Could Electroneum Price (ETN) Reach Higher Price Levels?

• 1 The volatility has not advanced that much, illustrating stability in the price.
• 2 The activity of whales in the ETN crypto along with the price movement is on the rise.

Electroneum (ETN) has introduced a novel algorithm known as Proof-of-Responsibility (PoR) to enhance the security, accountability, and environmental friendliness of its blockchain.

If an attack is detected in its platform, the system is designed to promptly isolate without delay and deactivate the offending validator. Furthermore, the PoR model establishes a controlled network where validators are selected for their commitment to the project’s long-term goals.

Currently, the network is maintained by 12 non-profit organizations, which contribute to charitable causes using the rewards earned from validating transactions. This system not only secures the network but also aligns it with philanthropic activities, reflecting Electroneum’s dedication to social responsibility.

Price vs Volatily chart Of Electroneum Crypto

This chart exhibits the contrast between the volatility with the price movement in the Electroneum crypto. On examination, it shows that the ETN crypto has witnessed wonderful growth in recent sessions. However, the volatility has not advanced that much, illustrating stability in the price. 

Moreover, the ETN crypto seems comfortable at higher price levels, suggesting that the sellers are sitting in the rear, and the bulls may assist the Electroneum crypto price to rise further.

Price vs Volume Analysis Of Electroneum Price

Per the Santiment chart, in January and February 2024 entirely, both the asset volume and price were relatively low, indicating a lack of interest and activity. The volume mostly remained under $1 Million, and the price hovered around $0.002800 in that period.

However, in the last week of February, volume and price continued to rise abruptly, indicating increased demand and excitement about ETN crypto price. The trading volume exceeded $1 Million and the price rose drastically from $0.002800 to $0.006650. 

The price vs volume chart describes an increase in volume along with the Electroneum price rise in a couple of previous daily sessions, but the volume plunged some points and caused the price to get chills, suggesting the continuation of the ongoing trend after a possible pullback. 

Market Cap, Social Volume, And Whales Activity On Electroneum chart

The higher market capitalization often provides better liquidity as it assists in better investing and buying or selling ETN assets more quickly and easily.

Likewise, a high market cap with high trading volume might indicate vast liquidity, making it much easier to buy or sell Electroneum without affecting the price

In the same way, The social volume seems to be rising in the recent sessions, this indicates a continuation of the ongoing short-term trend in Electroneum. The rise in the social volume also indicates the rising awareness of ETN crypto among users. 

Followed by, the activity of whales in the ETN crypto over a period of time along with the price movement in the same duration, over the Santiment chart. The analysis displays that the whales have been continuously increasing their portfolio in Electroneum. 

The Price Structure Of Electroneum Price Highlights

It highlights that the price was in a decent uptrend, but got a pause at a higher level and attempted to make a possible pullback before resuming the major bullish trend. 

Therefore, if the demand increases, the ETN asset price could bounce back from the current level. The next goal for the price is to reach $0.00800 and the primary resistance would be $0.00700.

However, if the crypto price fails to stay above the $0.00500 level, it could decline further.

Summary

The Electroneum price has demonstrated significant growth with stable volatility, suggesting a strong bullish sentiment. 

Recent trading sessions have seen a rise in volume accompanying the price increase, although a slight drop in volume suggests a temporary consolidation before the trend continues upward. 

Whale activity analysis indicates ongoing investment in ETN, with a potential pullback at higher price levels before resuming the upward trend.

Therefore, if market demand persists, ETN’s price could recover, aiming for a target of $0.00800 with resistance at $0.00700. Conversely, a failure to maintain support above $0.00500 could lead to further declines.

Technical Levels

Support Levels: $0.00500

Resistance Levels: $0.00700

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.