Electroneum (ETN) Price Analysis – March 14. Having produced support at 140 SAT on Monday, ETN retraced to a current price of 206 before bouncing down. At the moment, a pull is heading to the lower wedge. However, ETN is trading around 185 SAT price level with an estimated market cap of $65.8 million; gaining 12% in the last 24-hours.
Resistance levels: 250 SAT, 300 SAT, 350 SAT
Support levels: 140 SAT, 110 SAT, 80 SAT
ETN/USD Long-term trend: Bullish (1D)
After establishing 2018 low at 75 SAT, Electroneum took a sharp bullish reversal to 400 SAT high before witnessing a long fall. The decline reflected on the daily MACD as it crossed to the negative level.
Since the beginning of 2019, ETN has been positioned in a bearish trend following a falling wedge pattern (yellow trend lines). The market is currently testing the upper trend line at 200 SAT. Crossing up the mentioned resistance could surge price to 250 SAT and 300 SAT resistances. If such a scenario occurs, the bulls would be back in action.
However, A break-down at 140 SAT could possibly slump price to 110 SAT and 80 SAT supports. For now, the price action will continue within the range of the trend lines until a price break occurs.
ETN/BTC Short-term trend: Bullish (1H)
Looking at Electroneum on a Medium-term perspective depicts a downward direction as sellers appeared more dominant than buyers; meaning the token has been experiencing a heavy supply for the past one month. However, the trade volume is substantially low.
As shown on the 4-hours MACD, the bulls just walked up the price to the touch of the upper wedge. Breaking above the wedge could travel price to 220 SAT and 250 SAT respectively. But the 4-hours Stochastic RSI is now waving at the overbought area; signaling a potential short. The next major supports are167 SAT and 140 SAT; retesting the lower wedge.
At the above support, a low drive is likely to sink ETN to the low of 120 SAT and 100 SAT support levels. Nevertheless, the bear still owns the market.
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