ENS’s price is trading near the support zone below all the major EMA levels on the daily timeframe. The Investor’s sentiments regarding EVS tokens are taking a bearish turn, though there is a slight increase in the trading volume which suggests that there is an increase in the buying and selling activity of the token.
The present value of ENS is $10.46, with a market cap of $298.31M
A Significant Decline In Fees and Revenue of ENS Token
The graph above illustrates a sudden decline in Fees and Revenue of ENS prices within the past few days. This indicates that the platform is experiencing a slight decrease in the onboarding of users in the past few weeks. The total fees and revenue obtained by EVS are $3,187 within 24 hours.
The overall market sentiments have been trading near the neutral zone for the past few days, The current value of market sentiments in the greed and fear index is 52 points. It is seeing a decrease of 16 points within a few months where the sentiments were around the greed zone at 68 points. As per the greed and fear index, provided by the Alternative (dot) me platform.
The sellers are prominent currently within the price action in the majority of the market which is also reflected in the ENS price. If it fails in gathering more support from the buyers in the recent future the price may see a significant decline in value.
Technical Analysis (1-Day Timeframe )
The RSI line is taking a reversal from the oversold levels. The value of the RSI line at present is 31.67 points; 14 SMA is providing resistance to the RSI line at 36.87 points. As the RSI line is trading in the demand zone it may soon take a bullish turn.
The current value of the Stochestic RSI is 18.07 points. Stochastic RSI is trading below the 20 points at present whereas the %K line has already given a bullish crossover to the %D line on the daily timeframe. It is expected to see a further increase in the value.
Conclusion
The ENS price will require strong buyer support to recover its value from current levels in the near future. Presently, the majority of the technical indicators are favoring the bears however the oscillators are trading near oversold levels which indicates that the price may attempt to make a bullish recovery in the near future.
Technical levels –
Support – $10.00
Resistance – $14.00
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.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/11/ens-price-analysis-will-the-ens-price-obtain-bulls-support/