Trading Recommendation:

HOLD, the lack of Steem development updates compared to the broader community is driving down the STEEM price

Investment Recommendation:

HOLD, expecting to be much higher in 6 months due to the release of communities and partner applications, but I expect the price to move to a lower investment point

Analyst Commentary:

The STEEM price fell 11.81% verse the USD over the past 24 hours on low volume ($1,160,060) as Bitcoin fell and Bitcoin Cash surged higher which drew altcoin investors out of other altcoins. The rewards pool is down slightly over the past 24 hours due to increased voting activity. New account creation data is up strongly at about 3,000 accounts created in the last 24 hours. The % vested indicator is fell to 72.11% due a heavy power down day. Pending power downs remain at very low levels and appear like they will stop increasing next week probably due to the low price level. Daily active accounts are down to 18,030 and I expect them to remain low over the weekend. The SBD value is down sharply with 1 SBD worth about $0.836 which means we are still losing the peg. I encourage witnesses to raise the STEEM APR and reduce the amount of awards payouts in SBD verse STEEM.

I expect the Bitcoin rally to resume in the next few days with STEEM taking off once we have a development update on the progress of 'communities' deployment. I have downgraded my recommendations because the continued silence from the Steem development team will weigh on the STEEM price until the next milestone in announced. For traders, believe STEEM has significant upside potential due to fundamentals but I would hold and wait for a lower price level to buy at. 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 lower 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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