- The ENS crypto price surged by 14.64% in an intraday session.
- Ethereum Name Service token’s price has gained 105% over the past 100 days.
- Its trading volume has increased by 129% compared with the previous day.
The chart structure of the ENS price has displayed slow and steady growth since mid-February. It rose because of support from the trendline. Ethereum Name Service crypto price has gained 205% YTD.
However, the buyers have struggled to overcome the $30 hurdle from the beginning of this year. At the beginning of July, the buyers attempted to exceed the $30 mark, but the sellers were strong enough to drag down the price.
At the time of writing, the ENS crypto traded at $29.63, surging by 14.64% in the past 24 hours. The market capitalization was $972.44 Million, and the 24-hour trading volume was $313.98 Million.
Momentum After Breakout?
A source on X claimed that the Ethereum Name Service price has formed a symmetrical triangle pattern. The price was at the crucial level of breakout at press time. According to this source, a breakout scenario has been generated.
$ENS gonna break out (?)🤔 pic.twitter.com/E5QKz9EOgQ
— Yudhisthira Dharma (@yudhisthiradb) July 23, 2024
If the price triggers a breakout, strong bullish momentum can be anticipated due to the bullish trend.
Is ENS Price Ready for a Big Move?
This source on X suggested that the ENS price has remained in the consolidation phase since the first quarter of 2022. It has continuously attempted to overcome the $30 hurdle but couldn’t.
$ens soon big breakout pic.twitter.com/BoAcFIXhRg
— KNIGHT $INJ TO 100$ (@cryptoknight890) June 30, 2024
At press time, the price has been struggling near the major resistance level for longer, and a breakout may spark the price.
Technical Analysis of ENS Price Over 1-D Timeframe
The ENS crypto price has formed an ascending triangle pattern on a daily time frame. Buyers may get involved if the digital asset price triggers a breakout from the triangle.
Strong buying pressure can be observed if the price manages to sustain over the $30 hurdle.
On the other hand, buyers might panic if the Ethereum Name Service price slips below the trendline. Assuming the price starts trading below the 200-day EMA, profit booking for a longer period can be expected.
Turning to the technical indicators, the ENS price surpassed the key moving averages, showcasing the bullish forecast. MACD triggered a golden crossover with the Signal line and has wandered over the Zero line.
What’s Ahead in ENS Crypto Price: Breakout or Breakdown?
Based on the ENS price’s current analysis, it is evident that the cryptocurrency has been bullish, with significant gains in intraday and long-term periods.
The price has been hovering around the crucial $30 level, with a breakout anticipated.
Technical indicators, such as the ascending triangle pattern and the golden crossover on the MACD, have suggested a bullish outlook for the ENS price.
Technical Levels
The ENS crypto price is expected to face resistance from the $30.00 & $50.00 levels. The price may take support at the $25.00 and $20.00 levels.
Disclaimer
This article is for informational purposes only and provides no 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.
