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 7.40% verse the USD over the past 24 hours on higher volume ($26,789,400) as Bitcoin is up slightly at $8.21k on average volume as the rally is still trying to find its legs. STEEM has risen verse Bitcoin with Korean trading maintaining 62% of the trading volume. I recommend maintaining your position but not adding to it until we see where the broader market wants to go. Set your stop loss at $2.50 because that will indicate a reversal downwards. New account creation is slow at 400 new accounts created in the past 24 hours. The % vested indicator is up slightly at 71.32% as the ratio between STEEM/SBD is falling back towards 1.0 which is increasing investment. Daily active accounts is up slightly to 64,370 active users over the past 24 hours. SBD is at $2.92 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
@penguinpablo Daily Report
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.
SmartSTEEM
I'm a member of the SmartSteem team. Earn income by selling your votes or promote posts by buying votes through the banner below (referral link).
