Trading Recommendation:
Buy, rising Bitcoin will benefit STEEM
Investment Recommendation:
Buy, expecting to be much higher in 6 months!
Analyst Commentary:
The STEEM price fell 6.21% verse the USD over the past 24 hours on higher volume ($1,877,720) as Bitcoin is setting new all time highs and traders rush into Bitcoin, Bitcoin Cash and new hot cryptos leaving several of the older cryptos (including STEEM) in the red. I believe that the lack of Steem news in contrast to other excitement in the crypto world is preventing trader interest in STEEM and holding the price down. This is a good opportunity for accumulation. The rewards pool rose slightly over the past 24 hours which continues to signal the bottom and the end of decreasing rewards. I am starting to write a new rewards pool analysis post. New account creation data is down but still strong at 1,500 accounts created in the last 24 hours. The % vested indicator is down slightly to 72.20% due to low investment levels. Pending power downs remain at very low levels but are starting to pick up which likely signifies move STEEM will be moving to the exchanges (depressing price). Daily active accounts is up to 26,625 account active over the past 24 hours. The SBD value is up slightly with 1 SBD worth about $0.891 which means we are losing the peg again.
The lowered level of uncertainty is causing Bitcoin to rally which will later trickle down to even greater gains for altcoins. For traders, believe STEEM has significant upside potential due to fundamentals. 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.
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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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