Trading Recommendation:
HOLD, release of future front-end features could drive the STEEM price much higher, announcement of hiring of additional developers is positive news which will have lagging impact on price
Investment Recommendation:
HOLD, expecting to be much higher in 6 months due to the release of communities and partner applications, but I expect the price to move to a lower investment point
Analyst Commentary:
The STEEM price is up 6.93% verse the USD over the past 24 hours on slightly lower volume ($2,024,420) as Bitcoin begins to rally again and STEEM is making up some of its lost ground verse BTC. The rewards pool is down slightly over the past 24 hours due to increased voting activity. New account creation data is no available today. The % vested indicator is down to 71.89% on heavier power down volume and little investment. The low level of investment over the past week indicates that STEEM is building up on the exchanges which will weigh on the price over the long term. Pending power downs remain at very low levels and appear to have leveled off for the next week. Daily active accounts is down slightly with 26,830 accounts active in the past 24 hours. The SBD value is at $1.13 on Bittrex which is significantly above the peg value which if sustained will make receiving rewards in 50/50 split advantageous again.
For traders, believe STEEM has significant upside potential due to fundamentals but I would hold and look for opportunities to buy at value levels. 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 look for opportunities to buy at value price levels.
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Data Credit:
Steemchart.com
Coinmarketcap.com
Steemdb.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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