📉 STEEM Investor Report 16 March 2017
Trading Recommendation:
Except high volatility, look for trades on 15 minute overextensions
Investment Recommendation:
Hard to make a recommendation here, leadership shake ups tend to drive initial price drops and then either a recovery or further drop if the shareholders accept or reject the replacement. @Ned has announced that @sneak will be the lead developer of the platform going forward. I'm holding and may purchase more STEEM if the price collapses to a level below $0.06. If you have capital you can't afford to lose, I suggest pulling it out.
Analyst Commentary:
The STEEM price ended essentially flat with a 0.65% decline verse the USD over the past 24 hours on lower volume as the Steem community digested @Dan's resignation and the announcement that @sneak will be the new development lead. The price action of the last 24 hours suggests that the news was positive enough to stop the price free fall but not strong enough to trigger a price recovery. The % vested indicator dropped slightly as people are probably reluctant to power up in the face of market moving news. Of concern is the spike in pending power downs on 22 March which while expected due to @Dan's announcement of powering down, his power downs only make up 57.8% of the spike. This indicates that the uncertainty over the future of the platform has grown. I will watch to see how this shakes out over the next few days but it is a development to keep an eye on. I'm moving to trading and may try to scoop up STEEM at value prices (I'm looking at the $0.06 to $0.07) levels.
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.
A lot of damage has been done around here to Steem's price.
Now the main Dev has left, does not help, there seems to be a decent floor around 5,700 but when/if that breaks... the price of steem will fall below 5k.
A lot of big whales have added steem to the DNT list, Do Not Touch (ever). Probably when you have such a terrible looknig chart and really, a coin that looks like the typical PnD, its going to take a hell of a lot of work to get the price moving again, its not impossible, but its going to be a long hard road ahead.
Fingers crossed for the future.