📈STEEM Investor Report 21 August 2017 (Broader Market Down, Recommendation Downgrade)

Trading Recommendation:

SELL, the lack of Steem development updates compared to the broader community is driving down the STEEM price, latest pump will not likely last

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 rose 14.82% verse the USD over the past 24 hours on substantially higher ($4,562,940) as the broader market is down but STEEM appeared to be experiencing a weak pump and dump. While I believe the current price level is below my fair value estimate, the price spike followed by rapid fall makes me believe that STEEM was a pump and dump target due to our low volume over the past couple weeks. The rewards pool is down slightly over the past 24 hours due to increased voting activity. New account creation data is not available today. The % vested indicator is rose slightly to 72.12% on a low power down day. Pending power downs remain at very low levels and appear to have leveled off for the next week. Daily active accounts information is not available today. The SBD value is at $0.98 after I have switched my data pull to Bittrex since Poloniex withdraws are still disabled. We are therefore maintaining the peg and no action is required.

I have downgraded my short term recommendation because I encourage traders to sell here and buy in around the $1 level after the dump is completed. 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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