📉STEEM Investor Report 28 May 2018 (Bitcoin and STEEM Down)

in trading •  4 months ago

Trading Recommendation:

BUY, price drop is an opportunity to buy, significant risk of STEEM falling if SBD returns to $1

Investment Recommendation:

BUY, expecting to be much higher after the release of communities (coming soon), SMTs, and partner applications

Analyst Commentary:

The STEEM price is down 9.15% verse the USD over the past 24 hours on higher volume ($8,830,350) as Bitcoin is down at $7.25k and the broader market is down. STEEM is down sharply verse Bitcoin as Korean trading is down at 17% of the trading volume. New account creation data is not available today. The % vested indicator is down slightly at 71.13% on steady power downs and low power ups. Daily active account data is not available today. SBD is at $1.64 on Bittrex which is still very elevated over the peg, receive you rewards in 50% SBD and then use the SBDs to buy STEEM on the exchange. SBD conversions are a waste of money again!

For traders, I believe STEEM is fairly valued around the $3 level even after SBD returns to the $1 peg. If SMTs and communities have the expected impact of broadening the use cases of the STEEM blockchain, STEEM could be fairly valued at $8 or more. On the investor side, I believe we will be significantly higher after communities are released and the account creation problem is solved (the timeline for this is currently unknown). I would power up your rewards and buy STEEM below the $3 level.

Investment Report 20180528.png

Data Credit:

Coinmarketcap.com
@penguinpablo Daily Report
Steemd.com
Steemdb.com
Coindesk.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.

SmartSTEEM

I'm a member of the SmartSteem team. Earn income by selling your votes or promote posts by buying votes through the banner below (referral link).


Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

It's going to be interesting to see where things go next. Steem is staying around 30th in the chart, but it's so volatile just now.

·

The whole market is taking a beating. I'm actually hoping for STEEM to go a little further down verse Bitcoin so I can buy some more before the SMT release.

·
·

I expect a lot of people want to buy some more. It's a good opportunity to power up

·
·

Hey, just saw you are voting again. It's an interesting time for crypto, but I still think Steem/Steemit could do well. I'm planning to go to Steemfest again

·
·
·

Yes, I've been super busy at work. Things should be calming down in September or October and I'm hoping to get back on Steemit at that time. It's good to hear HF 20 is finally coming down next month. I probably won't make it to SteemFest because travel to Europe is pretty pricey from the US.