ENS price prediction stays bullish for 2024 and suggests a new swing high is possible. It recovered 27% approx. from the yearly low and formed a bullish reversal pattern.
Ethereum Name Service crypto price is taking support near the $8.00 level and buyers are trying their best to hold the recent gains.
At the beginning of November, ENS crypto price managed to climb above the 50-day EMA. It reversed the short-term trend in an upward direction and triggered a positive sentiment.
The price continues to recover and tries to take out the 200-day EMA. But this time, sellers were active and the price faced sharp rejection. Later, the ENS crypto price retraced back to the 50-day EMA and entered a consolidation.
At the time of the $8.00 breakout, the buying volume in the ENS crypto rapidly increased. It shows that some big players might have taken a long position and anticipated that this crypto might perform well in the future.
So, whenever the price retraces to $8.00 big players might get active to defend the demand zone. Currently, the Ethereum Name Service price is trading at $8.68 with a one-day rise of 2.36%. The 2-hour volume to market cap ratio is 10.87%.
Will ENS Price Breakout of the $10 Hurdle?
ENS price prediction suggests a price rise in December and might achieve the $10.00 mark.
This crypto has formed a strong base near $8.00 so it will be difficult for the sellers to pull the price downward. So, aggressive investors may look to buy or accumulate ENS at current levels.
However, conservative investors may wait for the $10.00 breakout to get confirmation of the trend reversal. In the coming weeks, if buyers succeed in pushing the price above the 200-day EMA, then the probability of a $10.00 breakout will increase substantially.
The analysis suggests that ENS price is in bulls’ grip and more upside is pending.
When Will Ethereum Name Service Price Pick up Momentum?
Ethereum Name Service price is turning bullish on a weekly time frame showing the strength of bulls. However, the price will pick up the momentum when buyers are able to break out of the $10.48 hurdle. Until then, ENS crypto may continue to trade in the wide range of consolidation.
The MACD curve sloped sideways indicating that the price lacked the direction and more consolidation is possible. However, the supertrend favors the bulls and suggests that price is likely to trade with a bullish bias.
Conclusion
ENS price prediction is bullish for December as well as for 2024. The price is in recovery mode and might break out of the $10.00 hurdle in the coming month.
The analysis suggests that this crypto is in bulls’ grip so it may perform well in 2024 and may go beyond $12.00.
Technical Levels
- Resistance levels: $10.48 and $12.15
- Support levels: $7.50 and $6.63
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
Source: https://www.thecoinrepublic.com/2023/11/30/ens-price-prediction-will-ens-price-go-beyond-12-by-january/