STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #05): Could there be optimism for Steem rise?
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Dear steemians, welcome to another week to look into some interesting issues that affected the performances of the crypto market within the week. Knowing the state of the market at every point in time, would keep us some steps ahead. It has really been a busy week seeing prices making moves to find some little new upward movement but has not really made it due to some factors which would be looked at in this review. We look as usual, the infolded events that influenced both investors and traders decisions alike in the market.
Market Overview
STEEM/USDT Price actions
Steem/Naira price actions
Steem/Naira Statistics
The Market Outlook
[source] A shot from Bybit Exchange
Except for any last minute unfolded events that could force the price of BTC down, there are expectations that the market may begin to recover from its bleeding state. This is coming after the German Government sold its long held remainingBTC Worth over $2 billion. This is expected to reduce the bearish pressure the market has suffered in recent time.
On Thursday, the US consumer price Index (CPI) report was released. The core CPI positive report of hitting 3.3% of the projected 3.5%, turned BTC and other coins in the market bullish on Friday. Recall that within the week, BTC had traded close $56,000 and even fell to $54,277.81 and managed to close higher at $56,711.66. The release of the CPI strengthened BTC rising back to $58,000 and currently trading at over $59,000 targeting to hit $60,000.
This impact is also turning other coins in the market to make a bullish move.
[source) A shot from Bybit Exchange
Steem is also gearing up for a bullish move following the positive news impacting the larger market. After the deep fall on Sunday 7th July, steem maintained a high close for 3 good days pushing back its price to close above 0.1813 it had on Saturday 6th July 2024. Comparatively, On Saturday 13th July 2024, steem closed at 0.1836 higher than the previous week closing of 0.1813 on Saturday 6th July 2024.
Currently, the chart is indicating that the selling pressure is gradually ending, except if there is a last minute event that could force the price back down.
On weekly basis, steem opened at N275.310 to close N265.870 indicating a lose of N9.44 on Sunday 7th July 2024; while on Saturday 13th July 2024, it opened at N258.410 to close at N256.660 showing a lose of N1.75. This is reflecting the impact of the negative sentiments beclouding the general market. Despite the loses, steem would soon respond to current market prices as bulls are gradually returning.
Market Capitalisation
121,672,829,729.522 NGN
24 Hour Trading Volume:
4,588,431,684.856 NGN
Circulating Supply
466,487,205
Last 24Hr Closing Price
Steem/Naira: N256.570
source
As the market begins to show signs of little recovery, traders and investors should do so with caution as there is still disagreement between indicators. No crossovers yet to confirm a buying signal.
On our steem/Naira, buying or investing at the threshold of N250.000 to N300.000 remain potentially profitable while waiting for bullish confirmation from the wider market. Steem is fundamentally strong and gathering more of it at the current low prices would pay off in the future.
Let the days in this week potentially reward you all
