Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know from wallets like Metamask. ENS price overtook the downward-sloping trendline and enlisted a breakout in the recent sessions. Per the price action, buyers have successfully stretched ENS crypto away from the sellers’ eyesight.
ENS price has whipped the major hurdle of $20, and advancing the bullish trajectory exposes the outperformance. Moreover, the Ethereum Name Service crypto denotes the buying momentum and may endure in pushing the rally further above $25 soon. Buyers have attained stability, and a massive spike in trading volume reflects investor interest. The impulsive spike above $15 also led sellers into trouble, resulting in a short covering move.
At press time, Ethereum Name Service (ENS) trades at $23.51 with an intraday gain of 11.16%, showing a massive breakout. Moreover, the trading volume increased by 77.45% to $480.75 Million, highlighting investor interest. The pair of ENS/BTC was noted at 0.000538 BTC, while the market cap is $706.06 Million. Analysts are bullish and suggest that the ENS price will continue to skyrocket the gains and reach $30 soon.
ENS On Daily Charts Displays Buying Momentum
On the daily charts, ENS crypto has reported a much-awaited breakout and fled the major burden of $15 with an influential volume spurt. Additionally, follow-on buying momentum post-breakout gives a conviction that bulls have ultimately carried authority and are keen to ascend above $30.
The relative strength index (RSI) curve stayed above 70, which signifies the bullish sentiment and ENS price may continue to sail above $20, leading the rally. Similarly, the MACD indicator showed a bullish crossover and replicated the long buildup activity, favoring the bulls to stretch the gains.
ENS on Weekly Charts Reflects Trendline Breakout
On the weekly charts, the ENS price portrayed a massive wave and noted a bullish marubozu candle, which manipulated the 100-day EMA sharply. Moreover, the descending trendline breakout was glimpsed, which collided with a notable volume addition, and ENS crypto enlisted a much-awaited move.
Summary
Ethereum Name Service (ENS) crypto affirmed a sharp upward move and is glad to reach the blue sky zone above $30. However, the ENS price should sustain above $20 to continue the buying step and may contact $50 soon. Amidst the bullish presumption, ENS crypto eventually acquired strength and is prepared to outperform its equivalents in the following sessions.
Technical Levels
Support Levels: $20 and $18
Resistance Levels: $27 and $30
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/13/ens-price-has-gone-above-20-is-the-50-level-reachable/