ENS Sees Strong Momentum: Is $30 Within Reach This Month?
The Ethereum Name Service (ENS) has regained its bullish momentum and is showing signs of further upward movement. Last week, bulls took control and pushed the price higher, resulting in a significant rise of over 65% in the last 20 trading sessions.
The proposal for ENSv2, which aims to reduce gas fees and improve scalability, has fueled investor confidence and anticipation. If this upgrade is finalized, users could benefit greatly from it.
Since the network upgrade, demand for ENS has increased and the token price has experienced a significant boost. Currently trading at $23.70 with a daily surge of 4.36%, ENS has the potential to continue its upward trajectory.
A key milestone for ENS would be a decisive close above the $30 mark, which could trigger a major bull run and potentially push the price towards $50.
Analysts are neutral but suggest that ENS may resume its bullish wave and test the $30 mark in the near future.
After a significant base formation around the $11 mark, buyers have accumulated the token and initiated a notable pullback in recent weeks.
Technical indicators reflect a bullish outlook, with the RSI curve entering the overbought zone and showing a positive crossover, while the MACD indicator exhibits green bars on the histogram, indicating bullish momentum.
The price volatility has decreased, suggesting that sell-offs have eased. Sentiment data also reveals a positive outlook, with investors confident in making long positions in the token.
Social metrics indicate a surge in popularity, with a notable rise in social dominance and development activity, further supporting a bullish view.
Additionally, futures data shows fresh long positions being added, fueling the price rise and indicating investor interest.
The open interest for ENS futures has increased, pointing to a bullish trend ahead. The immediate support levels for ENS are $20 and $17, while the key upside hurdle is around $27, followed by $30.
In conclusion, ENS has reclaimed its bullish momentum and is poised for a major bull run. While reaching the $30 mark is possible this month, further gains beyond that point may also be achievable. However, investors should conduct their own research and exercise caution before making any financial decisions.