Under the current market circumstances, no real uptrend can be expected among major cryptocurrencies. As the total market cap continues to decline every single day, it is evident this latest slump may not be overcome that easily. For Electroneum on the other hand, things are not looking all that bad. Its value is in the green, and a re-entry into the market cap top 50 is very likely.
Electroneum Price Shows Promise
Considering how nearly all currencies in the top 50 are either in the red or barely in the green, there is not much to be excited about at this time. That situation will come to change moving forward, as the Electroneum price is making some big moves. As all of the coins surrounding ETN are down in the dirt, there is a good chance this altcoin will effectively rise up again and reclaim its position among the first 50.
Over the past 24 hours, there has been a notable increase where the ETN price is concerned. Thanks to a 4% gain in USD value and a 4.5% increase over Bitcoin, things suddenly look a bit differently from just a few days ago. At the same time, this pushes the Electroneum value to $0.0127 again. A very interesting development, albeit one has to keep in mind there may not necessarily be too many further gains over the weekend.
There is some good news which warrants an ETN price spike. Using this altcoin to pay for goods and services is becoming a lot easier, by the look of things. Paying for a pizza is a significant milestone for Electroneum as a similar payment kicked off Bitcoin;’s rise to dominance. While it may not mean much for ETN in the short-term, it is pretty interesting regardless.
My Crypto Advocate is one of those traders who can’t see a lengthy Electroneum price trend forming at this stage. Instead, he expects the ETN downtrend to continue throughout 2018 and early 2019. This is not necessarily the best time to invest in cryptocurrency, as no currency has found a stable floor whatsoever. As such, this latest ETN uptrend may not last all that long.
Other signs seem to confirm a similar outlook, which is not necessarily all that promising. Ed confirms the ETN price on KuCoin is seemingly subject to a bit of manipulation. Someone – or a bot – is keeping the price down – allegedly – every time a small uptrend is noted. This is not entirely uncommon behavior among exchanges, and it is certainly not unique to Electroneum either.
As is always the case during the weekends, things can get very interesting in quick succession. For Electroneum, its incredibly low trading volume will be a hindrance first and foremost. Just $570,000 worth of volume will not make this market move by much in either direction. As such, one has to wonder if a dip to $0.0125 will materialize fairly soon.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.