- A huge surge in the trading volume of the Ethereum Name Service (ENS) was recorded in the last 24 hours.
- ENS has outperformed 78% of the top 100 crypto assets in the last 1 year.
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% in the open interest of the token.
The sentiment of the ENS is bullish as per Coincodex, while the price volatility of the crypto is high resulting in 12.18%.
The supply inflation of the crypto is also high resulting in 9.92% and only 31% of the supply of the crypto is circulating in the market.
The market cap of the token rose by 10% over the last 24 hours till press time which was followed by a 106% surge in the trading volume of the token. The following behavior of the metrics shows a surge in the demand for the token.
The fully diluted market cap of ENS is worth $2.775 Billion which is followed by a spot market cap of $877.979 Million. Also, the market cap ranking of the token is #70 as per CoinMarketCap.
Financial Data Overview Of Ethereum Name Service Token
The top 10 holders of the Ethereum Name Service hold 80.50% of the supply and there are a total of 59K addresses holding the token.
Out of the total holding addresses, 52.77% of the holders are in profit resulting in 31.39K while 26.1K addresses are incurring losses. Moreover, 87% of the holders of the token are big players who have large sums of money.
Also, 80% of the holders of the token have been holding it for more than one year while 16% of the holders have been holding ENS for the last 1-12 months.
ENS Crypto Technical Analysis
ENS experienced a significant rise after taking support at crucial levels. 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
ENS displayed strength, advancing above crucial EMAs on the chart. A golden crossover of the 50-day and 200-day EMAs has occurred, indicating a bullish trend.
The MACD and the signal line are both trading in a bullish trajectory, supported by a golden cross of the metrics. The histograms on the chart also exhibit a strong bullish sentiment, suggesting continued upward movement.
Furthermore, the RSI has entered a bullish cycle, breaking above the 50-level and sustaining its position. Currently, the RSI stands at 54.02, highlighting positive momentum and investor confidence in the token’s price action.
ENS has 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.
Disclaimer
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. Please do your research before making any financial decisions.
