Nearly 3-weeks on and finally we have it, the daily 100MA crossing above the 200MA overnight. I see this as pretty momentous, as it has been over 2-years in the making.
Not suggesting a timeline, but the fact this has happened IMO should not be understated. Couple this with the fact that daily trade volumes have reduced massively would tend to suggest that sellers are near exhausted.
We are at an important area now… been held under 0.00225 since November 2022. Will probably break above and come back to test the break. If it holds we should see further, rapid gains and exciting times ahead.
We also appear to have completed the wycke-off spring phase, by making that one lower low and then climbing our way out.
I was just randomly glancing the chart today. ETN just refuses to break much lower and become meaningless.
The chart still shows some potential imho. 0,002 USD seems kind of like a stubborn number. We didnt really break under it yet in a meaningful way. ofcourse were trending down since 2021 but not in a way like a dead coin does.
So it may be a nice time to try a swingtrade or accumulate some ETN in general.
Also I noticed on facebook and social media the nay sayers became much less. So it seems like many people totally resigned finally. I dont know if there can be a much better time to give it a shot.
Not financial advice though. We can still go to zero ofcourse.
IMO the market is done with the extreme lows. I believe we are now in the “Throwback” stage and I am very excited for what is to come in the next week, or thereabouts.
I also think it is possible during this throwback to again dip to .002 or even lower, but I would only be concerned if we dipped and closed below .00179 on the daily, as this is the spring - that one final cycle low.
There are people who seem too ready to look at ETN in isolation from the rest of the crypto market. I could name loads of coins that are in exactly the same stage as ETN from a price perspective.
I have been accumulating all my ETN between .0018 and .0022 and I personally see anything in this region as a great buy. If we get one last dip below .002 then I will be completing my last scoop for this cycle.
I see a cycle high of between .065 and .10 (1.618 and 2.618 fibs) but if ETN drops the news at the right time then the furthest fibs take it out to .143 and .167 (3.618 and 4.236).
These times are deliberately designed to be gruelling, testing and with the primary objective of shaking people out at or near the bottom of the markets and the markets are absolutely highly trained athletes in this respect.
Remember, during previous bear markets ETN went from .22 to .0011 A drop of 95% is quite common in crypto bear markets. It then went from .0011 to .0410 (a rise of 3700%) before this bear market drop of 95.5%
ETN is a real project, still developing and with a new blockchain about to be released that will put the network right up there with the absolute best that is currently available. Couple this with the real world use cases and with a great app, there is absolutely no reason why ETN could not be a top-10 or top-5 project.
Check out the weekly bullish divergence in the RSI. It’s the largest one I’ve seen. I have been accumulating in the same range as you for some time. Got 6.3 million coins with a target sell around 8 cents depending on volume and market cap.
I am encouraged by the daily RSI, and volume is amongst the lowest I have seen. As always, we are waiting for bitcoin and market sentiment to change direction.
I said before that I would be concerned if we dipped below 0.00179, which had been holding for some time, and now it has broken.
This may well be due to the news regarding the exchange de-listings, so could be temporary, (if either ETN or the Exchanges) categorically confirm that users will not have to remove there coins from exchanges. I have raised a ticket with Kucoin, but yet to recive a reply.
Unfortunately, this might open the door to back-testing the previous lows from March 2020, which was just prior to the start of the last uptrend cycle, (see chart below). This could take us down toward 0.00123/124 region, which would be a 97% pullback from the previous top. Not unusual to see a 95% pullback, so still plausible. Will I be accumulating more if we get there… I really don’t know!
I think people noticed KuCoin and other exchanges delisting ETN and started panic selling… and after Electroneum explained why is that heppening the panic slow down
ETN is now holding at the next low of 0.00123 as mentioned above (see chart). As soon as we lost the support of 0.00179 it was almost certainly destined to get there. If we do not hold this area then we are down to the all-time low of 0.00115. If we lose that then it is goodnight Vienna IMHO!
Oh BTW, I have dipped my toe back in the water at 0.001231 My order got partially filled on Huobi. Further TA is now quite difficult as there is basically 5-months trading history as Kucoin charts have been wiped!
The other big problem ETN now has is drastically low levels of liquidity. Last week Huobi daily ETN trading was 8/900k. It is now down to less than 300k and just a couple of k will affect the price by a few %. I personally think ETN was delisted from Kucoin, (along with other coins) for low liquidity reasons - full stop. I don’t buy into this statement about technical issues, (did the statement come out after the tweet about “special treatment” on Kucoin) or before? Will we ever see ETN back on Kucoin… I have serious doubts about this, but time will tell.
Anyway, from a TA point of view, I believe we HAVE TO HOLD this support level - hopefully we will.
P.S. Edited to show the next correct low of 0.00115
I’ve noticed that the market cap has been steadily increasing ever since the coin-ex pump. We broke 40 million a few days ago, however bot trading has declined quite a bit. I’m not sure this is in relation to kucoin delisting ect. What I find most interesting is that the market cap is increasing pretty substantially with the volume being only 35k per day. So the math isn’t adding up. Also there have been some rather large whales with over 100 million ETN accumulating sub million amounts pretty consistently in this range ever since the kucoin drop. Food for thought but I think the mathematically unexplainable market cap increase and low trading volume coupled with block explorer data… Something big is happening.
Market cap is simply the current price x the circulating supply.
A little over a week ago the price had dropped substantially. Therefore the market cap was much lower. The price has since risen by roughly 65/70% and is therefore significantly higher, or back to where it was a few weeks ago.
The only correlation with trading volume, is that in a relatively low liquidity coin, fairly small trading volumes can have dramatic swings on the price.
I’m not Wink but I’m in the process of teaching myself chart analysis. I’ve obsessively spent some time on it lately and will persevere with it, I’ll endeavour to keep this thread updated as I go. Obviously I’m a noob but I’m a super quick learner so hopefully I’ll bring some insight.
Ok all you experts, don’t laugh at me, this was my first trial run at charting. Looking really good- resistance and support lines did exactly what they should and I would have made a relatively low risk but high reward trade.
ETN is looking really bullish, short term at least.
Any charting advice welcome.
UPDATE:
Decided to have a go at predicting what’s coming in the next week or so. Looks really bullish to me. Looks like it won’t break the trend due to a very strong support meeting at the trend line. I predicted a bunch of support/resistance lines with several fibs (purple) so it looks like a slow but steady climb all the way up to 0.0099.
Can anyone else see anything in this graph or correct me if I’ve done something really wrong? Feedback would be greatly appreciated:
Sort graphics by one month and view in candle stick mode.
You can see over the past month whenever there’s sell off there’s big resistance going below USD $ 0.005 that’s when the bots are scooping it up if it goes lower. Thus the bottom currently.
Interesting, I see on my chart I’ve got a minor support line around the 0.005 mark but it’s not particularly strong compared to others above it. I can see the support is at .005 in the screenshot you sent. So many aspects to consider when charting, I’m taking it all in. Thanks for sharing
Possible we break out of the channel, maybe a quick jump to .8 to 1cent USD before retreating into another higher channel, with the top of the current channel serving as the new support , or we will shortly get another rejection and continue in the current channel for a while longer until another try at a breakout.
