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The ENS token has surged by 15.80%, propelling its price action beyond a four-month resistance level. However, it seems that a new resistance has formed at the $9.50 mark. Let’s delve deeper into the potential developments in this market.
Key ENS Statistics:
Current ENS Value: $9.36
Ethereum Name Service Market Cap: $286,791,239
Circulating Supply of Ethereum Name Service: 30,088,592
Total Supply of ENS: 100,000,000
Ethereum Name Service CoinMarketCap Ranking: 135
Key Price Levels:
Resistance: $9.36, $10.00, and $11.00
Support: $9.00, $8.00, and $7.00
Ethereum Name Service Progresses Along Its Bullish Trajectory
Since October 20th, the ENS token has rebounded from the $6.70 support level, consistently retracing upwards. Today’s trading session, at the time of writing, displays increased bullishness compared to previous sessions within the recent upside correction. The ongoing session positions the Ethereum Name Service token above the Guppy Multiple Moving Average (GMMA) indicator lines.
Additionally, the Relative Strength Index (RSI) indicator lines have recently executed an upside crossover above the 50 level, indicating that the upside retracement may persist. The crossover isn’t hyperextended, suggesting a potential continuation of bullish momentum.
ENS Bulls Exhibit Determination to Extend Retracement
In the 4-hour market of the Ethereum Name Service token, the upward trajectory has been sustained over the past three trading sessions, with the last two bringing more significant price increases.
Despite the ongoing session delivering moderate profits at the time of writing, buyer dominance remains evident as the token continues to trade above the upper limit of the Bollinger Bands. Simultaneously, the RSI indicator lines continue their ascent toward the overbought zone following the recent crossover. Consequently, it seems that this market is on course for the $10.00 mark.
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