Article structure notification: the article is divided in three sections. First section is focused on short-term, technical and speculative analysis of the project – this is regularly updated part of the article. Second section is focused on general market and sentiment analysis and third section is focused on the long-term, fundamental analysis and future prediction of the project – this is occasionally updated part of the article.
Mid May Update: Technical Analysis
Electroneum has managed to temporarily stop the slide into nihility and closed couple of green daily candles but then again slumped and started dipping down to 44 sats all time low. The thorny path back above the crucial resistance line at 85 sats is still uncertain.
With no fundamental driving forces in sight and decreasing speculative forces, it is hard to hold ETN and akin tokens. Couple of prolonged altcoin springs like the short-lived one couple of days ago, can alleviate the pain of holding heavy bags but a sustainable long-term future is still doubtful.
ETN will more likely be kept around this area and wait for general bull market to prowl its way among legit projects and rekindle the 2017 frenzy. If the alts season doesn’t come along soon, this might be it for Electroneum.
You can see that ETN hovers around 55-60 sats for couple of days now. Breakout from this channel would be a 69 sats height, which is a confluence of two Fib levels. Reaching this level is a pipedream for ETN currently. It managed to close two candles above it last week, but formed a double top and has since fallen to the current price of 56 sats. EMA20 is made a bearish cross with MA50, a further indicator of value loss for ETN.
ETN is below every moving average and…