Electroneum (ETN) May Have Plateaued After Last Week’s Price Spike (Electroneum Price Prediction For March 22, 2019)

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The earliest data available from Tradingview begins on Mar 14, 2019. Furthermore, the USD/ETN pair is not available, so the BTC/ETN pair is used instead. 

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Here is a look at the prices in the period from Mar 14 to Mar 22: In our March 15 price analysis, we predicted that the price is likely to trade around the same level before ultimately making an upward move. Price has traded near the same level and an upward move has not yet begun. Based on today’s analysis, the price of Electroneum is likely to experience gradual increases in the future.

Electroneum (ETN): Trends And Highlights For March 22, 2019.

• Electroneum is trading inside a descending channel.
• A possible breakout occurred on Mar 22.
• It was preceded by bullish divergence in the RSI.
• There is support near ₿0.00000140.
• There is resistance near ₿0.00000210 and ₿0.00000260.

Descending Resistance Line

The price of ETN on Huobi is analyzed at one-hour intervals from Mar 14 to Mar 22. The price made a high of ₿0.00000280 on Mar 14. A sharp decrease followed. The price made a lower hourly high of  ₿0.00000176 on Mar 15. It has been making lower highs since. Tracing these highs gives us a descending resistance line. The resistance line acts as a ceiling to price, preventing further upward movement. It also serves to measure the rate of a price decrease. The price of Electroneum has decreased at the same rate as predicted by the resistance line. It is likely that the price keeps decreasing at the same rate as predicted by the line until a breakout occurs. While it has not yet been confirmed, it is possible that the price broke out on Mar 22.

Descending Channel

The price made a low of  ₿0.00000154 on Mar 15. A sharp increase was followed by a gradual decrease. The price has created several lower lows since. Tracing these lows gives us a descending support line. Similar to the resistance line, the support line acts as a floor to price, preventing further downward movement while predicting the rate of decline or growth. The support and resistance lines combine to form a descending parallel channel. This is a generally neutral pattern with prices rising and falling between support and resistance. However, the downward angle of the channel suggests gradual average price decreases. Based on this pattern, it is likely that the price keeps decreasing at the rate specified by the channel until a breakout or breakdown occurs. As mentioned in the previous section, it is possible that a breakout occurred on Mar 22.

RSI Divergence

The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market. Combining RSI bullish/bearish divergence with support/resistance essentially predicts price fluctuations. On Mar 21, the price made a low of  ₿0.00000154. It proceeded to create a lower low of ₿0.0000015 on Mar 22. Similarly, the RSI made the first low on Mar 21. However, it continued to generate higher values. This is known as bullish divergence and often precedes increases in price. Based on this indicator, it is likely that price will increase in the near future.

Resistance And Support

Resistance and support areas are created when the price visits the same level several times. They are helpful in predicting possible reversal areas. The closest support area is found near ₿0.00000150. If the price were to break down from the channel, this would provide a likely reversal area. The first resistance area is found near ₿0.0000018. The second one is found near ₿0.00000205. If the price were to break out from the channel, these would provide likely reversal areas. Based on our analysis, it is likely that the price of Electroneum eventually reaches one of these areas.

Summary Of Analysis

Based on our analysis, ETN is likely to keep increasing until it reaches at least one of the resistance areas. If the price reaches the first resistance area, this prediction will be partially validated. If it reaches the second, it will be fully validated. A price breakdown below support would invalidate the prediction. What do you think will happen to the price of ETN? Let us know in the comments below.

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Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.