Trading Recommendation:
Look for trades on hourly trends, possible start of downtrend
Investment Recommendation:
SELL or HOLD, fundamentals continue to decline, pending power downs look lower for next week
Analyst Commentary:
The STEEM price fell 7.62% verse the USD over the past 24 hours on higher volume as Bitcoin rallied again which pushed down most altcoins. The % vested indicator continues to fall despite relatively low power downs during the last 24 hours. Future power downs appear to be slightly lower but there is still far to much STEEM powering down for the STEEM price to gain significant value. For traders, the fall today could indicate a new downtrend or just a return to normal fluctuations. On the investor side, the fundamentals have been consistently declining which tells me that the price level will break to catch up with fundamentals or the decline is built into the price level. Either way, I don't see long term improvement until after full payouts resume.
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.
