Steemit Crypto Academy Contest / S9W1 - Steem performance in 2023

Namaste 🙏 to all of you. Steem Engagement Challenges are going on once again. I am so happy to participate in it.

This is my entry post for the on-going contest by #SteemitCryptoAcademy.

This week's theme is regarding Steem's performance and its price prediction at the end of the year 2023.

I really like the concept of this week. Because as a steemian, it's very important to keep an eye on the steem price and forecast future prices too. From this, we get clarity regarding our activities on this platform.

Thank you for conducting such a wonderful contest for us.

For this analysis, first I go to Coingeko for checking rank, market cap, supply, and many more things to know.

As per Coingeko, Steem is trending at the 298th rank with $94,809,623 worth of market cap. Steem has an unlimited supply, but as per Coingeko, the present supply is 432,204,268 STEEM.Those details may be checked here.

Then, after checking the maximum price chart through Coingeko itself,

As per my analysis from May 2022 to now, Steem's market cap has not moved down or up. What is its significance? Traders or investors are not showing any interest in investing in this coin. Here, no volume either. But we may consider it a long accumulation zone too.

In my opinion, I treat this phase as investors not showing any interest in investing their money in Steem. Reasons may include no promotions in the market, no updates from the team, and many more we may have. As a Steemian, I am so disappointed with it.

After checking, I went to check the maximum Steem price from 2016 to 2017. As per the chart for 2018, Steem hit its high price of £8, then started its bearish trend. In the middle of 2021, its price hit up to £1, and after that, Steem did not show any uptrend movement in the market. From 2022 to 2023, there will be no move, just a move from the £0.16 to £0.22 range. It's showing a good accumulation zone.

But we need good volume to push the Steem price. Those charts are available below.

Now I go to check the weekly chart using the trading view. First, I took a weekly chart, and then I drew support and resistance lines. As per my observation, steem has good support in the £0.14 range and good resistance in the £0.26 to 0.28 range. If it breaks high change to hit the £0.35 to £0.38 range in midterm, in the last 3 to 4 weeks, we've had good volumes too. If the BTC price stays stable, we may see some good moves in the Steem price.

Here is my chart.

Now for applying indicators, I choose a 1-day chart, then add BB and RSI. In my opinion, both combinations give the best results. As per the chart, the present bearish trend is going on in the 1-day chart. We get confirmation from RSI too. In one day, we had support in the range of £0.18. If it's broken, the next support is £0.14. In the short term, we don't see any uptrend in Steem. It may occur due to a sudden BTC correction from the 30k range. Now that BTC is also moving downtrend, once BTC is stable, then we will see alts move.

As per my analysis, by considering different time frames of the Steem/USDT price chart, in the midterm we may see some uptrend movement in the Steem price. In the short term, we don't get any profit from investing now. But if you think of it as a long-term investment, it's a good opportunity for you. In the long run, we may expect above £0.5 easy. If it hits, then we may see 0.7 to 0.9 in the long run.

For this task, I am using Binance Exchage. because here I have my KYC verified and am holding some money too. That's why I use Binance Exchage to purchase Steem and power up my account.

Before I go there, here are my current balances in Steem. In my account, I hold only 0.5 Steem and 46346 Steem Power.

Now I go to my Binance Wallet, and in the search bar, I search "STEEM." Here I get four combinations: STEEM/BTC, STEEM/ETH, STEEM/USDT, and STEEM/BUSD. I had some free BUSD, so I chose the Steem/Bus trading pair.

Here, I choose the Buy tab, and now we get this screen.

Now here I am, choosing Market Order and buying £12 worth of Steem. I have very little money in my hand, so it is not possible to buy more. Also, the minimum buy in Binance is £10; below £10, we can't do trading here. by hardly arranging £12 for this task's needs.

After filling out all the details, I now select the Buy Steem tab.

Now I have successfully purchased around 54 seems with my £12. Those details may be checked here.

Now I go to withdraw those steems into my steem account. For this, just select the Withdraw tab. Now it redirects to this screen.

Here, it asks what type of withdrawal you need. One is through cryptography, and another is through a phone number or UID. Using the second option, we can easily withdraw our funds to another Binance account. But here we need to withdraw to our Steem account, so select the first option: withdraw through crypto.

Now that you have this screen, just fill in all the details, then select the Withdraw tab.

Here in the address field, just give your Steem username, a memo that there is no need for withdrawal, and the amount to give as per your wish.

For an example, just follow mine. But be careful when giving your Steem username; give your name correctly. Otherwise, you lose your money. Here are my details. Those you check below.

Then we need some verification tasks, which we set up in Binance Exchage. I just finished all Now select the withdraw tab.

Here you may see my transaction progress. Once it finishes, we may get our steem in our wallet.

Within a few minutes, my balance was added to my Steem account. You can check here.

Once it arrives, click on the drop-down menu and select the Power Up tab.

By following instructions, I just finished my power-up too.

After my power-up, here you may see my updated balances.

Like that, we can easily purchase steem from outside, and after that, we may power up our wallet very easily.

At present, I am holding around 46402 steem power. Those details may be checked here.

How much I earn at the end of this year depends on my activities on the Steemit platform. They are..

• Actiness and my spending time here.

• Quality and Quantity of my publication.

• Curating other Steemian posts and my voting weight.

• My delegation rewards

My earnings depend on the above reasons. but I have some goals. Beaded on that, I set my target too.

My target at the end of the year is to hold at least $50,000 in Steem power. That's why I'm working hard here to reach my target.

Besides this, without doing any activity other than holding Steem Power itself, we earn up to 2.84% APR on our Steem Power. This is one of the interesting features of the Steem platform. Here we may find more details regarding it.

So as per the average based on my current 46402 steem, I can earn an additional 1,317.8168 steem. So my total steem power at the end of the year was around 47719 steem. This is the amount I earn without doing any activity here. It's really good to hear. But my target is up to 50k+ Steem. So I work hard to reach my goal.

As per Steem price analysis, it's looking bearish in the short term, but in the long run, there are high chances to hit more than £0.5 to £1. But reaching that price is not an easy task. For this, we need good promotion, we need to attract investors, and we need to develop new projects by using the Steem block chain. As a Steemian, I am so happy to spend my time here. That's why I strongly believe there will be a bright feature for Steem in the upcoming days.

I would like to invite my friends to participate in this contest: @ikmalhariamuna, @ripon0630, @ternuritajessi, @zulhendra, @msdbitco, @shohana1, @simonnwigwe, @chiabertrand, @nevlu123, and @harferri.

Thank you so much for reading my article!