Trading Recommendation:
We are currently experiencing a price correction, maintain a stop loss at $0.70
Investment Recommendation:
HOLD or BUY, fundamentals appear to have flattened, watch to see if they turn positive
Analyst Commentary:
The STEEM price fell 6.72% verse the USD over the past 24 hours on strong volume ($4,235,170) as STEEM is continuing to correct from the significant spike over the past 7 days. The current price level is finding support at the $0.70 level. Otherwise there is little change from yesterday's conditions. The % vested indicator fell slightly showing that we are not developing an investment trend but maintaining the flatter % vested level. Active accounts rose again to a new high since I started tracking the figure in February (12,875). Overall, fundamentals appear to be flat and I will be watching to see if we can start a fundamental uptrend which will trigger a long sustained price rally or resume the decay which was weighing on the STEEM price. For traders, I still advise taking profit with enough of your position to recover your initial capital but maintain the remainder of your position on the market. On the investor side, I am confident in a long term price increase. Buy in for the long term around the $0.70 to $0.75 level.
Payout Recommendation
Due to the SBD premium, I recommend taking your rewards in 50% SBD and using it to buy STEEM in the internal exchange.
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.
