Trading Recommendation:
Hold, Bitcoin price action may pull STEEM lower, but fundamentals look strong!
Investment Recommendation:
Buy, expecting to be much higher in 6 months!
Analyst Commentary:
The STEEM price rose 21.73% verse the USD over the past 24 hours on higher but low volume ($1,328,110) as the entire crypto market corrected from the past week's crash. SegWit code is now out on the streets but activation of the fork is far from being achieved. Check out the SegWit activation progress bar. While I believe Bitcoin in making progress towards its upcoming fork, the market is currently still uncertain and very SegWit news sensitive. If you want to invest at these levels, make sure you have good stop losses. The rewards pool decline appears to be slowly leveling off (it is hard to see so I drew a trend line to help show it). On Saturday, I wrote a post explaining where I think future rewards and the rewards pool are headed. New account creation is down to 600 accounts created in the last 24 hours. The % vested indicator rose to 71.61% as investors buying in FOMO on rising STEEM prices. Daily active accounts is down to 21,320 probably due to the weekend and the falling STEEM driving out authors. The SBD inflation is up with 1 SBD worth about $0.894 which means we are remain significantly below the peg. I expect the SBD value to remain low as long as the broader crypto market is in decline but spring back up once it levels off.
My recommendations remain unchanged at this time. For traders, believe STEEM has significant upside potential due to fundamentals, however Bitcoin's slide could take us much lower. I advise holding and looking to buy in before the recovery starts. 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 current price levels.
SBD Conversion Back on the Table
Payout Recommendation
I've changed my recommendation to 100% power up due to the low current value of SBD. I believe that the Steem blockchain always assumes that the value of 1 SBD is $1.00 and pays out accordingly. I recommend taking advantage of the low STEEM price and powering up here!
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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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