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

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Greetings to All

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Hopefully, you all will be great by the blessings of the Almighty, I hope Everyone is prospering. I am delighted to present my Entry to the Engagement Challenge Season 4, organized by the Steemit Crypto Academy. Our focus for this challenge is to analyze the Future of cryptocurrencies, specifically if they will overcome the 2023 recession. To get to the bottom of this. So, without further delay, let's begin our journey to uncover the fate of cryptocurrencies by answering the questions that are asked.

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Before we can make any predictions about the market and prices it is important to first do a technical analysis. This is an important step to understanding market conditions and making informed predictions. Technical analysis involves studying charts and market data to identify trends and patterns and helps us understand market movements and make predictions about future price changes. By keeping in view the previous data we will be able to predict the next movements of the prices in the market.

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Will the Crypto market rebound in 2023 or the bear market Period will continue...Justify the answer by technical indicators if possible.

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The cryptocurrency market is unpredictable and it will be difficult to say what will happen in the future. Market Analysts try to predict future prices with technical analysis, but they can not be sure if the market will go up or down. It is important to be careful when investing in cryptocurrencies because they can be risky. It is challenging to say what will happen in the future with the cryptocurrency market because it changes a lot. We do not know if the market will get better in 2023 or stay poor.

For technical analysis, there are charts, indicators, and many other tools that help to make predictions. In them, indicators are widely used by market analysts to understand market trends. There are various types of indicators, such as the Relative Strength Index (RSI) and Bollinger Bands. These tools provide insights into market conditions, helping analysts make predictions. Indicators are a key tool for technical analysis and provide valuable information to help make more accurate decisions for upcoming trends.

As we know BTC is the major coin due to analyzing the prices of the crypto tokens increase or decrease. So now I will analyze the chart of the BTC to USDT to predict the upcoming trend. If we did so we will be able to generally think whether the price of the whole market will raise in the future or not.

_{General Overview of BTC/USDT chart from trading view}

Here we analyze the previous year's market data we saw the change towards the Bullish Trend in the previous month. There was the Bearish trend of the market until the end of the previous year and we see fluctuations in the trend from it was 17K on 8 Jan now we see the increase to 23k hope the trend will move on with the bullish trend in this year but as I already said nothing can be predicted here.

Technical Analysis by using Indicator

So now I will generally use the RSI. The relative Strength Index (RSI) is a tool used by market analysts to assess the crypto market. The RSI tracks the strength of price movements over a certain period. A high RSI above 70 means the market is too expensive, while a low RSI below 30 means the market is cheap. There are so many indicators in the market such as MACD, Bollinger bands, and many more I am going to use two indicators RSI and MACD.

• RSI

_{BTC/USDT chart using RSI from trading view}

The blue line is at 56, which indicates that the market is in a neutral state. The yellow lines, also known as the overbought and oversold lines, are typically set at 70 and 30 respectively. If the RSI value is above 70, it signals that the market is overbought and a potential price correction could occur. If the RSI value is below 30, it signals that the market is oversold and a potential price rebound could occur.

• Bollinger Bands Indication

Bollinger Bands measure price volatility using a moving average and two lines plotted above and below it. The upper band shows overbought conditions and the lower band shows oversold conditions. They help traders identify trend reversals and generate trade signals. The green lines represent the upper and lower bands that are plotted 2 standard deviations away from the centerline.

_{BTC/USDT chart prediction by using Bollinger bands from trading view}

Bollinger band's upper and lower lines indicate the price change in the next move as we see the deviations of the yellow and blue lines.

So from the overall analysis. In 2023, it is expected that the crypto market will recover, but it is hard to say for sure. It is important to stay informed about the market and keep track of prices and news if you have invested in any coins or hold cryptocurrency assets. This way you can follow the market trends and make informed decisions.

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

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The Steemit community has been impacted by the bear market as the price of cryptocurrencies has gone down. This has led to reduced rewards for many users, causing them to make changes such as taking on extra work, finding new ways to earn rewards, and spending less. This has made the platform less active as users are posting less and interacting with others less often. So overall by seeing the effect of the bearish market on the steemit was negative as we know due to the low market the prize pool decreases we did not receive SBD and the TRX also not coming now.

The bear market has been challenging for users who have been on the Steemit platform for a long period. They may have placed a lot of struggle and time into creating content and linking with other users, but now their rewards have gone down a lot.

This can be very discouraging and may even cause some users to leave the platform which reduces the ratio of active users. Like other users my work is also affected as such we got a low reward for creating long content the reward pool reduces which is why I am powering up all of the earnings because I hope in the future the market will be better and The staking will prove good for us.

My advice In such Period

• Do not Panic:

As we know that the market is really volatile so we should be patient all the time during the bearish trends of the market so that we will be able to take the good decisions in regards to our assets of the crypto market. The bear market can be stressful, but it's important to remember that markets go through cycles and this too shall pass.

• Stay informed:

Keep up-to-date with the latest market news and trends. This can help you make informed decisions about your investments and adjust your strategy as needed. it is necessary to keep updated.

• Look for alternative ways of earning rewards:

If your rewards have been impacted, look for other ways to earn on the platform, such as curating content or participating in communities.

• Keep a positive attitude:

Despite the challenges, there are still opportunities to grow and learn in the bear market. Embrace the opportunity to try new things and build new relationships.

• Stay disciplined:

Don't let emotions guide your investment decisions. Stick to your strategy and don't make impulsive decisions as these may lead to losses. If you have invested in any crypto tokens.So we will be able to cope with the time of burden if we use to act on some points and be hopeful that the market will stabilize soon.

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

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There are so many currencies still that we find promising and that give the good profits it is expected in 2023. These are two from my opinion Ripple and Metcade.

• Ripple (XRP)

• Matic

• Ripple(XRP)

Ripple (XRP) is one of the promising cryptocurrencies that could potentially be a good investment in 2023. The Ripple project is a decentralized payment system that aims to make cross-border payments faster, more affordable, and more secure. One of the key features of Ripple is its high processing speed, as transactions can be settled within seconds, compared to traditional payment methods that can take several days.

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Another advantage of Ripple is its scalability, as the platform can handle a large number of transactions per second without any slowdowns. Additionally, Ripple has established partnerships with many well-known financial institutions, which could help to increase its adoption and usage in the future. Furthermore, the team behind Ripple is experienced and has a strong track record, which gives confidence in their ability to deliver on their goals. Overall, Ripple's combination of speed, scalability, and partnerships with financial institutions make it an attractive investment opportunity in 2023.

• Matic(polygon)

Matic Polygon, a Layer 2 scaling solution for Ethereum, is a promising investment opportunity in 2023. The project's main goal is to provide a fast and secure platform for decentralized applications (dapps) on the Ethereum network. This is achieved by using side chains to handle the high volume of transactions, which reduces congestion on the main Ethereum network and speeds up transaction times.

Matic Polygon also provides a platform for developers to build and deploy decentralized applications quickly and easily, with lower gas fees than the main Ethereum network. This makes the platform attractive to developers, which in turn leads to a growing user base and increasing demand for the coin.

_{Recent price trend of Matic/usdt from trading view}

Another important factor that makes Matic Polygon a good investment opportunity is its strong partnerships with other companies in the blockchain industry. This includes partnerships with Binance, Aave, and Polygon (formerly known as MATIC), which has helped the project gain exposure and credibility in the industry.

The Matic Polygon team has a proven track record of delivering on their promises, which gives investors confidence in their ability to continue to drive the project forward and deliver on their goals. With its combination of fast transaction times, low fees, strong partnerships, and a talented development team, Matic Polygon is a promising investment opportunity for 2023.

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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.

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The last year has been full of ups and downs for two popular cryptocurrencies, Steem and TRX. Despite market fluctuations affecting the entire crypto world, both coins have had different journeys. Steem saw its value soar to an all-time high in May 2021, while TRX's market capitalization hit a low point in June 2021.

However, both have shown promising signs. Steem has seen a rise in trading volume, indicating growing interest in the token.The launch of the Smart Media Tokens protocol offers developers the chance to create new tokens on the Steem blockchain, potentially leading to increased usage and a higher value for Steem.

• Steem:
  

_{Overview of Steem/usdt including previous year data from trading view}

As this trend shown the price of the Steem has decreased from last year and until it is in the long term bearish trend.

The past year has been tough for Steem, as it has experienced a bearish trend in the market. Despite initial promise and a rise in its value early in the year, Steem has seen a decline in its market capitalization, reaching a record low at one point.

This bearish trend can be attributed to the general market volatility in the cryptocurrency world, as well as other factors such as a decrease in trading volume and less activity on the platform. As a result, many Steem users have been impacted by the decrease in rewards and have had to adjust their strategies and approaches on the platform. This has had a noticeable effect on the overall vibe and activity of the Steemit ecosystem.

• TRX:

_{Overview of TRX/Usdt including previous year data from trading view}

TRX has also been entered into the bearish trend.

The bearish trend of TRX has been a topic of concern for many cryptocurrency investors. Despite its promising start and initial rise in value, the trend has been downward in recent months, causing many investors to question the long-term stability of the cryptocurrency.

Some of the factors contributing to the bearish trend include competition from other cryptocurrencies, lack of widespread adoption, and concerns about the technology behind TRX. Despite these challenges, some investors believe that TRX has potential for growth in the future, particularly if the team behind the project is able to address these challenges and attract more users to the platform.

Analysis Of Steem Using Technical Indicator

_{Overview of Steem/usdt using technical indicator from trading view}

There is the current price 0.20.Until The April the price of Steem on peak but it goes down due to the overall market down.I have chosen the chart from I year for long term analysis by comparing from the previous year data there is a big decrease in the price and as the indication of the RSI the market is not now in the phase to increase it seems nuteral.But hope so the trend changes to the bullish trend in this year because it will be very discouraging.

Due to the volatile nature Nothing can be predicted it is

Analysis Of TRX Using Technical Indicator

_{Overview of TRX/usdt using technical indicator from trading view}

The indicator here is also indicating the neural market trend.The blue lines of the indicator is below the &0 it is almost the 50 above which is a sign of a neutral market price.From the previous signs we see that there is a little uptrend in the market hope to see a good trend in this year. The previous market analysis can be done from the chart keep in mind that it is not a possible or complicated task to predict the price of cryptocurrencies.

So it is really necessary to do a proper analysis of the market before making any decisions or predicting something about the market.

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Conclusion

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Due to volatility of the market Nothing can be predicted that what will be the next move of the price trends.The year 2022 has remain the year of decline for all the crypto tokens as the prices of the whole market was very low.So by using the technical indicators we will be able to predict the moves of the prices to some extinct but still all the analysis or the indicators did nor gurntee the true statments.I hope that in the year 2023 the market will stabilize and the trend of the market will be bullish hopefully.

So that was all from my side and the deep analysis of the market.Hopefully, you all will like to read this post. Happy reading. I would like to invite @steemdoctor1,@chant, and,@simonnwigwe to participate in the contest.

Regards
@mateenfatima