Update #88: Writing Expedition ✍️||Crypto/technology:Mid-week Steem/Usdt Highlight

Steem is having consistent rise in price

INTRODUCTION

Hi kids and parents, greetings to you all! It's nice to be here to share some insights today as it relates to cryptocurrency. Crypto is widely gaining adoption as it could now be used to pay for goods and services in some regions and across the globe. Knowing how it could be used is an adventure one go through. Of course, having been on the steemit ecosystem for some time now, must have accorded you the opportunity to make crypto transactions using the officially recognized token called steem for the ecosystem. This makes steem become the governance token for the steemit social media blockchain.

Having said this, I want to inform you that this weekly update I share with you here, will be upgraded from next week. This upgrade comes as an improvement on the existing content that I share here as my participation in the write daily contest as regularly hosted in this community. To this effect, my content here with regards to the crypto/technology, is now divided into two parts as follows:

• PART ONE and

• PART TWO

• PART ONE:
  The part one will have weekly discussion about cryptocurrency. Our kids and parents would like to know more about what Cryptocurrency is all about. Things like gaining a deeper knowledge of what Cryptocurrency is, how it works and how it could be used as a means of payment.

• PART TWO:
  In the part two segment, I will discuss the interaction of steem with Usdt in the crypto market. This is the analysis of the Mid-week performance of steem and Usdt. I would be using the charts which involves the candlesticks and the technical indicators to figure out the direction of steem and Usdt in the market.

Now, I move forward to look at how our steem has performed this Mid-week. Next week, I will come with the full package.

As I have been doing, Steem/Usdt is the crypto that I use to enlighten as well as informing us about the Mid-week performance of my selected Crypto. So beyond just learning, it brings closer how steem is performing against the USDT on a Mid-week basis to the community.

Analysing the steem/Usdt price movement

Bybit Exchange live trading chart

From the chart above, steem has maintained consistent rise against the usdt for three days now. This is a consolidation to the increase it has made over the previous days. The SAR doted blue lines has appeared below the candlesticks and in the same direction with the EMA7, 14 and 28.

The RSI is flat at the 67 mark threshold while Stoch is also flat at the 100 mark threshold. By now, the early buyers would be be enjoying the the market rise.

Currently, a new price level is hit at 0.2654 Usdt per steem. This shows a strong buying pressure on the steem token. As buyers are testing this new price level, sellers may be standing by to sell off their steem holdings if the find the very profitable.

Steem/Usdt price order book today

Bybit Exchange live chart

As the price has consistently increased to reach new highs after a long time, sellers are now in tussle with buyers who may have amassed sum huge profits. The order book shows a balanced supply of steem having a 50% bullish sentiments and 50% bearish sentiments. At the time writing this post, the highest quantity of steem demanded is 27,895 at the price of 0.2630 Usdt per steem. On the other hand, the highest quantity sold is 18,336 at the price of 0.2648 Usdt per steem. You can notice that at the high price of 0.2648 Usdt, 18,336steem were supplied, while the high quantity of 27,895 were bought at the price of 0.2630. This implies that when prices are low, more quantities of steem were bought. As prices increased, sellers sold fewer quantities of steem at prices higher than the buying prices.

Thanks for going through the analysis. We hope we see our steem value increase considerably. Next week comes another update.