Even though the week had seemingly started off with some positive market momentum, most cryptocurrencies are going through a somewhat violent retrace. Not entirely surprising when considering how weak Bitcoin has looked since Sunday afternoon. For Electroneum price watchers, things are not looking too great right now. The ongoing decline continues to haunt the market and trigger a drop to below 110 Satoshi soon.
Electroneum Price Volatility Continues
Despite what is widely considered to be a big year for Electroneum already, it appears things are not necessarily looking too great right now. More specifically, no one is discounting the developments taking place behind the scenes. On the price front, however, things are looking a bit different in recent weeks. No major uptrend has materialized, although no one knows for sure why that is the case exactly.
Over the past 24 hours, the Electroneum price has dipped by a further 0.26% to $0.005778. There is also a 1.71% deficit in ETN/BTC, as that level has now dropped down to 112 Satoshi. It seems very likely this ratio will hit 100 Satoshi or even lower regions in the coming hours. The bearish pressure affecting most cryptocurrency markets shows no signs of relenting just yet, which will not please too many traders whatsoever.
On social media, most community members try to keep the faith and hope for better days ahead. One prominent development is shared by Electroneum mart Uganda. Another native resident successfully bought a 16GB memory card for their phone while using Electroneum. It is a very promising turn of events, as it would appear Uganda may become a crucial region for ETN usage in the near future.
It has happened again. Got a friend who bought a 16 gb memory card with #electroneum [ #etn]
Watch the videohttps://t.co/LQyJiSNeJ5
— Electroneum mart Uganda (@ElectroneumMart) April 14, 2019
Drshepard shares some interesting news, although it has not been officially confirmed by the Electroneum team at this time. More specifically, he claims an Instant Payment System patent is pending, which would allow it easier for ETN to gain mainstream traction over the coming years. It also involves using off-chain transactions to achieve instant payments, which would be rather interesting to keep an eye on. Such features can pave the way for a brighter future where Electroneum is concerned.
#Electroneum have a patent pending Instant Payment System. Allows users, who are on the
centralized wallets, to send payments to each other instantly. These transactions are done instantly off chain then confirmed on the blockchain minutes later. DL the app on #iOS & #Android pic.twitter.com/Tc7oS3xD9Q
— drshepard (@drshepard_) April 14, 2019
Crypto Bezos, on the other hand, tries to keep an eye on the bigger picture, rather than chasing short-term price changes right now. It is certainly true the final quarter of 2018 was pretty good for ETN, yet it seems most of that momentum has now evaporated completely. There is still a long way to go to draw any real conclusions where these altcoins are concerned, as the cryptocurrency industry is an ever-evolving creature first and foremost.
Wanted 2 buy #ETN #Electroneum last qtr of 2018 but it has risen 2 more than 300 SAT, at these prices right now, bought 3Million ETN,"Buy Low, dollar cost average, invest only money u can afford 2 lose or invest in 5 years or more. ETN less than 2 yr old, lots of potential 📈🚀🔥 pic.twitter.com/PuryR3B8gA
— Crypto Bezos (@BezosCrypto) April 14, 2019
For the time being, the latest leg of this bearish pressure will need to be endured by Electroneum holders. How things will look within a few hours and days from today, is a very different matter altogether. Since none of the major markets look to be in great shape right now, there is no real reason to expect any major reversal to occur in the near future. The big question is whether or not ETN can remain above 110 Satoshi for another day, as that seems rather unlikely.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.