There may be hope as Steem rises to 0.1926, SBD to N4,641 as Naira losses to market recovery
Just as I pointed out in my last post, political influence play a huge role in towards the direction of every economy. Certain economic indicators like the GDP and interest rate,shows how the economy is.
A day before the long waited US presidential election, the market takes upward move as BTC and other coins are having a rise. Even some new tokens like the $X have shown a strong bullish move. Sit tight as I bring you another market events for the 19th edition of this highlights.
Market Overview
STEEM/USDT Price actions
Steem/Naira price actions
Steem/Naira Statistics
The Market Outlook
BTC/USDT
Bybit Exchange
After having a six day of closing low on the run, the BTC started taking a bullish move on the 5th of November 2024. On a six day run, BTC has risen from $69,376.62 to a record high of $80,116.56. This has made it to recover its losses to gains as it has risen to an all time high of $80,116.56. Within this period, BTC appreciated having $8,856.67 representing a 12.64% rise.
The fast SMA 7 quickly responds to price actions and has maintained its top for a long time. The price has finally surpassed the EMA7, 14 and EMA and 28, while the RSI and the Stoch have broken their mid-points. Baring any last minute price reversal, the BTC would continue rising and could be sign of the long waited rún.
Bybit Exchange
The steem futures which I use to represent the real steem value in my analysis, indicates that the steem has also gotten the impact of the rise in the crypto asset market generally. Steem has consistently appreciated in price as indicated on the price chart. Steem has been on the rise in six days to a record high of 0.1918. Hence, it has appreciated by 0.0306 steem representing a 19.26 % increase.
The SAR has turned bullish, the Stoch and the RSI have crossed their various mid-points. If the momentum continues, steem may hit 0.2022 as the nearest high.
Steem also appreciated against the naira in the course of the week. It has been on a consistent rise for six good days without closing low. In the course of the period, it has risen from a low of N3,927 to a high of 4,695 for one SBD. This indicates that the naira has been on the losing side as much naira would be needed to get the SBD and the main steem.
If the buying pressure persists, the SBD may hit N5000 while steem may worth N500 to N600.
Although we are praying for the the steem to rise, we should also bear in mind that more Naira would be needed to get few SBD or steem.
Market Capitalisation
63,880,000,000NGN
Fully Diluted Valuation
** 63,880,000,000NGN**
24 Hour Trading Volume
4,231,000,000 NGN
Circulating Supply
13,777,401
Total Supply
Current: 13,749,822
Previous:13,777,401
Current price: SBD/Naira: N4,745
Source
Seemingly, the market now is making a recovery after delayed expected rise. Even new tokens listed, are now having some positive outlook. This may be as a result of the outcome of the US presidential election which brought in Donald Trump Into office. His emergence has heightened crypto enthusiasts hope of the market recovery.
Fundamentally speaking, I believe that the market would return to profitablity as the US election is over having Trump, who may have passion to hold digital assets. It might lead BTC to hit $100,000, SBD N8,000 and Steem N600 to N700.