Trading Recommendation:
BUY with stop loss at $1.00, release of future front-end features could drive the STEEM price much higher, expecting STEEM to ride the Bitcoin price recovery to $1.50
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 8.32% verse the USD over the past 24 hours on higher volume ($1,235,300) as the broader Crypto market is recovering from the China regulatory panic. All conditions look green for Bitcoin to rise above $4,000 again and bring STEEM back to the $1.50 level. I recommend continuing to buy in at this level with a stop loss at the $1.15 level in case more negative news comes out. New account creation is lower at 400 new accounts created in the last 24 hours. The % vested indicator is down slightly at 71.58% on a light power down day and very low investment over the past 24 hours. Pending power downs remain at very low levels and appear to be lower next week. Daily active accounts is unavailable today. The SBD value is higher at $1.08 on Bittrex which is surging above the peg as Bitcoin quickly rises. Expect SBD to correct back down to $1.
For traders, I believe STEEM has significant upside potential due to fundamentals and I would buy into this recovery rally. 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
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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