1 SBD = $4.79 USD - Is there still potential for growth in the future?

_{(Chart by TradingView)}

Following bullish engulfing and kicker patterns on December 7 and 9, price of STEEM Backed Dollar (SBD) saw a slight uptick. Another bullish kicker recently reinforced this trend, potentially fueling further increases.

Despite some positive momentum, the ADX and DI suggest a potential for a downward correction soon. This is because the declining +DI compared to -DI signals weakening buying interest compared to selling pressure.

Even though SBD's price hasn't moved much lately, there's still potential for growth in the future.

Let's track SBD's tech evolution and market swings to land savvy investment moves.

About STEEM Backed Dollar (SBD)

STEEM Backed Dollar (SBD) is a cryptocurrency with some unique characteristics, functioning as both a half stablecoin and an integral part of the Steem blockchain ecosystem. Here's a breakdown:

Function as a half stablecoin:

• SBD is bottom pegged to the US dollar, aiming to maintain a minimum price of $1. This half stability makes it attractive for transactions and everyday use within the Steem ecosystem.
• Unlike many other stablecoins, SBD doesn't rely on external assets or complex algorithms for its bottom peg. Instead, its stability is maintained through the interplay of supply and demand within the Steem blockchain itself.

Role within the Steem ecosystem:

• SBD serves as the primary reward currency for Steem users who contribute valuable content and engage in platform activities. Users earn SBD for creating posts, engaging in discussions, and even curating content.
• SBD also plays a crucial role in maintaining Steem's inflation rate and governance mechanisms. Users can convert their SBD to STEEM and then STEEM to Steem Power (SP), which grants voting rights on platform decisions and influences Steem's inflation rate.
• Additionally, SBD enables various financial activities within the Steem ecosystem, such as lending, borrowing, and trading.

Current status of SBD:

• While aiming for a minimum $1 bottom peg, SBD's price can rise highly due to market dynamics. As of today, December 15, 2023, the price of SBD is around $5.00.
• Despite the price deviation, SBD remains a valuable currency within the Steem ecosystem, facilitating transactions, rewarding users, and contributing to platform governance.

Here are some resources for further exploration:

• CoinMarketCap: https://coinmarketcap.com/currencies/steem-dollars/
• CoinGecko: https://www.coingecko.com/en/coins/steem-dollars
• Steem website: https://steem.com/

Assisted by https://bard.google.com/.