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Ethereum Name Service’s price action has witnessed moderately sustained volatility, assisting the token to reach the $18, $20, $22, and $24 price marks. Particularly, the ongoing session has broken through a new resistance at the $24.00 mark. Let’s examine the token’s chances of extending the upside retracement towards higher levels.
ENS Statistics:
Current ENS Value: $24.20
Ethereum Name Service Market Cap: $728,155,009
ENS Circulating Supply: 30,795,190
Ethereum Name Service Total Supply: 100,000,000
ENS CoinMarketCap Rank: 102
Key Price Levels:
Resistance: $24.20, $26.00, and $28.00
Support: $24.00, $22.00, and $20.00
ENS Retains Hold on the $24.00 Mark
While the Ethereum Name Service price had earlier broken through the price ceiling at $24.00 today, it appeared to test the $25.00 price mark but bounced off it due to a lack of conviction to cross above it. Nevertheless, the token continues to trade above the technical support at the $24.00 mark.
On the bright side, the token continues to trade above the green and red sets of the Guppy Multiple Moving Average (GMMA) curves. Likewise, upside market forces have been able to prevent the earlier bearish crossover on the Moving Average Convergence Divergence (MACD) indicator lines. The lines of this indicator now have an upside bearing, suggesting that the market will progress further upward.
Ethereum Name Service Bulls Keep Prices in an Upward Trajectory
Continuing the analysis of ENS price action on the 4-hour market, it is observed that buyers have resumed buying above $24.00 in the new session. As of the time of writing, the Ethereum Name Service token sells for $24.25.
Consequently, this token has been able to stay above the GMMA curves even in this time frame.
Meanwhile, the MACD indicator lines have also started rising upwards above the equilibrium level. The bars of this indicator can also be seen appearing green above the equilibrium level, thereby attesting to the increasing bullishness in this market. Consequently, traders can still use bullish crypto signals in this market, with targets towards the $25.50 mark.
