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- ENS DAO voted to select Karpatkey DAO to manage its endowment fund.
- It is looking to manage a fund worth of $ 52 million.
- The price patterns suggest a bearish takeover.
The ENS DAO voted to select the treasury management platform Karpatkey DAO to manage its endowment fund. Karpatkey is looking to manage a proposed $52 million endowment fund for the ENS DAO. The price did rise for this happy news as the voting ended, but what do the holders know that this is a mere facade to cover the steep fall as this rise is to reach the rock bottom.
The Diagrammatic Session
The price slopes upwards, forming a bearish flag with the target price level of $7.41 to fall. The volume diminishes consistently with the current fall by more than 25%, amounting to 41.236 million. The EMAs form a death cross, which is a clear indication of the future fall. The price may fall near the $7 price level respecting the past swing. Also the price action moved to the upper border of the Bollinger band indicating hyper volatility.
Source: ENS/USD by Tradingview
The CMF indicator moves upwards for the price rises in the short term. It may soon drop for the breakdown. The MACD turns slightly bullish as holders increase looking at this temporary rise in the price. It may soon display the real picture where the bears have taken over the market. The RSI indicator moved closer to the 50-mark neutral and may continue to oscillate in the same range.
The Closer POV
Source: ENS/USD by Tradingview
The price continues to move steadily up the slope. The CMF indicator goes below the baseline and shows signs of temporary retracement but may continue to fall in the bigger frame. The RSI indicator rises to reach the range of the 60-level but may soon drop closer to becoming oversold. The MACD indicator entwines as the bullish mode ends and prepares to become bearish in full swing.
Conclusion
The price action is creating an attractive mirage covering the harsh truth of the vainful future, and naive holders are approaching the market on the basis of this temporary rise. This may also drown and take along these holders as the fall swing is quite low and may take a long time to recover.
Technical levels
Support levels: $7.41 and $4.48
Resistance levels: $18.03 and $20.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
