Update #87: Writing Expedition ✍️||Crypto/technology:Mid-week Steem/Usdt Highlight
Steem now stably profitable, hits 0.2188.
For nearly two weeks now, steem has maintained a consistent rise over USDT. This positive breath began about a day before the US presidential election took place. Steem was trading and closed as low as 0.1493 on September 4th 2024. The social media token started its rise the following day to close higher than the previous day's close at 0.1566 on the 5th of September 2024. Since then, steem has gained considerably over the USDT.
Here some of the events that has taken place as regards to steem Mid-week highlights.
As pointed out in my introduction, looking at the price chart, steem has really made substantial gains over the usdt. The rise in steem price has forced it to an Overbought region at the price of 0.2188. Buyers took over the market for considerable number of days and it seems they are somehow, getting exhausted. But wait, it's not confirmed yet!
Buyers tried to further push price higher but they could not continue. Recall that on 13th November 2024, steem reached a new all-time high to hit 0.2367 but later retraced to close lower than it opened that very day. Just as the bearish candle is appearing after the cross candle, sellers are now coming in to seize the opportunity to sell high at the current Overbought market.
The SAR has already appeared above the price chart indicating that the bears are setting in to drive the price down. This is not completely indicates it's time to sell. The EMAs, RSI and the Stoch are there to make confirmations as to make selling entry.
The fast EMA7 has capture the high price and seems to be about trending downwards. Since a doji has previously appeared, Unless the EMA 7 crosses the EMA 14 and 28 on a downward direction, prices may likely increase or at least, remain stable.
On the other hands, the RSI has risen from the mid-point of 50 and has reached 60. At that point, it shows that the market has been Overbought and has begun tilting downwards to the mid-point of 50.
On the same note, the RSI crossing the 50 mid-point rising to reach the 100 level shows the overbought level of the market. The bears trying to lay hold of the market is forcing the RSI back down.
To confirm this seeming bearish market condition, we would see the fast EMA7 crossing over the EMA 14 and 28 downwards; the RSI would be expected to break the 50 mid-point level while the Stoch would also break its own 50 mid-point level.
At at the time putting this work together, bullish sentiments are in dominance of the market although there is currently a selling market. The bulls is in control of the market with 52% while the bearish sentiments are less with a 48%.
The highest quantity of steem bought is 28,819 at the price of 0.2076. The highest quantity sold is 25,106 at the price of 0.2086 Usdt. The gap between the buyers and the sellers is not very much as the current candle show that the bears may still come to take more control of the market.
Generally, the crypto market has bounced back with some flagship tokens recovering to make some gains to investors and traders alike.
If the current market optimism continues, BTC may finally hit the $100,000 mark before the end of the year. This will also see some other tokens making improvements in terms adding value in prices and become attractive to Investors and traders.
This is how the market has performed in today's highlights. Let's watch out how steem would perform in the coming week.