Trading Recommendation:
BUY, temporary dip is caused by Bitcoin rally
Investment Recommendation:
BUY, expecting to be much higher in 6 months due to the release of communities and partner applications
Analyst Commentary:
The STEEM price is up 4.96% verse the USD over the past 24 hours on lower volume ($784,525) as Bitcoin has rallied over 7% in the last 24 hours and STEEM has only lost a little bit of ground verse Bitcoin on Bittrex. If Bitcoin continues to rise, I would expect STEEM to continue to follow. This is still a good opportunity to pick up STEEM with Bitcoin. New account creation data is strong at 1,950 new accounts created in the past 24 hours. The % vested indicator is stable at 73.76% on a light power down day and a big power up from . Pending power downs remain at very low levels and appears to be heading lower in future projections. Daily active accounts is down at 25,401 as for unknown reasons. The SBD value is up at $1.03 on Bittrex.
For traders, I believe STEEM has the ability to move much higher with an estimated fair value at $1.60 to $1.80. On the investor side, I believe we will be significantly higher at the end of the year after communities are released and the account creation problem is solved. I would power up your rewards and buy at current value levels.
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Data Credit:
Coinmarketcap.com
Daily Report
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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