Looks like a pump and dump
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Think someone got excited but it does seem to have stopped the downtrend⌠for now? Appreciate your thoughts on this?
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I was expecting a slow down of sell pressure as we hit ATL sat value prices, especially when that sat price is at ATL USD value for ETN as well. I do not believe that pump and dump had much affect at all. I believe that was nothing more than what is called a standard deviation in TA where there is a short term anomaly in the overall price action.
At best, it put a lot of ETN in a HODLerâs pocket from the sellers on Kucoin. But it wasnât a significant amount in the grand scheme to affect the global trajectory of the price.
Right now I believe ETN is in a short term price discovery phase to see if this level is going to sustain the supply/demand ratio. If not, we can expect further downside. If it does, then hopefully we see a slow and steady uptrend. What we donât want to see is total sideways movement, this is not a stablecoin and prolonged sideways movements tend to drop as holders realize there are no gains to be made and sell off.
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Thank you for your thoughts and all makes sense to me - very well explained.
I guess the discovery phase is all about whether there is enough demand through AnyTask sales to offset the NGO and mobile app rewards. My personal thought is that we might still be a few months away from some sort of equilibrium but I do have hope.
It appears that ETN are not heavily pushing the mobile app at the moment as the focus now is AnyTask. I know RE said they may have a discussion about re-designing the rewards system and I got the impression that he was thinking it might help ease the selling pressure. Anything that helps in this respect I think would be welcomed by current holders, after all the mobile app rewards could be pushed again when the price has turned and everyone would be happy with this scenario!
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Yes, ETN is focusing heavily on Anytask. Especially with the world economic situation. The way it is going right now the freelance industry will see an explosion in use as people lose their other forms of income and fiat hyper inflated. ETN is very well positioned in the event that happens, it is just a matter of adoption at that point. This is not the way I personally would like to see my return in investment, bit if it happens I will be thankful for being in a position of strength.
Lots of uncertainty ahead. None of us know what will happen, but I am going to be holding my position no matter what happens.
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Tradingview added Kucoin! Yay! Now I donât have to keep Kucoin up all the time to do analysis:)
First analysis on Trading view:
Iâve drawn the overall support and resistance on the long term descending channel (which is technically a wedge). Within that wedge we are in a smaller descending wedge and the price action right now is at a decision point. Volume is next to nothing, MACD is close to a bullish cross and RSI is low. For all intents and purposes, we should see a move up out of this smaller wedge and move toward the larger wedge resistance.
If it does not, we will create a new ATL and test the support of the larger wedge around 29.5 sats.
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I redrew the smaller falling wedge because the previous peak high actually fit with it. In any case, it seems we broke up from that wedge but are now coming down to test the line for support. Letâs hope it takes a bounce in the positive direction
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These are the two wedges that I drew. It seems we broke down on the 2nd wedge and it looks like we are heading down, (again) but we could head up if someone out there has a few bucks spare, as there is not a lot coins for sale below 32 sats.
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Pretty much decision time. Does this descending wedge (typically a bull pattern) push us back down in to the mid to lower 20s, or does it break up and head toward the overall descending pattern resistance line above?
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Based on the price action we were getting the last two days, I redrew the descending wedge with a higher resistance line which elongated the price action timeline. The good news is it appears ETN has already broken that line with a buy signal on the 4 hour MACD and could finally be moving up to hopefully test the overall downtrend resistance line currently around 36 sats. The 1 day MACD shows both lines on top of each other with a bullish leaning crossâŚbut, one step at a timeâŚbaby stepsâŚ
This is the 4 hour chart for Kucoin:
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We see some selloffs and immediate buybacks could very well be a a sign that another bounce is incoming since we seem to have found some kind of support. However if we break it we will likely go under these big spikes and trade lower.
There is no fundamental demand for ETN yet. AnyTask is not even accepting ETN. If that doesnt change we need another hype cycle in the overall crypto space (which we may get) to see some major reversal.
Watching this area currently. No Trades in sight (Except for just putting buy orders incase of another such rapid spike and then selling when were back upâŚ).
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This is on a 1 hour chart and is more of an observation than TA but I think it clearly demonstrates the ongoing issue to do with lack of current interest in the coin. We are constantly in a downward channel and only seem to get a reaction to a big spike down and end up making lower highs. We have threatened to break up from the channel on several occasions but have been quickly pushed back down, (imo by the dip buyers) who immediately sell again for a quick and easy 10-15% profit. This I fear will now be repeated over and over until we hear news from either terrific AnyTask sales for last month, (etn have been quite on this so far) or we hear of some kind of partnership that will result in significant demand of coins being pulled off exchanges. If none of this comes off then we could well be looking at mid to low 20 sats within 3/4-days.
The liquidity problem may well be compounded atm by the current pandemic, with potential investors hanging on to their FIAT and is a situation that may well continue for a while yet.
Just my thoughts.
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We are slowly sink 
just hope to see something which will change our direction⌠wake up ETN 
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Nothing to wake up until they have their piece of paper saying they are not a security. I donât know 100% for a fact thatâs what is causing the hold up on all this, but my suspicion is extremely strong. With the current environment, I doubt they have it any time soonâŚso until they do, all they can do is push Anytask since that has no official association with ETN the crypto.
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What do you talking about? I did not understend⌠what security? 
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Electroneum is working with a law firm in the US to get an official document declaring ETN is not a security because like many failed cryptos they ran an ICO back in 2017. If they get that designation, it will alleviate them from being sued (or dismantled) by the SEC. It is the main component keeping them from being listed on US exchanges.
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Aside from the fundamental discussion we got into, letâs take a peak at the daily chart because things look promising.
It appears ETN had two fake out dumps over the last week (whether it was whales trying to scare everyone to sell the break down on the falling wedge or it was further capitulation of investors that have lost hope) it all got gobbled up and the course has reversed to the up side out of the wedge. This is a baby step in the right direction and I hope we see a slow and steady rise to test the resistance line of the channel. We have bullish buy MACD signal and the RSI is back out of the over sold range and rising. So far so good.
EDIT 2 days after this posted:
After having a âbullishâ break up it quickly receded and the last two days have skirted the descending support line. The good news is the wedge did not break down, so thatâs good. But that doesnât mean it canât break the support line at any point while itâs sliding down it.
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ETN continues to fall and is hovering below what I would consider the point of no return unless something happensâŚfast. What little bullish sentiment we had 4 days ago is long gone.
Zooming in on the 4 hour chart you will see we dropped under the descending channel support line and have caught an ascending line of support leading back to it (purple line). However, Iâm not confident ETN will be able to break back above that yellow line without some sort of radically progressive news. The team has been dead silent pushing old news while gently floating Olivier out to show the bare minimum that someone on the team is still alive. Frankly this is concerning and the price reflects that.
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It means pretty much what I implyâŚcombine zero communication from the team or progress on the business model with a loss of the support line that weâve used for months = VERY difficult to get back above. Itâs not impossible, but things need to pick up in a drastic way. The good news is the proce did not absolutely tank after breaking the support, so there is still hope, but that previous support line will now be acting as resistance and I fully expect it to drop as price touches it.
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