Trading Recommendation:
BUY, the end of the hard fork chain may allow STEEM to rally
Investment Recommendation:
BUY, expecting to be much higher in 6 months due to the release of communities, SMTs, and partner applications
Analyst Commentary:
The STEEM price is up 2.63% verse the USD over the past 24 hours on lower volume ($1,357,340) as Bitcoin remains stable at $6,500 and STEEM continues to improve verse Bitcoin with the help of Ned's investment announcement (which I think is a minor event due to the far in the future action date). The opportunity to pickup STEEM with Bitcoin is still excellent, either buy here or hold out to see if it goes lower. I have not heard any news about communities or the 2017 roadmap which is starting to concern me. New account creation is strong with 1,900 accounts created in the past 24 hours. The % vested indicator is up at 73.81% on a light power down day and big power ups from @newhope, @gavvet, and @hr1. Pending power downs remain at very low levels and appears to be continuing to decline in future projects. Daily active accounts is up at 27,163 with the help of the new account surge over the past few days. The SBD value is down at $0.984 on Bittrex as it maintains the peg.
For traders, I believe STEEM has the ability to move much higher with an estimated fair value at $1.60 to $1.80. 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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