Update #82: Writing Expedition||Crypto/technology:Mid-week Steem/Usdt Highlight
Bybit Exchange live chart
This is another week to look into how the steem is performing in the middle of this week. The crypto market is volatile in nature so it is a normal feature to see the movement of prices going up at some time, and coming down at some time as well. But the tough task here is finding the the price movement with 95% accuracy of predictions using an available fundamental and technical tools to do so. Truth be told, we all want the steem to perform well by gaining massive adoption and then subsequent increase in its value like other top ranking tokens in the crypto market. This is not easy to come by as it requires huge from the founders, the team and the bloggers operating in the ecosystem.
Bybit Exchange live chart
Today 16 October 2024, the steem/Usdt trades at 0.1837 as at the time of this post and having a 78% bullish market dominance with 22% less bearish sentiments. The highest quantity bought within this time is 88,555, steem and the highest quantity sold is 33,718 steem. Although steem is currently bearish, there is more bullish dominance. This highlights that there are more chances that prices would go up.
Bybit Exchange live chart
The 7 EMA has finally crossed the 14 and 21 EMA from down to up capturing the rising price. The SAR being bullish below the price chart is in agreement with the EMA Indicators for potential rise in price. But this is not yet confirmed as the RSI30 is currently capturing the falling Price at 0.1856 while the Stoch and RSI are still apart from each other at the range of 100.
To confirm a bullish continuation, we would expect the current bearish candle to close and wait for the Stoch to cross the RSI. This may take some time as the RSI is widely apart from the Stoch line.
If the stoch finally crosses the RSI, and the EMA 7 remain crossed above EMA 14 and 21, we would be expecting steem to rise to 0.1961 any time soon.
Canva
Market price 0.1847
High price 0.1889
Low price 0.1818
Market turnover: 744,943.1706 USDT
Volume Traded:4.046M steem
Maximum order price:199.9998USDT
Maximum order qty: 363,200 steem
Minimum order qty: 1 steem
[Source]Bybit Exchange