Ethereum Name Service (ENS) Token Skyrocketed by 95%, Outperforming 78% of the Top 100 Crypto Assets

The value of the derivatives traded volume for Ethereum Name Service rose by 95% over  just the last 24 hours. This further has resulted in an advance of 23%

The derivatives traded volume of Ethereum Name Service witnessed a remarkable surge of 95% within just the last 24 hours. This further led to an impressive advance of 23% in the open interest of the ENS token.

As per Coincodex, the overall sentiment surrounding ENS remained bullish throughout the trading session. However, the price volatility of the crypto was observed to be quite high, clocking in at 12.18%.

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The supply inflation of the crypto also remained high throughout the session, clocking in at 9.92%. Only 31% of the total supply of ENS was observed to be circulating within the market.

The market cap of the ENS token also rose significantly, clocking in at 10% over the last 24 hours till press time. This was closely followed by a massive 106% surge in the trading volume of the ENS token. The following behavior of the metrics indicated a surge in the demand for the ENS token.

The fully diluted market cap of ENS was observed to be valued at $2.775 Billion, while the spot market cap was observed to be valued at $877.979 Million. Furthermore, the market cap ranking of ENS was noted to be at #70, as per CoinMarketCap.

Key Financial Data Overview Of Ethereum Name Service Token

The top 10 holders of the Ethereum Name Service were observed to be collectively holding nearly 80.50% of the total supply of ENS tokens within their wallets.

In total, there were around 59K addresses that were observed to be holding the ENS crypto. Out of these, nearly 52.77% of the total holder addresses were observed to be in profit, clocking in at 31.39K addresses.

On the other hand, there were also 26.1K addresses that were observed to be incurring losses from their total crypto holdings. Moreover, nearly 87% of the total holders of ENS were observed to be big players who were noted to be holding large sums of money.

In addition to this, nearly 80% of the total holders of ENS were observed to have been holding it for more than one year. However, 16% of the total holders were also observed to have been holding ENS for the last 1-12 months.

ENS Crypto Technical Analysis And Price Prediction

After taking support at crucial levels, ENS experienced a significant rise. From a swing low of $10.36, it surged to $32.00 over the past three months, reflecting an impressive return of over 180%.

This notable breakout on the chart suggests a strong potential for further upward momentum. The recent price action indicates a higher probability of continued gains, as the crypto is gaining investor confidence and market traction.

ENS/USD Chart by TradingView

Strength was observed in ENS as it advanced above crucial EMAs on the chart. A golden crossover of the 50-day and 200-day EMAs occurred, indicating a bullish trend.

The MACD and the signal line were both observed to be trading in a bullish trajectory, supported by a golden cross of the metrics. The histograms on the chart also exhibited a strong bullish sentiment, suggesting continued upward movement.

bullish technical indicators, suggests continued upward momentum

Furthermore, the RSI entered a bullish cycle, breaking above the 50-level and sustaining its position. Currently, the RSI stood at 54.02, highlighting positive momentum and investor confidence in the token’s price action.

ENS surged significantly, outperforming 78% of the top 100 crypto assets over the past year. A notable increase in trading volume and market cap, combined with bullish technical indicators, suggests continued upward momentum. With strong investor confidence and market traction, ENS shows promising potential for further gains.

The support levels for the ENS token are $12.00 and $18.50 followed by the resistances of $34.00 and 40.00.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading any crypto. Please do your own research before making any financial decisions.

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