By Key Points
- The Ethereum Name Service (ENS) has increased by approximately 45%, reaching $35 for the first time since the year 2022.
- The ENS price chart also has a Golden Cross on the EMA 50/200-day which can also indicate strong bullish momentum.
- There are indications from RSI in overbought levels which point out further potential for profit in ENS.
- The daily trading volume increases by tremendous figures of 314.64%, the highest since November of 2021.
Ethereum Name Service (ENS) recently grabbed the attention of the investors after the price of the coin shot up by 44.59% in intra day trading. This new rally in the price now brings the price of ENS to 35 US dollars which has not been reached since January 2022.
CRYPTO BREAKING NEWS
Vitalik Buterin Blessing Boosts ENS Price: Token Soars On ‘Super Important’ Label. ENS, which stands for the Ethereum Name Service, witnessed a phenomenal increase of more than 50% in the value of its governance token on Wednesda… check us out @… pic.twitter.com/z02pzSIYjJ— InnovatekMobile (@Neome_com) January 4, 2024
This is an increase meaning there is a greater demand for ENS and so it will be ranked among the top 100 cryptocurrencies by market cap.
The renewed confidence in Ethereum Name Service is backed by the increase in volume by 314.64% in the past day.
This marks the biggest 24-hour trading volume of the token since November 2021 which indicates that investors are coming back to the market in a big way.
An Ethereum based blockchain solution for decentralized domain name services ens has started getting traction in the crypto space because of its unique use case. The recent rally indicates that players are becoming more bullish about the project’s potential.
Bullish Indicators Signal Sustained Momentum
Ethereum Name Service’s price action is governed by multiple bullish technical indicators, thus suggesting that the rally can possibly extend further:
TradingView: ENS/USDT
Golden Cross Formation
The daily chart shows the bullish tendency known as the Golden Cross in which the 50 Ema crosses above the 200 Ema. At this point of the crossover, the likelihood of buying the currency pair increases as the prices would steadily rise for a long time.
RSI over other average lines
The Relative Strength Index, or RSI, which is one of the key momentum indicators, crossed the overbought area on the ENS price chart. Such a condition reflects a strong bullish motivation but at the same time it is also an indication that the markets are likely to consolidate in the near term.
It however indicates that looking at the bullish curve in that RSI trendline, the market is still in a buying mood
These technical patterns point to already existing upward strength in the Ethereum Name Service price chart and suggest that there is potential for more upward movement.
Ethereum Name Service Price Predictions: $40 Targeted
In view of the current upward trend, Ethereum Name Service seems to be preparing to reach its next considerable resistance level at the price of $40. This achievement exemplifies a clear mental threshold and, once a clean break is made, further price appreciation is most likely. According to analysts, if ENS remains on this bullish path, it can rise up to $50 in the upcoming weeks.
Support Levels to Watch
However, on the other side, let’s take a look at the support levels, which for ENS are situated at $31 and $23.50. If the strength in this pair is not maintained, it could result in a retracement creating an entry opportunity for buyers.
The prospects of ENS on the ACHs high
The ENS price’s surge comes at a time when there is renewed interest and a positive sentiment in the crypto space as investors seek to benefit from the bullish cycle that is currently in place.
Given that ENS has started to receive increased join trading and has good technical support, it seems quite likely that the current price may aim to surpass its previous ATH in the next few months.
Though which twin or even ATHs that order become available varies, it is important to know that without continuous web bull sentiment and better surrounding market conditions a new ACH might never be achieved.
Due attention should hence be focused on the macroeconomic factors and news from the Ethereum Name Service that may affect its value.
The Reasons why ENS Should Be Considered by Crypto Investors
Ethereum Name Service has managed to create a market for itself in the crypto industry as it provides decentralized domain name services operating on the Ethereum Blockchain. With the increasing growth of Web3, ENS is likely to gain a lot, making it a good candidate for long-term investment.
With its recent price performance and technical indicators suggesting more upside, investors willing to expand their crypto exposure should have ENS at their radar as it is quickly becoming one of their most preferred options.
Ensure that you track the current events in relation to the Ethereum Name Service and their price fluctuations to get the best possible returns on your investments.
