Anyone invested in Electroneum for the last month is definitely smiling all the way to the bank. This crypto has gained by over 400% in this period. Though, in the last 2 days, Electroneum (ETN) has dropped slightly and is down by about 10%. This has got segments of the ETN community all panicky, in fears that it could be dumping. However, going by the fundamentals of successful investing, this is actually the best time to be looking at Electroneum (ETN).
Smart money invests when the market is low, to maximize on returns. Going by the market fundamentals of Electroneum, it is clear that it could emerge as one of the best crypto gainers going into 2019. Several factors support its potential to outperform the market.
The first one is its potential partnerships. Electroneum (ETN) is implementing KYC and this process will be completed in November with the implementation of level 2 and 3 KYC procedures. This will open up the doors for partnerships with major corporations all across the world. The ETN team has already hinted that their biggest hindrance to adoption is lack of KYC.
No corporation would take the risk, due to potential legal issues that can be as complex as money laundering. As such, now that KYC is in place, it’s only natural that partnerships will start flowing in. That’s a good reason to be long-term bullish on Electroneum. The best part about ETN is that its potential partnerships are with large companies from the get-go. Its main partners will be telecom companies, and some of them have over 100 million users. As such, taking positions in ETN at current prices is a good way to profit once the partnerships start rolling in. A partnership with a company with over 100 million users, for instance, could easily take Electroneum to a high of $1 or more.
Secondly, Electroneum (ETN) is taking significant steps in marketing, especially through social media. This will push up the levels of awareness for ETN in the market, and as a consequence stir up demand. When new investors get to learn of how powerful the ETN blockchain is, demand is pretty much guaranteed to rise. This makes it a high potential buy for long-term investors looking for a high growth investment with minimal downside risks going into the future.
Besides, the reason why Electroneum has retraced has nothing to do with this crypto in particular. The whole market has retraced after Monday’s bitcoin driven pump, and Electroneum having been one of the biggest gainers up to that point was expected to ease up a little bit. That’s mainly because early investors and short-term traders have been taking profits.
Once they get back into the market again, and upside momentum returns to the whole market, chances are that Electroneum (ETN) will outperform again. It will outperform because of the fundamentals discussed above, especially the compliance to KYC, which will be finalized next month. Once it picks upside momentum again, ETN could rise consistently all the way into 2019.
In the day, the key price to watch on the upside is $0.02, which is now a short-term resistance level. If it breaks about that, it could be a signal that the bulls are regaining control.