STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #08): what does the market downturn 📈📉tell of steem?

INTRODUCTION

Hi Steemians! This is the 8th week of consistent updates and analysis of our Naira and Steem performances including major events that drives the crypto market. The update and analysis comes every weekend to enable us look into and ascertain how our Naira and Steem performed within the week. So within this 8 weeks, we have been informed and then see the various directions the Naira and Steem takes on weekly basis.

Today, we will also be looking at how the market has fared within the week as it relates to our Naira and Steem and then the impact of the broad crypto on it.

HIGHLIGHTS

• Market Overview

• STEEM/USDT Price actions

• Steem/Naira price actions

• Steem/Naira Statistics

• The Market Outlook

Market Overview

[source] A shot from Bybit Exchange Live chart

Bearish sentiments is currently prevailing in the crypto market since the beginning of the week. After closing on a bullish note at $68,242.63 on Monday 29 July 2024, theBTC has been on an intense bearish pressure forcing its price back down to current $58,395.62 today Sunday 4th August 2024. The cause of this intense bearish Pressure may be attributed to the slowing economic growth and the uncertainty over the US presidential election which may impact crypto regulations.

STEEM/USDT Price actions

STEEM/USDT

[source] A shot from Bybit Exchange Live chart

Throughout the week, steem has also been under pressure from the spread of the fall from the major crypto BTC and altcoins as well.
From the chart above, steem has accumulatively lost 0.0403 steem accounting for –20.52% loss.

Steem/Naira price actions

STEEM/NAIRA

source

Steem is on a steady fall since the beginning of the week. From a high of N350.000 to low of N250, it has lose N100. This bearish pressure might continue if there is no stimulation from the larger market.

Steem/Naira Statistics

Market Capitalisation
118,200,000,000 NGN NGN

24 Hour Trading Volume:
27,980,000,000 NGN

Circulating Supply
468,153,405

Last 24Hr Closing Price
Steem/Naira: N266.800

source

The Market Outlook/Conclusion

The bullish sentiments and gains seen over the previous week, has been overshadowed by the prevailing bearish sentiments. The current free fall of BTC is really having a negative pressure on altcoins and spreading to other.

Notwithstanding the present market condition, it presents more opportunity to hold more steem to benefit from an upsurge in prices.

Do have a prosperous week!