Electroneum (ETN) News – Electroneum (ETN) sees a drop of 40% in 40 days

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On a 3 month basis, Electroneum (ETN) has risen significantly. However, when you look at the performance of Electroneum (ETN) in the past one month, you will realize that it has been consistently moving downwards as well. In fact, it made a high of $ .27 exactly 40 days ago. Ever since then, it has been moving downwards.

Electroneum (ETN) sees a drop of 40% in 40 days:

From a level of $ .27 at which it was trading on September 28, it is fallen all the way to $ .16 today. Thus, in a matter of just 40 days, it is fallen by 40%. While most of the other cryptocurrencies and Altcoins are trading in the red as well when you look at their prices 40 days ago but very few have actually seen such an erosion of wealth. That is why the long-term investors in Electroneum (ETH) are a bit worried about this fall.

One of the main reasons why Electroneum (ETN) was witnessing such a rally was because it had announced that it is one of the 1st cryptocurrencies to become KYC complaint. As a result, the excitement around Electroneum (ETN) was consistently increasing. However, the adoption of Electroneum (ETN) has not increased. This is clearly visible from the volumes.

At the peak, the volumes were around $ 10 million daily. Currently, the volumes are around $ 1.6 million in the last 24 hours. This clearly indicates that ever since then, the interest in Electroneum (ETN) is reduced considerably. If this happens, the investors who have invested in Electroneum at the higher levels will be trapped.

All is not wrong though is when you look at the rise of Electroneum (ETN) in the past 3 months, you will realize that it has risen from $ 0.008 to $ .16 currently. Thus, if you had invested 3 months back, you’re still making a substantial amount of money. It is only those investors who have invested at the peak who seem to be stuck.

It remains to be seen whether it is able to retain those levels or whether it continues its downward trend. If indeed, it continues the downward trend, the volumes are likely to decrease more and more as the investors stuck at the higher levels will not be able to liquidate their positions. Neither, there will be any new interest from the investors or traders after witnessing such a significant wealth erosion in just 40 days.

About Priya 131 Articles
I am an IT engineer by qualification and like to explore the crypto and blockchain space in my free time.

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