Trading Recommendation:
HOLD, STEEM and SBD wait to see for trend direction, significant risk of STEEM falling if SBD returns to $1
Investment Recommendation:
HOLD, expecting to be much higher after the release of communities (coming soon), SMTs, and partner applications
Analyst Commentary:
The STEEM price is up 6.28% verse the USD over the past 24 hours on higher volume ($7,968,520) as Bitcoinrises slightly to $8.10k on average volume as the rally is still trying to find its legs. STEEM has risen verse Bitcoin while Korean trading maintains 58% of the trading volume. I recommend maintaining your position but not adding to it until we see where the market wants to go. Set your stop loss at $2.25 because that will indicate a reversal downwards New account creation is slow at 600 new accounts created in the past 24 hours. The % vested indicator is down at 71.31% as the ratio between STEEM/SBD rises over 1.1 which is slowing powering up of rewards. Daily active accounts is up to 64,916 active users over the past 24 hours. SBD is at $2.56 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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