STEEMIT CRYPTO ACADEMY S7W4 - CRYPTOCURRENCIES CONTINUE TO RECESS OR REBOUND IN 2023

My main focus on the steemit ecosystem is to look for a very long term goal. Which i will like to put it this way, i have to the realization that i shouldn’t focus all my attention on making money out here, that is within a very short period of time. If i try to do that, then i will be affected by the market whenever it doesn’t go may or say work out for me. Which is why i have decided to make good use of the steemit ecosystem by trying to acquire more knowledge out here and make the monetary aspect a minor issue of mine on the platform. If I then do that, then there wouldn’t be the need for me to be always worried about whether the market is in bullish or bearish. So apparently, i will like to say that i am not affected by the long bearish duration of the market at all.

What i will like to say to other steemians is that we should try and make something good for ourselves out of the steemit platform or ecosystem first before anything else. I will further on explain what i said this way. We should try and focus on what we are learning here on the steemit platform, one might ask what are we learning?. You have to know that each contest that we try to participate under require us to go and explore more out of what we already know. Whereas the things we try to explore naturally stick or remains in our heads. Which by the way is regarded as learning. We also get to read on other steemians articles too, whereas we end up catching one or two things into our head. There is also the case that we get to develop the feeling or the need of always trying to read one particular steemians work simple because that you always learn some thing new from that fellows article.

There was this particular contest organized by @fredquantum in one of the community on the steemit platform. The community is @steemkidss and that very contest was called “steem kids crypto education” or so. This very contest first of all educates us firs on the topic at hand and then we will be given some assignment to go and do. It doesn’t require you to go and do all the work by your self, no you will first of all know or have enough knowledge about the topic which is written by the author of the contest. Which has helped me learn enough from the specific initiative. So my concern is that we should first of all try and learn enough here before thinking about the money or reward we will be making out here. By doing so we wouldn’t have to bother by the state of the market at any point in time.

which cryptocurrency do you see as promising in 2023? Tell us the most important characteristics of this project and the reasons for your choice.

From the look of things, the very cryptocurrency I do see as a promising coin is the Binance native coin. Which is commonly known as the BNB. This based on some analysis and research I have personally made. Well, first of all we all know that Binance is currently the world’s largest and most productive centralized crypto exchange. This has rendered the native coin, which is the BNB to gain more recognition and also this very BNB is the coin which is recognized as gas fee for almost every transaction within and outside the Binance exchange. Which in return is helping or contributing to the burning of the BNB coin.

Aside from that, the exchange is trying very hard to sell it self to the outside world by being some of the very sponsors of the just ended World Cup. Not only in the world but also the exchange is also trying to get more investors and influencers to invest in them. One key influencer i can recall of is Christiano Ronaldo being an ambassador of the exchange.
All the said things about the Binance exchange clearly shows that the exchange will get enough money to be able to burn it coins. Therefore I can strongly say that the BNB coin is a promising coin as of this year.

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The chart above is also a one month timeframe chart of the BNB coin. From the chart, one could notice that the BNB coin broke out it resistance which was at then priced at 314$. After breaking the 314$ price, it could be see that the price was now at 324 and still trying to breakthrough. It can also be confirmed that there is the possible tendency that it will breakthrough due to the state of the RSI indicator at then. That is above 60 and when this happens it said to be in the overbought region and there is the possibility of breaking through at a very high rate. The BNB token from the one month timeframe is seen to have so many support and resistance scenarios occurring in the movement of the token and this support and resistance happens to be breaking through the previous ones and forming new heights.

What do you think of the status of the two cryptocurrencies, Steem and TRX, over the past year, and do you see them as promising for the year 2023? Justify your answer in advance with technical indicators if possible.

The status of both Steem and the TRX has been very bad and not convincing enough. Most especially the TRX crypto coin didn’t perform well at all. Even though the whole crypto market has to face that challenge. But that of Steem was better as compared to the TRX. I am not concluding that both coin didn’t perform at all. No, there was case whereby both the cryptocurrencies made an interesting moves in the market as compared to other coins.
Their performance even resulted or impacted on their acceptance in the crypto market. That’s to say people patronized or looked into those two coins more. It happened that both two coins could also boost of having many holders or investors which is a very good necessity in the crypto market.

_{STEEM COIN}

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Looking at this one month timeframe of the steem coin here, one could clearly see from the chart that the movement of the candle pattern has dropped very massively. Which shows the poor performance of the coin from the previous year. The pattern or the movement of the chart is still in a down trend, which shows how the coins is still struggling to make a move. From the chart, one can see that the coin hasn’t been able to get to the support level yet to talk of breaking through. This shows that the steem coin didn’t perfomed well last year,

_{TRX COIN}

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The price of the TRX coin is seen to be at 0.0634 in a month time frame. Also, from the resistance level it can be seen that the price is 0.065. From the one month timeframe chart, one could notice that the coin is no way near to getting to the resistance level which is priced at 0.0634. The coin is seen to be in a continuous down trend. Which proves or shows that the coin performed bad the previous year and it is still struggling hard to make an attempt to get to resistance level and then breakthrough.

From the look of things, i think that the steem coin is more convincing and have made numerous attempts to break and set new resistance level which i can then say that it has a good chance of rising high in this year. With the TRX coin, the coin is still struggling hard to get closer to the resistance level from the chart. Looking at the chart as at today, the coin is still struggling to get to the resistance level, so it will be more convincing and promising that it will rise this this if it eventually breaks the resistance level in from the one month chart.

In conclusion, there is the possibility that most cryptocurrencies will perform better or rebound from the look of things. That’s from the little technical analysis i conducted. The top most coins have started making the move to rise high but yet still some are also trying to make that move. There is going to be so many promising coins this year but i am more convinced in the one i talked about. Which is based on the initiative the firm of the coin is into and doing.