STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #07): what would you do if steem hits N1,000.000 before year end?
A warm welcome to you all here! This is another day to bring to you the happenings as it concerns our steem, our Naira and the general events that affected the market in within the week. Hopes were high and to some people, the targets may have hit. Others may have missed, while to the rest, it may be a sign of opportunity, recovery, optimism or pessimism. Whichever class you belong, understanding the market dynamics especially supply and demand variables, would help to make a better decision.
Market Overview
STEEM/USDT Price actions
Steem/Naira price actions
Steem/Naira Statistics
The Market Outlook
Bitcoin going to the moon, could surpass Gold, Donald Trump Predicts.
The US presidential aspirant Donald Trump, predicts that BTC market Capitalisation could surpass that of Gold and to make US the “crypto capital on planet”. He made the statement during his keynote speech at the bitcoin conference in Nashville. He said bitcoin is not a threat to the US dollar dominance rather, the threat is from policies coming from the Whitehouse.
What could this mean to the market?
The market has already started reacting to this event as the price of btc went up by 1% to trade at $67,909.78 from 0.96% at $66,814 on that very day of Trump's speech. Since then, it seems that the cheering news has bared btc from the bearish pressure that is currently trying to push the price down.
[source] A shot from Bybit Exchange Live chart
Let's look how steem has performed in the past six days.
On a week basis, the steem on saturday 27July 2024, closed higher than it opened the previous week. On Saturday 20th July 2024, it opened at 0.2031 and closed 0.2040 gaining 0.44 % with a price change of 0.0009. The steem further appreciated in value on Saturday 27 July 2024, as it opened at 0.1994 and closed a little higher at 0.2043 gaining 2.44% with a price change of 0.0049 steem. On Monday, steem attempted a higher price of 0.2147 but bearish pressure surfaced to push the price down consistently for 4 days.
Cumulatively, steem has gained 2.1% and with an incremental price gain of 0.0104 steem for the just ended week in review.
On a week basis, the steem on saturday 27 July 2024, closed higher than it opened the previous week. On Monday 22 July 2024, it opened at N346.140 and closed N341.490 losing N4.65 in Naira. The steem slightly gained by N 2.15 when it opened opened at N332.290 to close little higher at N334.440.
Cumulatively, steem has lose –N2.5 between Monday 22 to Saturday 27th July 2024 for the just ended week in review.
Market Capitalisation
155,000,000,000 NGN
24 Hour Trading Volume:
24,500,000,000NGN
Circulating Supply
467,609,598
Last 24Hr Closing Price
Steem/Naira: N334.440
Traders and investors would be keenly watching the direction of the US presidential campaigns as it would form one of the determinant factors that could decide BTC 's up swing or down swing. The crypto community is becoming highly politicised in the build up of US election and so the market may be somewhat sluggish pending the outcome of the election.
Although steem was majorly bearish within the week, it tried to recover some of its losses to the USDT. We would be looking if it the current threshold of 0.2 would go above or held at that level in the coming week.
On the steem/Naira, it is yet to recover the loses even though it is currently trading a little bit above N300.000. Steem trading at theses Prices may not cause the return of SBD and so may nay need to hit N500.000 or rising above 0.2047 before SBD could make a return.
Thank you everyone and wish you all a prosperous week.