- The ETN/USD pair is weak, but the price may rise back if the bulls show interest.
- Electroneum (ETN) may break the $0.0042 support should the bear step further
The Electroneum’s price movement has ensued in a range-bound following the reaction of Bitcoin’s wave over the past weeks. So far, the second half of the year has brought the ETN market in a channel boundary. On a long-term, Electroneum is maintained in a neutral trend.
Meanwhile, the ETN/USD pair is bearish on both the medium-term and the short-term outlook. While facing technical support at $0.0040 over the past few weeks, we can expect the market to climb back.
Electroneum (ETN)’s Current Statistics
Trading Price: $0.0045
Market Capitalization: $41,349,282
Trading Volume: $193,812
Key Resistance Levels: $0.0053, $0.0060, $0.0070
Key Support Levels: $0.00422, $0.0035, $0.0033
Electroneum Price Forcast for August 14, 2019
From a long-term perspective, Electroneum (ETN) is trending on a side-way since the massive sell-off in late May. Now, the price has waved to $0.0045 after a five weeks decline. Over the past few hours, the $0.0042 has held as support for the market. If it breaks, we may see a price drop to $0.0035 and $0.0033. Meanwhile, the bears are in play at the moment.
A bullish control may bring the price back to the critical resistance at $0.0053. If the buyers can overcome this level, the $0.0060 and $0.0070 resistances may come into play on a short-term. Another side of this scenario is the market’s volume, which appeared substantially low on the daily chart. A surge in volatility lurks around the corner.
Considering the subdued volume in this trade, Electroneum (ETN) is expected to remain in a range-bound until a price break occurs. Should that happen now, a bearish breakout is most likely to come into play.
Technical Indicator Reading
After retesting the overbought level in July, the RSI for Electroneum has remained in a downward trend, but currently indecisive.
Stochastic RSI is now testing the oversold level after a five days fall from the $0.0053 price levels, currently compounds for a buy signal.
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.