Steemit Crypto Academy Contest Season 9 Week 1 - "Steem performance in 2023"

Hello lovely people around the globe , I welcome you all to this new season of SEC. I am here to write an engagement task set by cryptoacademy community which is about Steem performance in 2023.

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Should you invest in Steem now? Perform technical analysis to predict the price of Steem in December 2023. You can use Tradingview.

We have three different types of market analysis as an investor and they are fundamental analysis, Technical analysis, and sentimental analysis. For this discussion we would focus only on Technical analysis.

Let's have look at the historiical price action of Steem and analyze the expected price movement of steem in future and also analyse current trend. A combination of technical indicators and chart patterns can be used to make a prediction about the future price of Steem as price action and indicators form important components of technical analysis. By the end, the question of whether to invest or not would be answered.

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First, let's take a look at the price chart of Steem given above (from tradingveiw). We'll use the daily timeframe for our analysis as we have to predict future price towards the end of this year, so larger time frame is preferred. Upon analyzing the chart, it appears that Steem after a sharp downtrend in Apr 20222 , price is consolidating in a box between $0.20 to $0.30. I have marked support and resistance zone for Steem. Price is moving between these zones for about a year now . Currently, price is again at resistance zone. If price broke upwards through the resistance zone, we can expect a bullish trend but price has to sustain above the resistance zkne to enter into a bullish territory.

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Tofurther deepen our analysis , we applied some technical indicators to the chart. Let's start by adding the Moving Average Convergence Divergence (MACD) indicator. The MACD shows that the momentum has been shifting towards the bullish side over the past few months, with the MACD line crossing above the signal line and trending upwards.

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Next, we can add the Relative Strength Index (RSI) to the chart to get a sense of the current strength of the trend. The RSI is currently in the positive zone , hovering around 50 (56 approx) , which indicates that there is bullish momentum in market .

From the discussion of technical analysis above , Steem's price could potentially move higher in the future, so there is a potential scope for investment .However, predicting the price of any asset in the future is always uncertain and involves a degree of risk.

Describe the step-by-step to transfer USDT to Steem cryptocurrency in the Steemit wallet. Use your wallet. Screenshots are needed.

Here is a step-by-step approach to convert USDT to STEEM:

• Log in to your STEEM Wallet.

• Click on the "Steem" balance, and a drop-down menu will appear.

• Click on "Trade," and STEEMIT will automatically take you to the POLONIEX exchange.

• Click on the top right corner, and a drop-down menu will appear where you have the option to sign in or sign up.If you don't have an account, sign up, or sign in if you already have one. In my case, I already had a POLONIEX account, so I chose to log in.

• Enter your email ID and password, solve the captcha, and enter the verification code sent to your registered email ID.

• Once you land on the main page of POLONIEX, you will have two options: either you will already have USDT in your wallet, or you will have to deposit it.
  Let's presume that we have USDT in our wallet.

• From the main page, choose the "Steem/USDT" pair.

• On the right half of the page, we get a window to purchase STEEM from USDT.

• Enter the amount of USDT and click on "Buy STEEM."

• Once the transaction is complete, click on the top right corner where you choose the "Wallet" option.
  In the "Wallet" section, click on "Withdraw," and on the next window, fill in the details like the name of Steemit in the address box, the amount of STEEM to be transferred, Memo, and the network (which is Steemi by default).

• Click on "Transfer" and sign the transaction by submitting the OTP.

I haven't made a purchase because I didn't have a USDT balance, and to deposit USDT, I had to transfer at least 50 USDT from my Binance account. The unfortunate part of the transfer is that POLONIEX has disabled the BSC BEP 20 network, and so we have to transfer through ERC 20, which charges very heavy fees.

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How many Steem Power do you currently have? Analyze the expected growth of your Steem Power until the end of 2023. Show screenshots.

As seen in screenshot above , my steem.power at the time of doing this task is 1094. The growth of SP at the end of 2023 would depend upon many factors . The first and most important factor is my activities on STEEMIT as we are more concerned about achievement of steem through activities on STEEMIT.

If I continue to remain active on STEEMIT , I would earn more and more author rewards . Increase in author rewards would also increase curation rewards. Let's look at other factors .

Let me go into technical details of Staked SP. we know that APR as of now is 2.94$%. Let's presume that APR is stable at the said rate (it may not be case in reality) and taking only current SP1094 in view , let's caluclate SP after one year .

SP after one year = Current SP + (Current SP * APR * 0.01)

0.01 is a correction factor .

Let's substitute the given values in above formula .

SP after one year = 1094 + (1094 * 2.94 * 0.01)
SP ----------------- = 1094 + (32.1284)
SP ----------------- = 1126.1284

Therefore, my Steem Power (SP) after one year will be approximately 1126.1284 if I stop doing any activity henceforth .

As i am going to earn more and more steem through my activities here , so my staked SP will keep on increasing and APR would be earned out of that and not only from currently staked steem. so a compounding effect would take place .

I expect my SP to grow more than 4X and each about 5000 by the end of this year . Although the current support by curators is dismal but I believe that i would do better by continuing my activities here .

Thanks