Trading Recommendation:
HOLD, STEEM may stabilize at the $3 level
Investment Recommendation:
HOLD, expecting to be much higher in 6 months due to the release of communities, SMTs, and partner applications
Analyst Commentary:
The STEEM price is down 14.50% verse the USD over the past 24 hours on slightly higher volume ($6,791,140) as Bitcoin has fallen to $12,800 and most altcoins are down as well. Ripple, Stellar and Cardano are rallying as the rest of the market moves downwards. STEEM continues to hold its ground versus Bitcoin at this time but will likely fall if Bitcoin begins a new rally. The SBD pump is continuing with the over inflated value of SBD helping to drive STEEM higher. New account creation is very strong with 3,300 new accounts created in the last 24 hours. The % vested indicator is up at 75.25% as the inflated SBD value continues to drive investment. SteemDB power down statistics has been down for the past week and I no longer have enough data to track pending power downs. Daily active accounts is down slightly at 46,364 after hitting a new all time high yesterday. SBD is at $7.03 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 and can not continue higher without the actual launch of new features or a audience expanding partner project. 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 after STEEM corrects to the $2 level.
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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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