ENS Trading Volume Explodes 170% as Bulls Drive Major Breakout

• Ethereum Name Service price surged by almost 19% showcasing bullish momentum.

• ENS’ daily trading volume has increased by 170% showing buying interest.

Ethereum Name Service (ENS) has recorded a major technical breakout, and this could be a change of market sentiment as the altcoin takes a firm step above important moving average lines. The recent price movement indicates a high bullish potential that may mark the start of a long-term bullish trend of the domain name protocol token.

The most significant change in the technical environment of ENS is the fact that it has broken out above the 50-day EMA of $20.46 and the 200-day EMA of $21.34. This two-moving-average break is a very strong bullish indicator in technical analysis because the price has succeeded in breaking two major resistance levels at the same time. The price has settled above these important levels and has turned them into possible support areas for the price in the future.

According to the CoinMarketCap data, this breakout has an impressive momentum, as ENS has seen a significant 19% price increase along with an unprecedented 170% growth in its daily trading volume. This increase in volume is especially notable since it shows a true interest in the market and not a low-volume pump, which gives credence to the present bullish run.

What’s Next For Ethereum Name Service (ENS) Price?

With an RSI of 77, the bullish momentum is very strong, but it is close to being overbought. Although this indicates that the rally is quite strong, traders must know that the RSI level could be a cause of concern to new entries since there is a possibility of a short-term pullback before another leg up.

The MACD indicator that shows positive values also proves the bullish thesis, and the momentum oscillator proves the power of the current upward trend. This technical convergence gives further support to the sustainability of the breakout.

Another aspect, which is perhaps equally important, is the social sentiment, which is measured by social sentiment indicators. The decrease of negative sentiment towards a more neutral and positive one indicates the increased confidence of the community and possibly the wider awareness of the value of ENS within the decentralized web ecosystem.

Strategically, the breakout above the 200-day EMA is especially important since it is usually a sign of a shift in the bear market to a bull market period. Provided that ENS manages to hold the price above the $21.34 mark, it may receive more institutional and retail attention, which would likely facilitate further price growth over the next few weeks.

Highlighted Crypto News Today: 

‌Cantor Fitzgerald Prepares Major Bitcoin Purchase in $3.5 Billion Deal