STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #04):The bears, Let the bulls breath!
Hi Steemians! Welcome to another week full of market sentiments, bias, and expectations. It has been a week of much downs in the cryptocurrency market as the btc and Steem are still further pressured to another new lows. No thanks to MT. Gox bankruptcy playing a role on the pressured BTC. I welcome you all once again!
Market Overview
STEEM/USDT Price actions
Steem/Naira price actions
Steem/Naira Statistics
The Market Outlook
[source]A shot from Bybit Exchange
The news of MT.Gox bankruptcy and refund of 47,229 BTC which worths $2.71 billion,** sparked a negative sentiment in the market. This raised fear and triggered more massive sell of btc. The coin which closed at $62,772.83 last week, further fell to $56,631.52 on Friday 5th July 2024. This forms a depreciation of –$424.73 from $1,792.93 it had last week, indicating a decrease of –0.74% from 2.94% it had last week. It later gained $1,608.47 having a 2.84% increase on the close of the market on Saturday 6 July 2024.
[source]A shot from Bybit Exchange
The steem continued its own fall following the offshoot of the larger market events. On Thursday 4th July 2023, steem fell from the high price at 0.2007 it closed on Sunday 30th June to a low of 0.1763 losing –0.0204 steem and and a change of –10% on Thursday 4th July 2024. But within the last two days, it seems to be a little recovering having appreciated from 0.1673 to a high of 0.1813 indicating an increase by 0.0113 steem and a 6.5% increase in the price.
On weekly basis, steem traded and closed at Steem/N277.710 On Saturday 6th July 2024, higher than its previous close at steem/N275.450 on 29 June, 2024. Steem is currently trading at steem/N274.993 as at the time this post. This implies a gradual recovery from its losses.
Market Capitalisation
127,259,390,423.271 NGN
24 Hour Trading Volume:
1,838,492,488.169 NGN
Circulating Supply
465,903,391
Last 24 Hour steem price: N277.710.
Bearish sentiments still dominates the entire market and bulls are in wait for reversal as the current bullish positions could trigger a bull.
Technically, the market is ripped for bullish run, but has remained in downward position as a result of bearish fundamentals.
For bulls return and market recovery, BTC would be expected to close above $60,000 the price at would see bears off the market for bullish market takeover.
The steem would also have price improvements at the BTC recovery and potential gains.
Do have a pleasant week!