Electroneum is an ambitious blockchain project which aims to turn every mobile device into a cryptocurrency-based micropayments system. It started life as a Monero (XMR) fork, but it’s now a 100% independent project. One of the attractive features in ETN is the mining process, which is done on a cloud server through a mobile app at no cost (energetic or monetary) for users. You just install the app, and your app will get you a few ETN tokens every hour.
The coin is trading at $0.004979 as we write this. Its market capitalization of $48,196,271 is enough to give it the 128th spot by market cap in the world’s cryptocurrency market.
While the cryptocurrency market had a fantastic weekend last week, it struggled afterward. But as the market has spiked again, Electroneum is doing very well today too. It seems that the new crypto-bonanza is passing Electroneum by, unfortunately. Today it seemed to be in the hands of the market’s bears, but that has changed already. Let’s see what we can find out from the daily and the monthly technical analysis.
24-hour technical analysis
The coin is trading beneath the pivot point but above the first support level $0.004580). The problem with the token’s trade is that it’s almost non-existent for now. The few times we’ve seen relatively high trading volumes during the last few hours they’ve been bullish, which is a good thing, but there is no trend. Not even a sideways pattern. ETN is just losing and gaining value in a seemingly random way.
That ambiguous behavior apparently justifies why the technical analysis for 24 hours is neutral. Half of the moving averages are bullish, while the other half are bearish, and the technical indicators are also divided among parties.
This kind of irregular trading pattern is the rule for ETN because, unfortunately, it’s supported by relatively few exchange platforms.
Monthly technical analysis.
The bears are in charge according to the monthly technical numbers. Even after going up by more than 9% in the last 24-hours, Electroneum is still down by 1.45% over the previous seven days.
The price is between the first resistance level and the pivot point. But there is no trading flow. This is also the rule for ETN.
Charts are not very helpful in this market because they give you almost no information at all.
Every technical indicator is voting for the bears, and only three moving averages are for the bulls.
Outlook
While Electroneum is a project we like very much and that still holds a lot of potentials, the reality is that this might not be a coin for traders for a while now. Even if every technical signal were green right now, we would still not chose it for trading. This is a cryptocurrency that has not achieved any liquidity at all, and that always spells bad news for investors. The volatility is enormous, and trading on it is tough, indeed because of the lack of support it has from the market.
If you like this project, you’d be much better off installing the Electroneum app in your phone than trying to trade it for a profit.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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