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Hope you all are doing well and good and enjoying the best days of your life. This is me @shahid2030 from Pakistan and you are here reading my post. You all are welcome here from the core of my heart.
This is my participation in a contest Navigating the STEEM Token organized in SteemitCryptoAcademy by @crypto-academy.
How can analyzing sentiment around the STEEM token on social media provide clues about the community’s overall perception and influence price movements? |
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Analyzing the overall sentiments of people/traders around STEEM is important. It will shows us the possible future direction of STEEM. As we all knows that sentiment can influence price movements indirectly by impacting trading decisions. It's quite obvious that positive sentiment may lead to increased buying activity, driving prices up, while it's cook sure that negative sentiment might trigger selling pressure, causing prices to decline or a down phase may get started from here.
What are the reasons that gives us a vavid picture of People's sentiments about STEEM?
Social Media
Approach of people towards steem on social media is too much crucial, as Steem is related to social media platforms too. The sentiment here can reflect the collective mood of investors and traders regarding STEEM. Steem Blockchain is running a very famous social media platforms called Steemit, which greatly helps STEEM to build a positive image of it on social media.
Community Involvement
The community Involvement and engagement is must in crypto. A project is seen having an active and engaging community always attract New traders towards itself. It includes the daily transection, daily volume and many other things. We can see Steem has a quite optimistic community and doing too good these days. A fundamentally clear news for STEEM.
It's too much easy to analyze sentiment of any project effectively. The natural language processing (NLP) techniques, sentiment analysis tools, and sentiment scoring algorithms are the tools and factors we can to quantify and track sentiment trends across social media platforms. Once you understand the sentiment dynamics, you as a trader and investors can better gauge market direction. Now in steem's Blockchain we can use this method too, to find it's price movements of it's Steem token.
How can emerging trends on social media platforms, such as Twitter and Reddit, be used to anticipate potential STEEM market implications? |
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Twitter is one of the most dominant social media platforms having billions of users. Ofcourse trends on such a huge platform will effect anything. If the trend is positive, will have positive effects and if it's a negative trend, will negative effects and impacts. Though it's true that, analyzing the emerging trends on social media platforms like Twitter and Reddit can give us a valuable insights of any platform.
On Twitter we see many trends every single day related to crypto. Such trends can be useful for Steem in many ways too. It can bring new investors and traders to the platform. Plus point with STEEM is that it has a large community everyday sharing their content on Twitter. The steemians share their article with many Steem related tags on Twitter. It will help Steemit in becoming a recognizeble asse one day.
Social media's discussion always run the market the way it want. For example, their is a discussion about cybersecurity threats on social media. Their is possiblity of growing market for cybersecurity solution. The same if their is a start of discussion on a topic of Crypto and social media emargance, Steem and Steemit will be on the top. It's the most legit and old decentralized social media platform.
How can sentiment analysis be combined with other technical indicators to enhance the importance of STEEM-related trading signals? Provide a graphical analysis that illustrates this point of view. |
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This is quite important for a Steem investor to take these two things in a combination. Sentiments in the market give us a fundamental news, while indicators give us a technical analysis. So for a trader it's must that he/she should watch both technical and fundamentals news in a combination. Sentiment analysis can provide us the overall mood of the market, while technical indicators can offer insights into price movements and trends. Let's discuss some important technical indicators we must should watch for any asset along with market fundamentals.
Sentiments Analysis Tool
We can use sentiment analysis tools to monitor any crypto or other market asset. It has assigned three sentiment scores (positive, negative, neutral). In the graph above is the sentiments data of steem for last one week. We can see different values, from negative to neural to extreme positive. Some days ago steem coin touched $0.3980 level it gives us an extreme sentiment value of 10 to us here.
Some traditional technical indicators which should be used with the market sentiment or fundamentals includes; moving averages, RSI (Relative Strength Index), MACD (Moving Average Convergence Divergence), Fibonacci retracement and Bollinger Bands. If you use all these all in combination, I am pretty sure they will give you a too much perfect data analysis to. Your trade will be 85% accurate.
Let me apply show all these Analysis tools here on STEEM/USDT Pair
RSI
Relative Strength Index (RSI) show us steem is in over bought region on one hour time frame. It is trading near 70 RSI level. It shows price can get a little correction from this point.
MACD
Moving Average Convergence Divergence show us price may go further up from this point, because The MACD line is crossing the signal line in upward direction, which shows us an upward move of price in the market.
Fibonacci Retracement Levels
Fibonacci Retracement Levels give us retracement levels. Now steem is trading above golden levels of 0.61, 0.50 and 0.38. It is now respecting 0.236 level and is trading above it. If the price fails to break this level in down side we can see further raise in Steem price.
Bollinger Bands
At Bollinger Band Steem is currently in a side Trend. It has crossed the Basis line in lower direction which can give us a down moment in upcoming time.
What are important considerations when using sentiment analysis in a volatile market environment, and how can it help investors make more informed decisions about STEEM? |
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Using sentiment analysis in a volatile market give a proper insight of the market. It helps the traders and investors to overcome the risk of loosing their portfolio upto a great extant. A volatile market is too risky to trade in, it requires high expertise and proper management to trade in. It requires a very thorough data analysis, even up-to-the-minute. It will help capture shifts in sentiment accurately. Using sentiment analysis tools that provide real-time updates is too essential.
Let's have a look how we use Sentiment Analysis in a more profitable way.
Look it in combination
It is must that sentiment analysis should not be made only by watching just individual posts or tweets but also understand the context in which they are made. One should study the whole market scenerio. It includes considering the broader market trends, news events and community dynamics.
Along with all these sentiment analysis should be watched in conjunction with other market indicators and fundamental analysis to gain a vavid and comprehensive understanding of market. Now for example Steem should be Integrated by watching it's price movements, trading volume, and fundamental factors. It will make easy for a trader to make any decision.
Noise in the market
It mostly happens that a volatile market is hit by alot of noises. It includes misinformation, rumors, and speculation in the market. The effective sentiment analysis is the one that filter out the irrelevant or misleading rumors and statements and just focus on authentic information and data that truly reflects the market trends.
Proper Risk Management
Risk management is too much important in crypto market. It's true that sentiment analysis provide a valuable insights, but it has it's limitations too. Recognizing it is essential for traders. We shouldn't merely and sololy rely on sentiment data for investment decisions. It is must for us to make any decision according to our portfolio and try to keep risk to reward ratio as minimum as possible. It will help us safe from any potential lost.
How can constant monitoring of trends and sentiment analysis on social media provide traders with a strategic advantage in the dynamic STEEM market environment? |
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A good trader is the one who have an eye always watching the market. In other words we can say if he/she has a monitoring eye. It's important to find out all the immerging trends about your target asset. For an instance we are talking about STEEM here.We should look for new developments, projects, or partnerships of Steem with other projects. This will give us a strong fundamental which will increase our reward ratio of the trade.
However we can't ignore the importance of social media in crypto market. It develop the sentiments of people through various trends. Now analyzing sentiment on social media can help traders anticipate potential shifts in the market . If we talk about STEEM, Twitter is the most active social media platform for it. Steem community is very active on it always sharing tags related to it.
A positive trend about any crypto project make it to the moon and same a negative news make it dump. In simple words we can say that a trend or news on social media give us a buying or selling signal. It's quite true that constant monitoring of trends and sentiment analysis on social media can provide traders with a strategic advantags.
This is all about my blog for today, hope you guys have enjoyed reading it. See you soon with a new amazing and interesting topic, till take care.
| I would like to invite: @goodybest, @ripon0630 @emsonic, @miyexi, @kouba01, @mile16, @pelon53 @solaymann @waterjoe , @willmer1988, @msharif to participate in this Contest |
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Your presence here means alot
Thanks for being here
Regard shahid2030
Hey @shahid2030
I appreciate your thorough analysis of sentiment analysis and technical indicators for navigating the STEEM market. Your attention to detail and clear explanations make it easy to understand. Best of luck in the contest
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Your beautiful comment is appreciated my dear. Thanks for your precious time.
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Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
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Greetings friend,
Analyzing people's feelings about STEEM is super important. Positive sentiment can lead to more buying and drive up prices, while negative sentiment can trigger selling and cause prices to go down. The way people talk about STEEM on social media is crucial too, especially since it's related to social media platforms like Steemit. The sentiment there reflects how investors and traders feel about STEEM. Having an active and engaging community is also key for crypto projects, and STEEM has a really optimistic community. Analyzing sentiment is made easier with tools like natural language processing and sentiment analysis algorithms.
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Thank you so much dear for such a useful comment. Keep blessing.
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People always use social media to troll or spread false information about any topic but well done. But it can be seen that this big audience sees a good thing as the right thing and highlights the bad thing. This causes some damage to the platform. But I think any entertainer and users should analyze the current data and all previous trending topics. By doing this, the person can easily verify these false information. By analyzing community engagement discussions, we can better identify whether its price trend will increase or decrease.
Apart from the previous price graphs, one can see how it is performing now. Steam has been doing very well since its inception. Inshallah will do much better later. We only need to share the right information. An entertainer and new investor who buys information and media. But I think entertainers should take some time to verify the correct content. Good for him and good for the platform. Analyzing your price trends is great.
Best of luck to you in this competition.
Regards @shohel44
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Thank you so much friend for such an amazing comment. Keep blessing.
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Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
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Assalamualaikum brother!!
I hope you are doing very well and I see you in cryptocademy after long time but I enjoyed your well constructed and well articulated participation which I really appreciate as well as you have properly elaborated each and every point according to your own understanding and it seems that you have used your personal knowledge and simple concepts to elaborate the topic in your best way.
First when I go through your first questions then you have explained some of the reasons that can give a vavid picture of sentiment of different people about STEEM analysis along with their some of the well constructive reasons in which you have described that how there is social media and community involvement in it so at social media everyone have ability to post share and like and dislike any content so now you can understand that if there are some great influencers at social media platform who have many followers and they are disliking a particular project so definitely their followers with follow the same trend so in this way social media is a reason as well as overall community in which they are different individuals and group of individuals also plays their role individually and collectively in making STEEM stronger and Baker according to or depending upon their positive and negative sentiment.
You have described some of the benefits that traders can get by continuous and constant monitoring of emerging trends that are introducing with a passage of time and that's why it's very important to stay updated about trends according to real time frame.
Thank you so much for sharing such a nice article with us I wish you good luck in this engagement challenge I wish you much success in your efforts that you put to write this challenge.
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W. Salam dear brother. Thank you so much for your welcoming behavior. Yes dear I was having my BS thesis, was busy there. ALHAMDULILLAH I have done it and now I am free to continue my journey with Steemit again.
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I am very happy to see your back response at my comment as well as I can understand that it was just end of your studies as you are telling that you are doing this is in your BS program.
That's great you know that you did it and now you are free to share your journey at this platform and I always you to be original and wish for your success at this platform.
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Greetings friend,
Analyzing sentiment on social media helps us understand how people feel about STEEM. Positive sentiment attracts investors and can give us confidence in the project. By tracking sentiment trends, we can make better decisions about buying, selling, and holding STEEM. Social media platforms like Reddit and Twitter are great for analyzing trends and understanding consumer behavior in the STEEM market. It's a valuable tool for businesses and researchers. Good luck in the contest
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Yes dear that's very true that social media really impact the crypto market. Keep blessing my friend, thank you so much for your beautiful comment.
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In first paragraph you say, Analyzing the overall sentiments of people or traders around STEEM is important. The reason you give, because it will shows us the possible future direction of STEEM. Yes this is true, positive news mean price is going up and negative mean dump. You also said that approach of people towards steem on social media is too much crucial, because Steem is related to social media platforms too.
You have nicely explained the role of Twitter and Reddit in crypto market. You are using some very beautiful indicators. Very good you have share graphs too. About volatile market you said good words. I like your post my dear.
Have a blessed day dear friend.Good luck in the contest.
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Social media play a vital in promoting business which I am fully sure that if we can be promoting steem on platforms like Twitter and Reddit we will attracts many investors. Nice post from you. I wish you success.
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Thank you so much dear friend for liking my post.. keep blessing.
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Favorable belief commonly brings about raised purchasing task driving rates up, while unfavorable belief can activate marketing stress. Keeping an eye on social media sites patterns plus incorporating belief evaluation with technological signs offers investors with beneficial understandings for educated decision-making in the unpredictable STEEM market.
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