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Ethereum Name Service Price analysis: Buyers Can Take Advantage of ENS Tokens Breaching Broad Consolidation Limits

Analytics

www.thecoinrepublic.com 23 July 2022 21:30, UTC
  
Reading time: ~2 m

  • The Ethereum Name Service (ENS) price finally reclaimed the $10 conceptual round level.
  • The market cap of the ENS token fell by 5.5% to $253 million in the past 24 hours.
  • Money Flow Index is moving above the 48-point greed level, which could signal a selloff at any point in time.

The Ethereum Name Service (ENS) token is trading across a wide horizontal range on the daily time frame window. During the range-bound phase, speculators retest support and resistance areas during volatility.

After the last bounce from the buyers hedge zone (green box), buyers made a bullish rally to the resistance area of ​​a broader volatility range. At the time of writing, the ENS altcoin was trading at the $12.4 mark amid a bullish rally.

Source: ENS/USDT by Tradingview 

According to CMC data, the market cap of the Ethereum Name Service (ENS) token is down 5.5% in the past 24 hours to $253 million. After yesterday’s drop, buyers are once again keeping the altcoin price in the green zone in the intraday trading session.

Buyers registered a bullish rally over the past few days where buyers drove the token price above the $10 conceptual round level. $10 has turned into the most immediate support level. Thus, the ENS/BTC pair is trading slightly below 2.6% at 0.000548 Satoshis. Furthermore, trading volume is showing buyers dominance over the Ethereum Name Service token.

ENS Price is Above 100 DMA

Source: ENS/USDT by Tradingview 

The RSI indicator is getting rejected near the entrance of the overbought zone. However, it shows bullishness for the ENS token.

Amidst the uptrend, the ENS token is trading above the 20,50, and 100-days EMA on the daily price scale.

Conclusion

The Ethereum Name Service (ENS) token is trading above the $10 conceptual round level. Although buyers are facing a minor retracement phase, the bulls are likely to break this wide range soon.

Support  level- $10 and $8.0

Resistance level- 14 and $20

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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