Advertisement
AD

Main navigation

Ethereum Name Service Suddenly Spikes by 21%, Here's Main Reason

Advertisement
Fri, 14/10/2022 - 12:28
Ethereum Name Service Suddenly Spikes by 21%, Here's Main Reason
Cover image via stock.adobe.com
Read U.TODAY on
Google News

The price of the token is tailored to one of the fastest growing projects on the cryptocurrency market, which has suddenly spiked by more than 21% in the last 24 hours, making it the most profitable asset in the top 100 of the biggest digital assets in terms of capitalization in the world.

Advertisement

According to the official social media accounts of the project, no fundamental updates or events related to the project have occurred in the past and are not planned for the future, which makes the reasoning behind the strong growth purely speculative.

ENS opposes trends on market

Despite the current state of the cryptocurrency market, in the last 100 days ENS has been showing nothing but positive price performance, gaining more than 140% to its value since reaching this year's bottom in June.

ENS Domain
Source: TradingView

The asset successfully broke every existing technical resistance on the chart and is now showing all signs of a trend reversal: the 50 and 200 day moving averages are about to cross, the trading volume switches to ascending and the Relative Strength Index is moving in the bullish zone.

ENS is moving in a firm uptrend with the trend's support located at around $13.8. Despite strong performance in the last 24 hours, the asset will most likely face an expected correction, as the selling pressure usually spikes in accordance with the price.

Related
"Rich Dad, Poor Dad" Author: Bitcoin May Protect You as Economy Crashes, Markets Go Bust

The holder distribution on ENS shows a large spike around the $20 price threshold, which will most likely become the point of a short-term reversal on the asset, and traders tend to sell assets at a loss at their entry point to break even and close problematic positions.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD