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Price action in the Ethereum Name Service daily market has been leaping bounds for the second consecutive session. The market rose through resistance at $20.00 and $22.00. The ongoing session has seen some downward rejection, but it looks like market bulls still have some fights left in them.
Ethereum Name Service Statistics:
Current ENS Value: $23.21
ENS Market Cap: $712,912,496
Ethereum Name Service Circulating Supply: 30,634,836
ENS Total Supply: 100,000,000
Ethereum Name Service CoinMarketCap Ranking: 91
Key Price Levels:
Resistance: $23.21, $24.00, and $25.00
Support: $23.00, $22.00, and $21.00
Ethereum Name Bulls Are on Rampage
Price activity in the ENS daily market has been considerably bullish, as mentioned earlier. Upside forces have sustained this bullish trend for two consecutive sessions. The size of the last price candle indicates increasing momentum. In the ongoing session, price action has witnessed moderate downward rejection, as evident from the upper shadow on the corresponding price candle.
The token continues to trade considerably above the two sets of Guppy Multiple Moving Average (GMMA) lines. Simultaneously, Moving Average Convergence Divergence (MACD) lines are still trending upward. The bars of this indicator reveal that price volatility is high, as they are now appearing tall above the center line. All the signs emerging from technical indicators seem to be solidifying bullish traction in this market.
ENS Is Ready to Keep Gaining Upside Traction
Moving to a smaller Ethereum Name Service market on a 4-hour basis, the developing movement still has an upside trajectory. The new session made a bullish stand above the psychological support at the $22.00 mark, signaling that buyers are aiming higher in this market.
Trading activities continue above the GMMA lines, and the MACD lines maintain a steep upward path above the equilibrium level. The appearance of MACD bars above the center line supports the deduction that bullish momentum is strong. Consequently, this will likely cause more upside retracement in this market. Therefore, traders can project hitting a target at the $24.00 and $25.00 marks.
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