After a week where many coins turned green and recorded significant gains, it seems there is a bearish momentum building up.
A good example of this is with Electroneum’s price—which has experienced a steep dip through and past this weekend. The project experienced 100 percent gain in value in the past few days and anyone who has been in the crypto space for a while knew that a correction was in order.
Electroneum Price Loses 20 Percent
This seems to have occurred sooner than many would have expected with a 22.65 percent loss in the past 24 hours. The negative price pressure seems to be building up and doesn’t seem like it will relent anytime soon.
However, even though some of the week’s profits have been wiped out, the vast majority of the gains are still intact. These gains though will depend on what the future holds for the altcoin.
Also, given the fact that the performance of Bitcoin has a direct effect on other coins, the reversal the top crypto coin is currently experiencing doesn’t seem to help the situation for ETN.
A quick glance at the Electroneum community indicates that many don’t seem that overly concerned about the quick dip.
One good example is Crypto Steel Man who believes that the current price drop of ETN represents a perfect opportunity to buy. This is hard to dispute given that the altcoin has already seen a 100 percent gain in a few days.
This sentiment is echoed by another Twitter user by the name Johnson. He believes the dip represents a perfect opportunity to buy as October will see an upcoming Electroneum marketing campaign that will push the price up again.
However, there is always a non-believer in the crowd and one good example is The Gloom of Doom who in a tweet seems to be of the opinion that the price gain is over. In a tweet he says “ #Electroneum bye bye profits it was nice to see you.”
Given Johnson sentiments and the fact that the Bitcoin Dominance Index is slightly on the rise, then it’s safe to assume ETN will rise again.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology