Update #85: Writing Expedition||Crypto/technology:Mid-week Steem/Usdt Highlight
Crypto market rises after Trump victory
As the entire economy of a nation is influenced by policy pronouncement of government, then the crypto economy is not exempted from it. This shows how politics wields enormous influence in the economy and in extension, the crypto market.
The crypto market have started to move up on the announcement of Donald Trump clinging to victory on the US presidential election. Trump has been a strong supporter of the digital asset as he considers it that it may form a part of US investment stock. This statement brought relief to crypto enthusiasts since bitcoin halving could not bring the expected bullrun.
Having depreciated and closed low consecutively for the past five days, steem started to make positive move on Tuesday. The positive move may have come on the news that trump has won the US presidential election. Steem/Usdt closed 0.1566 has now jumped to 0.1685 today.
From the chart above, steem has been on an intense downward pressure as indicated by the SAR which has remained above the price chart still now. If the current bullish momentum should continue, the EMA7 and 14 would be expected to catch up with the current price by crossing the EMA 28.
The combined Stoch RSI has fastly adjusted upwards nearing to cross the 50 mid-point, just as the single RSI is also doing same.
The confirmation to take a long position would be initiated when the EMA 7 and 14 crosses above the EMA 28. Then the SAR would have to fall below the price chart to reflect the current market situation. If the momentum continues, then steem would be targeting its previous high of 0.1891 it got on 21 October 2024.
Recall that before Trump's victory signal, steem has been on downward trend in the past five days. Within the past five days, steem lost 25.28% representing a loss of 0.0252 steem.
Steem/Usdt Prices today
As at the time of writing this post, the bullish sentiment is currently dominating the with a little margin or percentage. With 52% bullish market dominance, steem was trading at 0.2676 at the highest order of 75,584 steem. On the other hand, the market bearish sentiment was seen with a slight difference of 2%. This shows that there is an intense contention for market dominance between the buyers and sellers of steem.
The long bullish candle has shown more strong upward pressure just after the announcement of the winner of the US presidential election.
The market may continue its upward movement when the US president Donald Trump is sworn as the 47th US president sworn in.
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You've done great in information but your post lacks quality. It's below the standard post accepted in this community because of the number of words. Formatting too is not done even sourcing those screenshots you made. Take this into consideration in case of next time.
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So sorry about that. It's an oversight due to fatigue. Noted and thank you so much.
It's normal. I've faced such before when I started blogging