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As of this writing, the Ethereum Name Service (ENS) token has recorded a price increase of over 5.48%. Consequently, the token now trades above key technical levels that could support further price gains. However, there is some disparity among trading indicators, suggesting mixed signals, although the market seems poised for additional upward momentum.
ENS Statistics
Current Price of ENS: $35.56
Market Capitalization: $1.31B
Circulating Supply: 35.36M
Total Supply: 100M
CoinMarketCap Rank: 86
Key Price Levels
Resistance: $36, $40, $44
Support: $32, $28, $24
Ethereum Name Service Continues Upside Retracements
Price action in the ENS daily market has rebounded off the support formed at the 50% Fibonacci retracement level. Despite encountering some setbacks, the market has continued its upward trajectory. Notably, the ongoing session has delivered a significant victory for the bulls.
As a result, the token’s current price now trades above most of the Moving Average (MA) lines on the chart. However, the Stochastic Relative Strength Index (RSI) lines appear slightly tangled, pointing sideways but remaining above the 70 level, indicating that the market is still in overbought territory.
ENS Maintains a Promising Outlook
When analyzing the Ethereum Name Service price on the 4-hour chart, the market retains its bullish outlook. The token’s current price lies above all the MA lines, with the 100-day and 200-day MAs converging below the token’s price level. The most recent price candle remains green, although it has contracted slightly due to opposing price forces.
Furthermore, the Stochastic RSI indicator has delivered a downward crossover, with the lines slightly descending toward the 40 level. This suggests that downward pressure is being countered by strong bullish forces. Given that the token trades above key MA lines, the market appears likely to breach the $36 resistance level soon and advance toward $40.
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