Steemit Crypto Academy Contest / S7W4- Cryptocurrencies continue to recession or rebound in 2023.

flyer maker

My dear Steemians, today I welcome you again to my post, @jasminemary. Today I have talked about cryptocurrencies will continue to experience a recession or rebound in 2023 as part of my entry to the engagement challenge contest organized by the SteemitCryptoAcademy.

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In your opinion, will the cryptocurrency market rebound in 2023? Or will the bear market period continue? Justify your answer in advance with technical indicators, if possible.

Yes, in my opinion, the cryptocurrency market will rebound in 2023. From the beginning of the year, we started seeing changes in the cryptocurrency market. Bitcoin and other cryptocurrencies began trading on a bullish trend. Based on my prediction and a lot of news that I have read about the cryptocurrency market, I have been seeing positive news about cryptocurrency.

Despite the bear market that we faced in 2022, I am fully sure that in 2023 many people will be comfortable with the cryptocurrency market because there will be mass adoption of cryptocurrency, which will lead to a bullish market. In this year, I don't think that the cryptocurrency market will experience a serious bear period; instead, this year 2023 will be a year that cryptocurrency will rebound and start a strong bullish trend.

With a rise in price since last November, Bitcoin is currently trading above the level of $23,000. On January 21, 2023, it achieved the vital $20,000 threshold for the first time in the previous five months. As of the time of writing, over $24 billion is being traded daily in bitcoin. Experts are watching the impending Fed meeting in the United States, which could make or break Bitcoin and pave the way for further increases.

It should be remembered that the Bitcoin price began to rise as it crossed the critical threshold of $16,800. Once again gaining momentum, the price has been displaying positive signs up until this point. Let's look at the technical indicator of the image below.

From the image above, you can see the MACD (moving average convergence divergence) indicator gaining a strong bullish trend.

Also, the Relative Strength Index (RSI) for BTC/USDT is above the level of 55%, as we can see the following:

• Support levels: $15,000
• Resistance Levels: $30,000

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Has the long duration of the bear market affected your work within the Steemit ecosystem? And what do you advise the rest of the users during such periods?

No, the long duration of the bear market didn't affect my work within the Steemit ecosystem; instead, I was motivated to work harder so I could accumulate more Steem Power. During the bear market, I engaged myself in clothing business, so I would not feel worry over the bear market as much.

Well, my advice to the users in such a period is that they should know that bear is the nature of cryptocurrency and in order for you to succeed in the bear market you need to work very hard or, if possible, double your source of income so you can save and sell later during the bullish market.

Also, as a crypto trader or Steemian, you should not invest all you cannot afford to lose into cryptocurrency, and you shouldn't borrow to invest in cryptocurrency when you haven't carried out proper analysis.

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

The cryptocurrency that I see as promising in 2023 is the BNB token. When it comes to the *BNB token," everyone knows it is owned by the largest cryptocurrency exchange in the world, called Binance. The BNB cryptocurrency was initially made available for trade in 2017. The market capitalization of Binance Coin is $48,895,687,708 USD as of the time of writing this post, based on the data gotten from Coinmarketcap.

Coinmarketcap

BNB was initially released as an Ethereum-based ERC-20 token, but it has since been moved to the main BNB chain. The initial total supply of BNB was 200,000,000 coins; however, as a result of frequent coin burn events, the supply is progressively shrinking.

The most important characteristics of the BNB project
BNB token is very important within the Binance Exchange ecosystem. BNB is utilized as a utility token that enables users like you and me to get discounts when paying for our trading fees. BNB has a variety of use cases. Additionally, the BNB token is used to pay for gas fees when performing transactions in TrustWallet, Metamask, and other decentralized exchanges that support Binance smart chains.

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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 majority of us all know how important Steem and TRX are to us. I see these two cryptocurrencies, Steem and TRX, as very promising for the year 2023. Currently, as it stands, I am confident that our dear Steem price for 2023 is anticipated to skyrocket, reaching a maximum of $0.26 and a minimum price of 0.2 in this February, and in addition to that, the costs of Steem may retrace soonest to reach an average price of $0.21 before the end of February.

From the chart above, Steem is trading at $0.1871.

TRX

As for TRX, looking at the chart, it shows that before 2023, the price of TRX was at $0.05, and as of then, the RSI is at 40% and the price has moved up to $0.06, whereas the RSI also moved upward to $0.06, and based on the RSI level, the price is at $0.08, which means the token still has the potential to move up to the resistance level since the RSI is still moving up to 70%, which means the coin has a potential to skyrocket this year 2023.

@yakspeace, @temitopef, and @roomi and I am inviting you.