Electroneum is a British Cryptocurrency founded back in 2017. I remember the fuzz it did create just before it's launched, and that's actually how it got my attention.
Electroneum is a mobile based crypto which in my opinion it has a lot of potential. It has been upgrading and expanding it's platform ever since it was launched, find more infos about Etn in my previous article.
Why Electroneum's price is not breaking higher?
Electroneum has a market cap of 56.4M and a daily trading volume of roughly 1M, it's not much and I think this is actually the main reason why it's value is not increasing.
I have mined some Electroneum back in days and also bought some later. The struggle to buy them, it's REAL.
There are just a few exchanges that support Electroneum, most of them are pretty unknown for the vast majority of traders. Some of those exchanges have also very bad reviews all over internet. To know what I mean, check my article on HitBTC.
Other exchanges that offer ETN have a low liquidity and that means high fees also a pretty serious risk of not being able to get your money back, ever!
This is NOT all of it!
Most of these exchanges force you to perform KYC and your personal information are shared with third parties. I'm sure that none of us want's our personal infos to be sold around companies, and not just that...
I really think that Electroneum is conscious about this, maybe they are already doing something about it, but there is nothing being showed. Electroneum is not being listed in some of the biggest and most reliable exchanges such as Binance, Bittrex, Bitfinance, etc, this is bringing a really high doubt to investors. I think that ETN value will increase if they manage to put ETN into some of the biggest exchanges and especially in the decentralized ones where also investors from the whole globe would be able to trade or just simply hold it.
Is ETN a good investment!
Having in mind what I did say above, ETN's value at the moment is pretty low and if you buy let's say 500$ worth of it with the actual price of 0.005$ per coin you'd get around 100k ETN coins. Keep this pinned somewhere and let's discuss about what it's value will be.
Now, let's say that ETN in the next few years manages to get listed in the major well known exchanges...from there it can get some real value, and let's say it get's just around 1$. Think about that minor investment that you did.
Having some money just laying around isn't going to be any good for anyone right? You can spend 200$ or 500$ in a pair of shoes or a mid-range phone which will get devalued or useless in a very short time.
Despite being a pain in the b...to get it, I think it is worthy!
Have a look of ETN chart
0.003 has proven it's significance as a very strong support zone, we have two other major zones that played a support/resistance role and those are 0.0057 area which is acting as our resistance right now and also 0.0096. Other than that, ETN's price it's ranging for quite some time now.
Even though I'm very optimistic about ETN's future and in the long term my bias is bullish let's see what short term is.
Breaking above the 0.0057 area would make our hopes that we will touch the previous high at 0.0096 once more. Failing to any higher above the 0.0057 I'd expect a touch of 0.0038 area before we see any bullish action.
What are your thought's on Electroneum and it's future?
Catch with me on Leofinance!