Home
News
- 1 Ethereum name service (ENS) is trading near $9.76 with a 12.84% rise in the 24-hour trading volume (press time).
- 2 Ethereum name service price is up by 2.84% over the last 7 days.
The Ethereum name service price prediction reveals that the ENS price is presently moving near the supply zone of the market structure. Ethereum name service recently made a 36% rally and presently, it is facing resistance from crucial EMA levels on the one day chart.
Observing the historical price action, ENS price has been making a lower high and low pattern. After breaking its support near $9.00 with a strong momentum, the price is presently retesting this level. Although there is a strong selling pressure near its immediate resistance, the buyers might lose their grip over the price action.
Multiple technical indicators indicate that the odds are in bears’ favor whereas the candlestick patterns near the current price point and volume indicate that bullish momentum is declining. If the sellers succeed in taking charge of the market, Ethereum name service price can observe a fall of more than 30% in the next few weeks.
The present value of ENS is $9.76 (press time). It has a market capitalization of around $280.27 Million.
Slight Surge In Social Engagement Parameter of LunarCrush
The multiple parameters on LunarCrush suggest there is a slight increase in the community’s interest regarding the Ethereum name service across the majority of social media platforms. The social engagement level is up by 15.59%. The total bullish and bearish sentiment metrics are recording a drop of around 80%.
Ethereum Name Service (ENS) Price Prediction: Technical Analysis on 1-Day Chart
Presently, the Ethereum name service token is facing resistance from the vital EMA level whereas the EMA lines are moving in descending order, an indicator of a bear trend.
The RSI line is at present near the supply zone where it is crossing below the 14 SMA. The current RSI value of the Ethereum name service token is 55.99 points, whereas the 14 SMA is providing resistance to it at around 57.62 points.
The stochastic RSI is about to give a negative interception to the median line. The present value of stochastic RSI is 55.85 points.
Conclusion
According to the analysis, Ethereum name service price prediction suggests bears are likely to step into the price action as the price is facing severe resistance from its immediate barrier. The majority of technical indicators present a similar outlook.
Technical Levels:
Support – $8.00
Resistance – $12.00
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.
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.
