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.
Fingers crossed that exciting times can’t be too far away.
None of this is financial advice and just my observations of the charts. Always carry out your own research before deciding to make any investments.
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.
Just trying to keep it real.
P.S. Sorry my post is a long one.
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!
Let’s all hope this ship turns around.
RSI on the daily is as oversold as it ever has been - could be due some relief!
Price starting to climb on Huobi
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