Electroneum Price (ETN Coin) Faces Key Resistance Despite Crypto Market Surge
Cryptocurrency space is flooded with over 1500 listed crypto tokens and while Bitcoin along with many altcoins has seen a recent surge in its prices, the same cannot be said for all of them.
It's quite a norm that Bitcoin leads the market trends if it rises the market charts, the rest follows and vice versa. But, it is just a trend and not a certainty.
2018 bearish markets not only led to a significant cut in the market valuation of major cryptocurrencies but also led many new entrants to the crypto graveyard. While many went up to the verge of losing it all, but somehow managed to show resistance. One such token which has suffered the wrath of longest crypto winter and still struggling to stop the downward spree is electroneum.
While the crypto trade market has shown some green since the last week, electroneum continue to be among the losses. Apart from a few minor gains, the token continued to bleed. Whether the market trends rub the green onto Electroneum is yet to be seen.
Electroneum Price Analysis
The Electroneum has gained 5.67% in the last 24-hour chart on the USD pairing, and you might think that's definitely a good upward movement considering the back story, but the USD gain turns pale when compared to BTC pairing where it has lost -8.10% in the last 24-hours.
The main reason for such a contrast is the last night surge in the prices of Bitcoin, where the pioneer of the cryptocurrencies saw its price make a massive jump of 22% even reaching the upper key resistance level of $5,000 for a short period of time. Currently, BTC is rallying around a price point of $4,700.
Thus, despite gaining against the USD, Electroneum has lost sever chunk to BTC gains.
Electroneum Bulls Are Still Optimistic
CryptoCZ is probably the biggest Electroneum bull in the market and continuously share various development and progress of the ETN token. Recently the Mr. CryptoCZ shared a list of various achievements gained by the Electroneum in 2018. He also drew the attention towards the mobile mining scene being at its full throttle and according to him, many are looking for smartphones with the option to mine Electroneum.
Despite the bleeding market and declining prices electroneum enthusiast believe that the altcoin has the potential to be mass adopted in the near future if not immediately. However, an equal number of the community members are losing the hope and bailing out on electroneum with no green movement in sight.
Another point of concern for electroneum is its buy support has been eroded slowly in recent days, thus the buy orders being stacked at a much lower price. This kind of behavior is generally observed when the bearish trend is on the verge of materializing.
Although nothing can be predicted with certainty for trade markets, it's safe to say that the electroneum network would either see a shift of market real soon, either for good or worst.
The current market trends and the behavior of electrum do not look promising given the whole market is in the greens due to last night market price boom of Bitcoin.
However, even if electroneum might not hope for a massive spike in prices, the community must take inspiration from the fact that the crypto trade market is looking bullish with most of the altcoins breaking their upper resistance level.
Having survived the longest crypto winter, the community members must not feel disheartened, as the uncertainty of the trade market can turn in their favor too.