Trading Recommendation:
BUY with stop loss at $0.90, release of future front-end features could drive the STEEM price much higher, expecting STEEM to ride the Bitcoin price recovery to $1.50 after Poloniex market flood ends (up to 7 days)
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 down 10.03% verse the USD over the past 24 hours on lower volume ($746,987) as the broader Crypto market is down because Dimon Knocks Bitcoin Again. STEEM continues to be pressured by STEEM leaving Poloniex which is causing a drop verse Bitcoin. I recommend using this as an opportunity to buy STEEM around the $1 level and with a stop loss lowered to the $0.90 level in case more negative news comes out. New account creation is stable at 700 new accounts created in the last 24 hours. The % vested indicator is up at 71.54% on a moderate power down day and big power ups from @redux, @grandpawhale, and @ tradeqwik. Pending power downs remain at very low levels and appear to be lower next week. Daily active accounts is down to 27,876 accounts active over the past 24 hours. The SBD value is slightly lower at $0.952 on Bittrex as the exchange is absorbing most of the flow from Poloniex.
For traders, I believe STEEM has significant upside potential due to fundamentals and I would buy into this flood of STEEM on the market. 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.
Marketing Trust
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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.
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