Electroneum (ETN) News – Electroneum (ETN) bounces back after falling 42% in 7 days

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In the carnage which happened in the last 7 days, Electroneum (ETN) fell by almost 29%. The market cap went from $ 121 million to a low of $ 70 million. Ever since then it has bounced back. However, it has not made a full recovery. That is why; investors who have invested at the higher levels have not recouped their money.

Electroneum (ETN) bounces back after falling 42% in 7 days:

In the last 24 hours, as most of the cryptocurrencies recovered from the lows, Electroneum (ETN) also moved higher. It is currently trading around $ 0.0103. On a 24-hour basis, it is up by 18%. This clearly indicates that it is pretty safe to recover. It bounced back the moment the other cryptocurrencies and Altcoins started recovering. This is one of the main reasons why the traders think that in the future as well, it might recover faster.

At the peak, it was trading around $ 0.0145. However, it is far off from these levels still. There is no idea as to how much time it will actually take for Electroneum (ETN) to reach those levels. This is one of the main reasons why in spite of the bounce back of 18% today, not many people are positive that it can rise even higher. This might very well be a dead cat bounce as well. Only when the general cryptocurrency market rises even further from these levels, Electroneum (ETN) might be able to recover further. This is one of the main reasons why the next few days will be very crucial for Electroneum (ETN).

Currently, Electroneum (ETN) is ranked at the 53rd position when it comes to cryptocurrencies by market cap. With the market cap increasing consistently due to the bounce back, it remains to be seen how why is it able to go. Only when the cryptocurrency market’s sentiment is actually positive, can it continue to rise. Otherwise, it will lose the entire gains which it is made recently.

When you look at it on a month of month basis, it was trading around $ 0.0196 a month ago. Thus, from the peak, it is almost a lost 45% of the value. Owing to this very reason, it is a pretty long way to go when you look at the longer term picture. Only when the cryptocurrency markets are supportive for a longer period of time, it will be able to recover this value.

About Manish 351 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

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