Trading Recommendation:
SELL, STEEM is still overbought on Stoch RSI and will likely slide further down
Investment Recommendation:
HOLD, expecting to be much higher in 6 months due to the release of communities, SMTs, and partner applications
Analyst Commentary:
The STEEM price is down 29.14% verse the USD over the past 24 hours on lower but still elevated volume ($18,023,900) as Bitcoin falls to $14,600 over the past 24 hours and most of the altcoin market except Ripple follows downward. STEEM corrected downwards verse Bitcoin back inside of the bollinger bands but still shows overbought on Stoch RSI (we will likely slide further down). The SBD pump is continuing with the overinflated value of SBD helping to drive STEEM higher. New account creation is strong with 1,400 new accounts created in the past 24 hours. The % vested indicator is flat at 75.06% on a moderate power down day as the inflated SBD value continues to drive investment. Pending power downs remain at very low levels and continue to decline in future projections. Daily active accounts is down slightly at 41,459 accounts active in the past 24 hours. SBD is at $9.43 on Bittrex which is still very elevated over the peg, receive you rewards in 50% SBD and then use the SBDs to buy STEEM on the exchange. SBD conversions are a waste of money again!
For traders, I believe STEEM is fairly valued around the $2 level and can not continue higher without the actual launch of new features or a audience expanding partner project. On the investor side, I believe we will be significantly higher after communities are released and the account creation problem is solved (the timeline for this is currently unknown). I would power up your rewards and buy after STEEM corrects to the $2 level.
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Data Credit:
Coinmarketcap.com
Steemd.com
Steemdb.com
Coindesk.com
Disclosure:
The report published above is based on my assessment of the cryptocurrency market. Investors should consider this report as only a single factor in making their investment decision. All investments involve market risk, including possible loss of principal invested. The author is a cryptocurrency investor and while he seeks to provide honest assessments to the best of his ability may have a conflict of interest that could affect the objectivity of this report.
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