ETNBTN Price Analysis – June 21
Making a somersault on its stand, the cryptocurrency has again displayed the risk bias for the uncertainty associated with it. Most participants are cautious of the market sentiment and it may be attributed to low volatility.
Demand Levels: 0.00000099, 0.00000057
Supply Levels: 0.00000046, 0.00000040
ETNBTC Long term trend: Mixed
Electroneum is down by almost (-0.3%) negative in the last 48 hours. The daily chart volatility for the downtrend is gradually gaining momentum to the downside and it’s held by the trend line support.
Prices broke below the key technical supply level at 0.00000057, which is likely to act as resistance going forward. After having been unable to move above the level at 0.00000074 in the previous session, the cryptocurrency ran into sellers again today breaking below and failing to move higher than the level at 0.00000057 while the trend remains mixed.
ETNBTC Short term trend: Bearish
The crossing of the moving average to the downside during the session signals a bearish short term trend in place and prices have shown an unusual strong downward momentum in the short-term.
This might either indicate a potential selling climax after which prices could head back up towards the top of the moving averages on the level at 0.00000065 or signal the beginning of a strong momentum breakout leading to even lower prices.
The trend is bearish, showing an intact downtrend in the short and medium term.
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