ETNBTC Price Analysis – June 24
After having been unable to move above the level at 0.00000057 in the previous session, the cryptocurrency ran into sellers again today selling below the moving average and aiming to move higher than the level at 0.00000057.
Supply Levels: 0.00000034, 0.00000040, 0.00000046
Demand Levels: 0.00000099, 0.00000074, 0.00000057
ETNBTC Long term trend: Ranging
Electroneum is again going negative looking at the previous session. The daily chart volatility for the downtrend is gradually gaining momentum to the downside and held by the supply zone.
Prices broke below the key technical supply level at 0.00000057 earlier, which is likely to act as demand level going forward. After having been unable to move above the level at 0.00000074 as at last week, the cryptocurrency ran into sellers again today trading below yesterday’s high and ranging on the daily chart.
ETNBTC Short term trend: Bearish
The crossing of the moving averages to the downside during the session signals a short term trend in place and prices have shown unusually strong downward momentum in the short-term.
This might either indicate a potential selling climax after which prices could head back up towards the mean of the top of the moving averages on the level at 0.00000055 or signal the beginning of a strong momentum breakout leading to even lower prices. The trend is bearish in the short term.
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