STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #20

STEEM MAY HIT N800 BY YEAR END

INTRODUCTION

Hi everyone! I know you all are doing good. The trend that we all are anticipating seems to be showing up. The crypto market is having some level of recovery after several tokens hit their unexpected lows. For some days running to weeks now, the market has maintained stability that restores hope to traders and investors alike.

Some are closely monitoring the market and other factors that could influence the market to rise; just in wait to see if the current gradual optimism could spike up for the long waited bullrun. BTC, ETH and SOL have relatively made some recovery for some time now.

Let's see how the market has performed in the past seven days to know where it is heading at the moment.

EVENT HIGHLIGHTS

• Market Overview

• STEEM/USDT Price actions

• Steem/Naira price actions

• Steem/Naira Statistics

• The Market Outlook

Market Overview

BTC/USDT

Bybit Exchange

The the leading cryptocurrency BTC, has been gaining more stability as could be seen in the chart above. For over two weeks now, BTC has been on the rise and this has stimulated the crypto market as other coins are seeing gains over the period.

As indicated on the chart, BTC gains considerably against USDT this week as it nearly hits $100,000 on Friday 22nd November 2024. This means that BTC may break $1,000 before the end of this year.

After closing last week at $69,373.02 on 17th November 2024, it has made a price increase of $9,034.02 reflecting 8.42% of price increment.

There is resistance on the price as sellers resisted the price attempting to hit the $1,000 mark. This indicates that BTC is currently overbought as the indicators show. The RSI has reached 75 and is beginning to trend downwards from that level.

On the same note, the stoch which has been above the 50 mid-point, has crossed the RSI downwards and slightly breaking the 50 mid-point. Baring any change in current price direction, BTC price may slightly drop in the coming days to week as sellers are on alert to sell some of their BTC holdings.

STEEM/USDT Price actions

STEEM/USDT

Just today, steem attempted a new high touching 0.2498. Buyers pushed the high at 0.2498 but there sellers are currently resisting the price as they are seizing the opportunity to to sell off at that peak.

This week, steem has 4 bullish candles, 2 bearish candles, and 1 bullish doji. With the 4 bullish closing, steem price increased by 0.0315 reflecting a 15.31% price increase against USDT.

Although the SAR is indicating a selling market, and the RSI is at the peak of the 61 point, steem is not yet Overbought, as the Stoch is in disagreement with it. While the RSI is at the Overbought region, the Stoch indicates that there is still more buying potential as it has crossed the RSI and about to break the 50 mid-point level.

Steem/Naira price actions

STEEM/NAIRA

Source

Steem is on the verge of making huge recovery from the losses it made against the naira. On 13 November 2024, steem rose as high as N412.770 but had a resistance from sellers that pushed prices down to make close low. Today the 24th of November 2024, it has tried the same level to hit at N416.510 .
As the general crypto market is making positive headways, steem is gradually gearing up for upsurge in the nearest future. Following the current market trend, steem has risen sharply against the naira.

After losing against the naira by closing low at N248.480 on the 4th of November 2024, steem has risen against the Naira selling at N389.370 per steem as at Saturday 23 November 2024. This has made the naira to lose by N140 till date.

Having touched new highs, steem is likely break N400 mark and speedily touch N500 to N600. If this happens, we would be expecting the price to hit N700 to N800 towards the end of the year.

Steem/Naira Statistics

Market Capitalisation
194,300,000,000 NGN

Fully Diluted Valuation
194,500,000,000 NGN

24 Hour Trading Volume
63,370,000,000 NGN

Circulating Supply
476,695,543

Total Supply
Current: 477,072,079
Previous:13,749,822

Current price: 1 STEEM = 409.347 NGN

Source

Market Outlook/Conclusion

Steem has an upside increase potential in the nearest future. For the short term, and as the general crypto market is taking a recovery part, steem may rise to N800 before the the year runs out.

BTC would be anticipated to rise above $100,000 having hit $99,000,000 and gotten price resistance by sellers. It still has the potential for the price rise but may have more sellers who may take the advantage of the rise in price to sell off their BTC assets. This may force the price down for a short term.