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Ethereum Name Service has recently added fiat payment services for domain names. - 2
Ens technical indicators are favoring a bearish momentum in price.It is down by 4.63% in the ETH pair
Ethereum Name Service (ENS) is a decentralized naming system built on top of the Ethereum blockchain. It provides a simple way to register and manage human-readable domain names instead of long addresses. This makes it easier for users to interact with each other. One can also create subdomains that allow users to manage their multiple addresses in a single domain name.
ENS was initially a part of the Ethereum ecosystem but went off as a different organization in 2018. It is the first of a kind to transfer DNS to decentralized web 3. ENS token is used as a governance protocol for the ecosystem. It helps in determining the prices of domains and can also be used to delegate for voting. It has a total supply of 100 Million in which 20% of it is circulating in the market. The token has 64516 holders and can see strong growth in the future. ENS domains are decentralized which makes it censorship resistant.
ENS has a market cap of $323 Million and is ranked 108th in the CMC. The volume of asset prices has seen a surge of 80% in the intraday session. The V/M ratio of ENS hints towards a consolidated trend.
Bears Of ENS Are Tightening Their Grip
The weekly technical chart of ENS price suggests a win for the Bears. On the daily chart, the asset price is forming strong bearish engulfing candles. It is trading near the value of $11.3 with a small drop in the intraday session. The correlation between the ETH and ENS has also been seeing an increase. The upside trend of ENS can see a halt near the value of $14. Meanwhile, the downside momentum of asset price can see a halt near $10. It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the price to a new low.
The RSI of ENS is near 36 suggesting its presence in the over-sold zone. There is a downside slope in it hinting towards a bearish momentum in price.
Summary
Ethereum Name Service has been seeing a decline in social engagements. ENS is currently consolidating but can hit a new high in the future.
Technical Levels
Major Support:$10
Major Resistance:$14
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/05/06/ethereum-name-services-is-a-recovery-for-ens-price-not-in-sight/