Trading Recommendation:
BUY, STEEM and SBD wait to see for trend direction, significant risk of STEEM falling if SBD returns to $1
Investment Recommendation:
BUY, expecting to be much higher after the release of communities (coming soon), SMTs, and partner applications
Analyst Commentary:
The STEEM price is up 10.01% verse the USD over the past 24 hours on significantly higher volume ($114,585,000) as Bitcoin is flat at $9.3k as the rally pauses. STEEM is raising verse Bitcoin on heavy Korean trading which is maintaining 73% of the trading volume. I'm upgrading my recommendation to BUY to capitalize on the new exchange STEEM is now trading on and the high Korean trading volume that could push the STEEM price significantly higher. New account creation is slow at 400 new accounts created in the past 24 hours. The % vested indicatorflat at 71.31% as power downs are starting to creep up at the higher price and investment is falling off. Daily active accounts is up at 67,216 active users over the past 24 hours. SBD is at $3.61 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 $3 level even after SBD returns to the $1 peg. 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 STEEM below the $3 level.
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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