STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #16

Were you expecting the steem price fall?

INTRODUCTION

It is not surprising seeing some tokens taking or finding new low or high price levels. The market is so dynamic that after projecting your forecast, any slightest news event can impact the market either positively or negatively. This is what makes the crypto market a volatile one.

As usual, I would be bringing to you the activities that affected various tokens including the steem and others , that are the major drivers of the crypto market.

EVENT HIGHLIGHTS

• Market Overview

• STEEM/USDT Price actions

• Steem/Naira price actions

• Steem/Naira Statistics

• The Market Outlook

BTC/USDT

Bybit Exchange*

The major crypto suffered a pull back from its expected price above $62,000 during the week. After closing on a red candle on Sunday last week, it continued on a downward side maintaining a 4 day down streak.

During the week, BTC lost $4,240.77 representing a change of 5.75% cumulatively.
The EMA7 is currently crossing the EMA14 while the longer EMA28 would be waiting for further Price increase to cross over. The SAR would be waiting for upsurge in price to shift itself from the current bearish to bullish. The Stoch and RSI has started responding to the current bullish sentiment.

STEEM/USDT Price actions

Bybit live chart

The fall has also been reflected in steem/Usdt Prices. Steem fell consistently for four days. Steem posted a loss of 0.0427 reflecting a loss of 16.15% cumulatively during the week.

The EMA7 is making moves to cross the 14 and 28 SMA while the Stoch and RSI are adjusting to the up price pull. If price consistently pushes up making the 7EMA crossing to cross the 14 and 28 EMA, the SAR would reflect the bullish sentiment from its current bearish condition.

Steem/Naira price actions

Source

Steem also had a consistent loss against the Naira during the week. The steem which rose to N330 per steem, started losing that price to the low of N273.400. showing a record loss of N57. Currently, steem has started to recoup its loses and we would be seeing how it plays out in this week.

Steem/Naira Statistics

Market Capitalisation
139,400,000,000 NGN

Fully Diluted Valuation
139,400,000,000 NGN

24 Hour Trading Volume
21,720,000,000 NGN

Circulating Supply
473,062,233

Total Supply
473,185,056

*Last 24Hr Closing Price"
Steem/Naira: N285.17
Source

Market Outlook/Conclusion

The market is tilting towards recovery as could be seen in BTC/USDT reaching $63000 mark.
We are also expecting some tokens airdrop and pay out within the as project like the Memfi has shifted its listing on 9th October to the 30th October 2024. A lot more tokens are gearing up to list before the end of the year.

Do have a prosperous week!