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ThecoinrepublicCryptocurrencyENS Regained Bullish Momentum: Could It Cross...
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ENS Regained Bullish Momentum: Could It Cross $30 This Month?

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The Ethereum Name Service (ENS) is back on the bullish track and bulls have conquered the battle last week. After a long time, ENS crypto succeeded in rebounding from the bottom and witnessed a notable rise of over 65% in the last 20 trading sessions.

Fueled by the network upgrade proposal, ENS labs has proposed a ENSv2 which aims to drop the gas fees and enhance the scalability. Meanwhile, investors are waiting for its finalization, in case of which, users could take a lot of benefit from this upgrade.

Post the network upgrade, demand is up and ENS token price displayed a significant pump. ENS token has reached the bullish region and is free to go higher.

A decisive close above the $30 mark would trigger a major bull run which might shift ENS price toward the $50 mark.

At press time, ENS price traded at $23.70 with an intraday surge of 4.36%, reflecting buying momentum on the charts. It has a monthly return ratio of 68.90% and 276.30% yearly, reflecting a short term uptrend..

The pair of ENS/BTC is at 0.000356 BTC, and the market cap is $747.21 Million. Analysts are neutral and suggest that the ENS price may resume the bullish wave and might retest the $30 mark soon.

Is ENS Ready to Trigger a Major Bull Rally Ahead?

Amidst the weak market structure and volatility, significant buying interest was revealed. ENS price is back on the bullish track. The token has completed its correction phase and could gain sharply.

Followed by a significant base formation around the $11 mark, buyers have accumulated the token and revealed a notable pullback in the past few weeks.

Source: Santiment

Its trading volume soared over 31% to $84.97 Million while the market cap rose over 4.27% in the last 24 hours.

The momentum oscillators are reflecting bullish cues. The RSI curve sailed to the overbought zone and reflected a positive crossover, while the MACD indicator plotted green bars on the histogram directing the bullishness.

Price Volatility and Weighted Sentiment Overview

Amidst the price rise, the price volatility curve significantly dropped over 8% to the 0.057 mark, suggesting that the selloff has eased.

Source: Santiment

The weighted sentiment data reveals a positive outlook, it stayed above the midline region, revealing that investors look confident in making long positions in the token.

ENS Social Metrics Reveal Surge in Popularity 

Following the incremental price action last week, the social metrics have reflected a bullish outcome. The social dominance data highlights a notable rise of over 34% and soared to 0.245%.

Source: Santiment

Likewise, the development activity data pumped over 12% to 2.9 guiding a bullish view on the charts.

@Javon Marks highlighted that ENS token displayed a major break out of an approximately 726 day resisting trend and has since, displayed notable progress, maintaining gains of nearly +200%.

With this breakout, the price target is at $76.121, and as it holds, another +222% is imminent and pullbacks may only aid this process.

Source: X

Futures OI Data Reflect Fresh Long Additions 

Fueled by investor interest, the holders have made fresh positions this week, which triggered the price rise.

ENS

Source: coinglass

The open interest surged over 4.30% to $86.59 Million in the last 24 hours and is revealing the bullish trend ahead. The immediate support levels for the ENS token are $20 and $17, whereas the key upside hurdle is around $27 followed by $30

Conclusion

ENS climbed above the key moving averages, revealing buyers’ accumulation in the last few trading sessions. Interestingly, the token has witnessed a significant trend reversal and is ready to unlock a major bull run ahead.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Adarsh Singh
Adarsh Singh
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.
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