Numerous cryptocurrencies are in the green over the past 24 hours. One project a lot of people look past is Electroneum, despite its current 21.5% increase. This seemingly popular altcoin has seen a lot of momentum lately, and is on track to hit the $0.02 level soon. This new wave of gains has a lot of people excited, which can lead to some rather unrealistic price expectations.
Electroneum Price is Making Moves
Even though there is plenty of positive momentum among the top 20 cryptocurrencies ranked by market cap, there are interesting developments further down the line as well. In the case of the Electroneum price, a nice increase has been recorded over the past few hours. This new gain is happening in both USD and BTC departments, further indicating the demand for ETN appears to be on the rise.
For the Electroneum price watchers, this new increase comes at a crucial time. Similar to other cryptocurrencies, ETN has suffered from a massive downtrend over the past nine months. It never even got close to hitting $0.14 again, although this current trend shows not all hope is lost. If the trend keeps up, it is a matter of time until the Electroneum price hits $0.02 again.
As is usually the case when altcoins rise in value for no apparent reasons, there is plenty of Electroneum price speculation taking place. It appears this current price trend may have been fueled by KuCoin, as the exchange underwent maintenance on ETN withdrawals and deposits over the past few hours. It seems that situation has been rectified, which should lead to an increase in overall trading.
— Andre Patta (@andre_patta) September 27, 2018
In more technical analysis-oriented news, Ryan Phanouvong is turning incredibly bullish on Electroneum as of right now. In his opinion, the Electroneum price is a pure pump, primarily because it has noted a 208% increase over the past 30 days. Although a lot of other cryptocurrencies have gained value in the past few weeks, such steep gains show there may be something else going on. Especially because ETN notes just $4m in daily trading volume.
Luis Sanchez may very well be the biggest Electroneum bull on the market right now. Although he did not necessarily share any insights as to how it will be achieved, he considers an ETN price of $1 to be rather realistic. That would require a sixty-fold increase over current prices. Not entirely impossible, especially if Q4 2018 is anything like Q4 of 2017.
A lot of people will be so mad once #Electroneum hits $1 this year 😂😂📊🚀 don’t say I didn’t tell you 🤷🏽♂️ @electroneum #bitcoin #Crypto #cryptoexchange #CRYPTOCURRENCY #cryptocurrencynews pic.twitter.com/M9BdKpUcRu
— Luis Sanchez (@AtCAmpiFy) September 27, 2018
Despite the current Electroneum price increase, there are some concerns. Its low trading volume, which mainly originates from Cryptopia, may not be sufficient to keep this party going much longer. Electroneum has not been successful in getting listed on a major exchange so far. It also suffered from a 51% attack earlier in 2018. All of these factors need to be taken into consideration at all times.