Steemit Crypto Academy Contest / S9W1 - Steem performance in 2023

Greetings dear friends,
I welcome you all to the steemit crypto academy for season 9 week 1. It's my pleasure to write on this topic today titled 'Steem performance in 2023'. To determine the performance of steem assets for 2023, both the technical and fundamental analysis must be taken into consideration.

In this task today, I will be attempting the questions below as a sign of my participation in this contest. Without further ado, let's look at the various questions one after the other.

Steem investment is one of the most valuable investments anyone can ever think of going into because it is a win-win investment. I never understood this investment in cryptocurrency until I joined the steemit platform.

Steem investment means holding steem in the form of SP mostly profitable on the steemit platform. I have said this because you can earn curation rewards when the steem is locked up on the steemit platform and this can not be achieved when the SP is locked up in exchange.

In my opinion, now is the right time for anyone who has not invested in steem to do it. Please if you are willing to do it now, do not lock up your steem in exchange eating for the price increase with the steem increased instead have it locked up on the steemit platform where you will put it to work and earn more steem.

I have been investing in steem by holding some SP in the platform too. The platform also has brought a means (club5050, club75 & club100) by which users will invest more and I happen to join the club100 status to ensure maximum investment in the platform as well.

To properly perform technical analysis to predict the price of steem in December 2023, I will be making use of the TradingView tools and a few technical indicators. So let's look at the screenshot below to see what we can out with.

From the above screenshot, I have introduced a trendline indicating support and resistance level. It is a 1-week chart to give a bigger picture of the market since we are performing analysis for a longer period. From the above image, you can see that support is spotted in early 2023 when the price of steem was seen at about 0.150$.

In the same way, the point recorded as resistance was spotted in the middle of March 2023 when the price of steem moved to about 0.370$. Price movement can not be completely predicted using just the trendline hence I also went ahead to introduce a few more indicators as seen below.

From the above image, I have introduced two simple indicators I.e the EMA and the RSI. Here I decided to use just one EMA indicator for a clearer explanation. The EMA indicator is an indicator that tells when to buy or sell an asset.

It works in a way that if the EMA line is spotted above the price chart, then it is a perfect time to sell your asset whereas if the EMA line is seen below the price chart, it is a signal to buy an asset at that point. From the chart above, you can see that it is time to buy and hold the steem token at the moment.

Another important indicator I have used to predict the rise in the price of steem is the RSI indicator. As you know RSI has values that indicate overbought and oversold regions. When the RSI indicator moves below 30 it signifies oversold and we can see something close to that in January 2023.

After an oversold region, the market needs to move back to an overbought region which is the RSI moving above 70 before another reversal. So it is very clear that the price of the steem tokens may hit around 0.5$ - 0.6$ when the price reaches the overbought region.

There are many ways in which a user can use USDT to get steem from any exchange of his/her choice and then send it to the steemit wallet. Here I will be using the binance exchange to carry out this function. Let's follow the steps one after the other.

Step 1

Be sure you have an exchange just like me. Login to your exchange and be sure to have USDT as well. Once you are logged in, at the trade menu, click on the pair of trade to take you to market to select a pair of your choice as seen in the screenshot below.

Step 2

Since I don't have enough USDT as you can only use 10 and above for trade here on Binance, I decide to use the convert menu as seen in the screenshot below.

Step 3

Enter the number of amounts of USDT you wish to convert in my case I converted 1 as seen in the image below

Step 4

The equivalent of Steem will be displayed to you based on the current price and if you are okay with it then click convert as seen below.

Step 5

Here a message of successful conversion will be sent to you if you meet up with the seconds given for the conversion. An example of such a message is seen below.

Step 6

Check your wallet to be sure that it has come as seen below.

Step 7

Go to your wallet menu and click withdraw as seen in the screenshot below

Step 8

Select the asset you wish to withdraw as seen below

Step 9

Enter the username and the amount you wish to withdraw and click on withdraw as seen in the image below

Step 10

Confirm your withdrawal if all information is correct as seen below.

Step 11

Complete withdrawal by confirming via verifications as seen below

Step 12

Check details of withdrawal to be certain that withdrawal is successful as seen below

Step 13

Confirm from your steemit wallet to be sure that the asset entered as seen in the screenshot below.

At the time of writing this task, I earned a total of 34,202.82 SP i.e my current SP, out of which, I delegated 6,155.67, and then the leftover is my effective SP which is 28,047.15. For more clarification, let me put this in a tabular form below.

The above information was gotten from steemworld.org. As you can see I have been able to achieve 34,202.82 SP with the support coming from the steemit team and I'm hoping to work and earn more with time.

Here also, I will be taken into consideration details from steemworld.org. From the below screenshot, I have highlighted the amount I earn in a month and will be doing the arithmetic below to determine what I will be earning at the end of the year.

Since we are in April which is month number 4, it implies that I still have 8 months to the end of the year. From the screenshot above, what I earned in April is Curation SP + Author SP + STEEM I.e 230.19 + 1,394.16 + 101.47 = 1,725.82 SP since I normally power up all my earnings retaining club100.

With these calculations, I can then predict what I will be able to achieve at the end of 2023 if all things go well I.e 1,725.82 * 8 = 13,806.56. This means that in the next 8 months if all things go well and I continue working hard with support from the team I can achieve 13,806.56 SP as an extra to the one I have already.

Now to calculate the SP I will get in totality if all things go as planned at the end of the year, it will be my current SP + expected SP which is 34,202.82 + 13,806.56 = 48,009.38 SP

This is indeed a very interesting topic that has left us with a lot of targets to achieve. I never taught the number of SPs I should be expecting in total at the end of the year but with the help of this course today I have been able to have a projection of what I should be expecting in the next 8 months which is the end of the year. I want to finally invite @nahela, @suboohi, @afrizalbinalka, and @fantvwiki to participate in the contest.

Note: All images unless otherwise sourced are screenshots taken by me from TradingView.com, Binance App and the steemworld.org website