I believe that investment in Steem token is the best investment in the crypto space.

If I would talk about the expected growth of my Steem Power (SP) until the end of 2023, then I will use the below information and then do some calculations to analyze my SP until the end of 2023.

At the current time, I get;

• Per Month Curation SP: 40
• Per Month Author SP: 657
• Per Month Author STEEM: 478 (out of which I power up 75% equals to 359)

Total SP Per Month:	1056 SP

This is just the expected SP per month. The number can increase as I have not added the beneficiary rewards that I get from the monthly reports or so. Moreover, the yearly APR (2.84%) is not added here. If I will calculate the expected SP for the next 8 months then it would be;

• 1056*8 = 8448 SP

If this amount will br added in the current SP them we will get the below amount which is expected SP at the end of 2023;

12,072 + 8448 =	20,520 SP

It means that I would have more than 20K Steem Power at the end of this year. This is just a calculations, however, the amount can vary highly depending on various things like my activity, my hard work and support from the Steemit Team.

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Conclusions

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According to my own point of views, the Steem investment is the best investment in the Crypto Space so I always try my best to invest as much as I could in the Steem token. According to my technical analysis, the price of Steem token is expected to enter in the Bullish trend very soon.

Moreover, I have analyzed tha market of Steem token with the use of different technical analysis tools. I am willing to have more than 20K SP at least before the end of this year 2023. In short, I am very much optimistic about the future of the Steem coin that's why I am investing my best in this token.

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I would like to invite my friends @nadiaturrina, @franyeligonzalez, @chant and @suboohi to take part in this contest.

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