Early May Update: Technical Analysis
Electroneum has managed to stop the slide into nihility and broke through the down pulsing trendline. It also seems to have formed a support zone around this 85-87 satoshis level. With no fundamental driving forces in sight and decreasing speculative forces, it is hard to imagine that ETN can surge from this line any time soon. It 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.
One thing to bear in mind is the turbulent and erratic nature of bitcoin – a sudden thrust up or slide down is always on the cards which would invalidate this and all other analysis and predictions. In such cases, market is shaken up with most traders exiting altcoins and entering bitcoin positions, especially in the initial phases of bitcoin pumps. So it is always good idea to keep a close eye on bitcoin’s behaviour before opening a long or a short on any other coin in the market.
Should this happen, stop by again to check out our updated charts and thoughts.
Trading volume is miserably scanty – reported volume in the last 24hrs is $220k and “Real 10” (trading volume on the exchanges that provably prevent wash trading) volume is of course non-existent since ETN is not listed on any legit exchange.. This means that…