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

Namaste 🙏 to all of you. This is Lavanya from India.

This is my entry post for the ongoing contest:will the cryptocurrency market rebound in 2023? by #SteemitCryptoAcademy.

It's very important to know about market conditions for understanding upcoming trends in the market. Thank you so much, team, for conducting such wonderful contests for us.

The crypto market is constantly in flux, and predicting the future is a difficult task. It is difficult to say whether the cryptocurrency market will rebound in 2023 or whether the bear market period will continue.

However, it is possible to use technical indicators to make an informed prediction. Technical indicators are used to evaluate the current state and direction of a market and can help predict future trends.

A common technical indicator used to evaluate the crypto market is the Relative Strength Index (RSI). The RSI is a momentum indicator that measures the magnitude of price movements over a specified period of time. If the RSI is above 70, then the market is said to be overbought, and if the RSI is below 30, then the market is said to be oversold. At the moment, the RSI for the crypto market is hovering around the 50 mark, indicating that the market is in a neutral state.

For knowing, I first check weekly chart of the the total market cap. Because we're analysing the long term, it's a good idea to check the 1-week chart.

As per chart, you may see the RSI trading around the 50 to 55 range; it also got support at the 755 billion range and is now moving upward in a upward direction. As per chart, the next resistance is around 1.18 billion. Now that the market cap is around 1.08 to 1.1 billion, some upward movement may be expected, but there are no guarantees.

Now I go to the BTC/USDT chart. Because based on BTC Movement we may analyze upcoming trend would be bear or bull. because BTC is the king of the crypto market.

For checking, I took the BTC/USDT 1-week chart. For me it looking good, also it get breakout at range of 20k, next Resistance at range of 30k. RSI also ranged at 57. It shows the neutral state.

Here, we need to wait for confirmation. But in most cases, the market moves in an upward direction because, for the last 4–5 months, it has been trading at bearish conditions, so we may expect some trend reversal (bullish) here. But recession and the Russia-Ukraine war are giving some bad effects on the market.

That's why we cont tell upcoming Trend would be Bull/Brea. But I strongly believe that if Matket does not get any bad news, then we may expect a mini-bull run in the coming months.

This indicates that the market could potentially rebound in 2023, depending on the state of the economy and other factors. It is important to note that the RSI is only one of many technical indicators that can be used to predict market movements. Other indicators like the Moving Average Convergence Divergence (MACD) and the Stochastic Oscillator can also be used to evaluate the cryptocurrency market.

Analyzing price charts and keeping track of news developments can also be useful in predicting future market movements. Ultimately, predicting the future of the cryptocurrency market is a difficult task. However, by using technical indicators and staying up-to-date on news developments, it is possible to make informed predictions and capitalise on potential opportunities.

The bear market has had a significant impact on the work of users in the Steemit ecosystem. As prices continue to decline, many users have seen their rewards drastically reduced and have had to adjust their strategies and approaches. Many have had to take second jobs, look for alternative ways of earning rewards, and reduce their spending. This has had a drastic effect on the overall activity and vibrancy of the platform, as users are much less likely to post frequently and are less likely to interact with other users.

For long-term users, the bear market can be especially hard to cope with. Many have invested a lot of time and energy into building their content and interacting with other users, only to have the rewards for doing so drastically reduced. This can be incredibly disheartening and may even lead to some users leaving the platform altogether.

My advice for users in this situation is to remain focused and try to find other ways to make the most of the platform. Steemit has a number of features that can be used to increase one's rewards, such as curating content and participating in contests, as well as certain activities that can help to increase one's reputation.

Additionally, there are a number of external platforms and services that can be used to supplement one's rewards.The bear market is an unfortunate reality, but it is important to remember that it will eventually pass. In the meantime, users should focus on making the most of their time on the platform and finding new ways to make the most of the rewards they receive.

In my opinion, the bear market is the best situation to learn many things, like how to control our emotions, how to prove ourselves, and many more. That's why I work harder in this situation than in any other. In a bull market, every investment gives good returns, but in a bear market, we need to choose the correct project at the correct time; otherwise, we lose everything. But I am so proud to be a steemian because Bear Market gives me the opportunity to spend more time here, from which I learn a lot of information and build good relationships with other steemians. Coming to my earnings, I am happy with what I get here. I strongly believe ,bear market for investing or collecting earnings as much as possible. Bull market for booking profits and wait for a good time to do another investment.

That's why I advise others to invest in the bear market and book profits on the bull market. Similarly, be active on the Steemit platform at Bear Market, then enjoy your profits at Bull Market. Because in any bad situation, users start leaving platforms to go for other earnings, we get a lot of opportunities to earn more. So focus on it, don't think about the present price of STEEM, just do your work, and you'll get amazing returns in the coming months.

If you are looking for a promising cryptocurrency in 2023, Aptos and Matic are two projects that have shown great potential. They both have several important characteristics that can be beneficial for investors in the long term.

Aptos is a platform that enables secure transactions using distributed ledger technology. It has built-in smart contracts that can be used to create custom transactions, allowing users to create a more secure and efficient system than traditional payment systems. Aptos also offers an easy-to-use user interface, which makes it easier for users to manage their accounts and transactions.

Additionally, Aptos provides a fast network speed and low transaction fees, which can be beneficial for investors looking to maximise their profits.

But at present, it is trading around $18.70, showing amazing growth within in few week. I think 15 days ago it was trading around $3, but in a short period it moved to the $20 range and is now stable at the $17 range. But in my opinion, it's not a good time to invest because it's already done 5 to 6X. Now that we're here, we may wait for a good entry. But no one knows; it may go another 10X; it's not predictable. Recently, the first unlock happened, so we may wait now for a good buy.

Coming to me, I will wait here, For getting good buy area. If I get it, I must buy a small quantity and hold it for the long run.

Matic is a blockchain-based platform that focuses on scalability and high throughput. It utilises a proof-of-stake consensus mechanism, which allows for faster and more secure transactions than traditional blockchains. Matic also has a low transaction fee, making it an attractive choice for investors. Additionally, Matic has been rapidly expanding its network, which has helped to increase its liquidity and users.

Matic also trading $1.1 range. From 0.5 to 1$ it move with in 2 weeks time. I buy those in the $0.9 range, and some coins I stake for the long run. In my opinion, it may move well in the near future; that's why I'm holding. But if you choose to invest now, then wait for a good buy zone, or start giving small entries in each dip and try to do an average buy. Hold for the long run; it will give good returns.

But this is my opinion; I am not a financial advisor, so do your own research before investing in any crypto coin.

Both Aptos and Matic are extremely promising projects in the cryptocurrency space. They both have a great deal of potential that can be unlocked in the near future, making them great investments for anyone who is looking to invest in the cryptocurrency space in 2023.

The past year has seen a great deal of fluctuation in the status of two cryptocurrencies: Steem and TRX. This has been due in part to the market volatility that has been experienced in the wider cryptocurrency market, but also to the fact that the two cryptocurrencies have had very different trajectories.

Steem, for example, has seen a rise in its value since the beginning of the year, with its market capitalization reaching an all-time high in May 2021. On the other hand, TRX has experienced a decline in its value, with its market capitalization dropping to a record low in June 2021.

However, despite this difference in trajectory, both cryptocurrencies have seen promising signs over the past year. Steem, for example, has seen an increase in its trading volume, indicating that there is rising interest and activity in the token. In addition, Steem has seen the development of the Smart Media Tokens (SMTs) protocol, which will give developers the opportunity to create new tokens on the Steem blockchain. This could lead to increased usage of the Steem token and potentially a rise in its value.

Technical Analysis Of STEEM/USDT

For checking steem's upcoming move, I first choose the 1-week STEEM/USDT chart.

As per my analysis, Steem took support at $0.2, but is struggling to break resistance at the $0.24 range. If it breaks, we may expect $0.38, in my opinion.

Here is my chart:

For short-term analysis needs, I now choose a 1-day chart. Coming to me chart not looking good, not having good volume to push price. struggling at the $0.2 range. On seeing volume, we may say, "Traders do not have any Interest to trade $STEEM. It's giving very disappointed to me. But in the short term, it's possible to hit $0.25.

Here is my chart.

We need any good update from the Steem team to get attention from investors and traders. Hope for best.

TRX has been making steady progress since its launch in 2017. It has seen increasing adoption from different types of businesses, with over 500 decentralised applications (dapps) now running on the TRX blockchain. This has led to an increase in the number of users of TRX and a corresponding increase in its trading volume.

In addition, Tron is currently developing a new layer-2 blockchain protocol called the Tron Virtual Machine (TVM), which is designed to improve the scalability of the TRX blockchain.

Technical Analysis of TRX/USDT

For analysing $trx for long term I choose 1 week chart. It looks good to me. We may expect another 5 to 7% upmove in the short term. High chances to break the $0.07 range; if it breaks, the next stop would be $0.113. RSI is also looking good to me.

Here is my chart.

For short-term analysis, I need to choose a 1-day chart. At present trading around $0.063 range, High chance to hot $0.66 with in few days. By taking Trendline support price moving upward direction nicely.also having good volume. RSI is also giving a bullish sign.

In the short term, we may see a $0.07 price range if the market is stable. Here is my chart.

Like that, based on the price chart and with the help of indicators, we may see an upcoming trend in the market. But there is no guarantee; these are only predictions.

Note: I am not a financial advisor, so always do your own research before submitting your entries.

Overall, while the two cryptocurrencies have had different trajectories over the past year, they both appear to be in a good position to make further progress in the coming months. With the development of new protocols and increasing adoption from businesses, it is likely that both Steem and TRX will continue to benefit from rising market interest.

It is difficult to predict with certainty whether the cryptocurrency market will rebound in 2023 or if the bear market period will continue. However, by applying current technical indicators, we may say that in the future we may see a rebound market.

Steem and Tron are looking good and may provide a solid foundation for potential growth in the market. Ultimately, it will depend on the overall sentiment of the market and how individual cryptocurrencies such as Steem and Trx will fare in this bear market for showing their potential in crypto space .

I would like to invite my friends to participate in this contest: @ikmalhariamuna, @msdbitco, @shohana1, @simonnwigwe, @chiabertrand, @nevlu123, and @harferri.

Thank you so much for reading my article!