STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #18

Would the return of SBD make the expected impact?

INTRODUCTION

It seems the market is showing little signs of recovery as we have stepped into the final quarter of the year. Some crypto assets are slightly picking up from the bottom prices just as the BTC hits $70,000.

Dear steemians, I have come up another round of presentation that looks at how the crypto assets market has performed in the last 7 days.

EVENT HIGHLIGHTS

• Market Overview

• STEEM/USDT Price actions

• Steem/Naira price actions

• Steem/Naira Statistics

• The Market Outlook

Market Overview

BTC)USDT

Bybit Exchange

In the last 7 days, BTC has remained stable even after having a strong 5 day bullish run in the week before last. On 14 October, BTC had a strong bullish closing at $66,089.84. The buying traders saw there be a potential uprise in price of the asset and continued to more bullish move. The move saw BTC rising to $69, 000 on the 20th of October 2023. Since then, BTC has mentioned that level pushing up to $70,000 and may now be setting to $80,000 level.

On the technical levels, the *Stoch has made a little move over the RSI tilting to cross over the 50 midpoint, while the RSI is about to cross over the the 60 midpoint.

The SAR is completely bullish just as the 7 day EMA has caught up with the rising price. Confirmation of the bullish market would be when the 14 day EMA and the 28 day EMA joins the the 7 day EMA to make a cross.

STEEM/USDT Price Actions

STEEM/USDT

Bybit Exchange

In the past week, steem suffered a strong bearish pressure that drove its price down. Steem sustained a bearish pressure for 5 good days which brought its price down from the high of 0.1887 it closed on 20th October to a low of 0.1611 it closed on the 26 October 2024. This shows a loss of 0.0174 steem reflecting a 9.48%.

From the technical standpoint, all the indicators has completely bottomed out. The SAR is on a bearish point remaining above the price chart while the stoch and the RSI are currently trying to adjust upwards and the 7day EMA would be expected to cross 14 and 28 EMA to further confirm the bullish signal.

Steem/Naira price actions

Source

SBD (steem backed dollar) has returned and is now quoted as the base against the naira. This change has seen the current prices of steem quoted in naira, replaced with the SBD. Steem had seen a relative price improvement consistently for 3 as it is also leveling up to the bullish signal. Before SBD, steem was trading at the N276–279 price levels. Currently, the SBD now trades at N4,197 per SBD. This implies that henceforth, SBD trades as base against the naira at Naira quotations. In the coming days, we would be seeing how this change could could impact the naira and then the ecosystem at large.

Steem/Naira Statistics

• Market Capitalisation
  57,810,000,000NGN

Fully Diluted Valuation

• 57,810,000,000 NGN

• 24 Hour Trading Volume

• 1,028,000,000 NGN

• Circulating Supply

• 13,749,822

• Total Supply

• 13,749,822

• Current price: SBD/Naira: N4,207
  Source

Market Outlook/Conclusion

As the SBD is now fully operational in the ecosystem, we await its impact on other tokens and in relation to the naira. The market has gained some stability over the week which has seen BTC currently breaking above $70, 000 price level.

The US presidential election may also be impacting the crypto market as it is drawing closer. The outcome may see the bulls fully returning to the market if the Government that comes to power, includes crypto (BTC) into her assets holdings.