We thought steem could sustain the upswing above 0.07 or N92 but,......
A short from bybit exchange
Who could have thought that the market would still be drastically bearish up till this time? Even me did not expect the market would remain strongly bearish till today. Owing to strong GDP from economic improvement, one would expect that the crypto market at least, should be showing signs of recovery.
Investors and traders were not anticipating that this long downward pressure in the crypto market would not be gone till now. A strong bullish signals were witnessed in the market in past years and this created the hope in investors that the market would begin on a recovery trajectory as soon as possible. But it was not the case today.
In the current market scenario,, the visible bearish trend in the market has taken too long to end as a result of the fact that, there are now high influences into the market. The market is now more influenced by the the following factors:
- The state of the global economy.
- Changing government policies
- Fading investor confidence
- Government and non government institutional influences
Before the current day market condition, the market survived through speculation and hyping activities. Now, the crypto market is strongly acting on laws and regulations, interest rates adjustments, crises at the global front, inflation rates and the increasing global financial uncertainties globally. So for these reasons many cryptocurrencies such as steem and other major ones have regained from losses or recover.
STEEM/USDT
A short from bitget exchange
When we look at STEEM/ USDT, its applied technical indicators highlights mixed and overshadowing momentum that is weak. The analyses would show bearish decisions, whilst short-term gains or recovery may take place few times.
Our STEEM has been a resilient social blockchain project in this challenging times. Despite the fact that the Steem ecosystem maintains of active users through community participation , it has rivalries with other high competitive edged social blockchains.
The USDT/ STEEM pair may further keep moving to be going crabwise except the following happens:
Entire crypto market regains heavily or massively. Would this be possible in the near future?
Steemit drives into massive acceptance and adoption
Higher increase in its trading volume
Improved ecosystem performance with a relatively more exchange listings
Technically, the indicators shows that steem may keep having volatile moves and having a slow or weak upward momentum.
Steem/Naira
A shot from bybit
For steem versus Nigerian naira, steem may continue to get stronger in this prevailing bearish condition. The reason is that the Nigerian naira on its own, still battles a high rate of inflation inflation including depreciations.
Prices provided by some markets show that steem has remained between ₦77–₦92 and still showing volatilities for some time.
The implication is that although means that steem has not fared well against the USDT and the giant crypto bitcoin, there's still the possiblity it could gain some value with regards to the weakness of the naira. This is what crypto
investors in Nigeria have experienced when the naira is unstable.
Analysts are forming opinions that In several months to comme, steem/naira may continue to be volatile, may moderately increase if the if naira continue to be on the weak side.
Finally, it may show sharp increases or spikes when there is bullish sentiments would generally influenced by bitcoin market movement.