Ethereum Name Service (ENS) Breaks Out, Can Price Hit $20?
October 06 2022 - 10:00AM
NEWSBTC
ENS price continues its bullish structure after a reclaim of the
$15 region as the price stays on track to retest major
resistance. ENS trades above key support as price
reclaim 8 and 20-day EMA. The price of ENS aims to continue its
rally as the price shows bullish strength after breaking out of the
descending triangle. Ethereum Name Service (ENS) has looked more
decent in price action against tether (USDT) after breaking out of
a descending triangle to set up a more bullish sentiment. The price
of Ethereum Name Service looks set to breach the $20 mark. Ethereum
Name Service (ENS) has had a favorable response as the prices of
altcoins and the crypto market look to bounce from their key
support areas, with BNB price looking more stable for a retest of
key resistance at $20. (Data from Binance) Related Reading:
Polkadot Seeing Lots Of Development Activity – But Why Is DOT Stuck
In The Cellar? Ethereum Name Service (ENS) Price Analysis On The
Weekly Chart. Despite struggling to break above $17 in recent
weeks, with the price rejecting its weekly support, the ENS price
has managed to hold its key support at $14; with so much
uncertainty in the market about where it is headed, the price of
ENS showed great strength in that region. Despite the current bear
market that has made trading even more difficult, the price of ENS
continues to show strong signs of recovery and has surpassed its
monthly return on investment (ROI) for major cryptocurrencies.
After retesting a weekly low of $12.5, the price of ENS has
recently rallied to around $15 but has been rejected in an attempt
to break higher in order for the price to trend. For a while, the
price of ENS remained range-bound as it attempted to break the $15
mark. The price of ENS broke above $17, but it needs to form
support above this level for the price of ENS to rally to the $20
region, where it will face its first major test. If the price of
ENS fails to hold above $17, we may see it retest the $15 region,
which serves as a good support zone for the price. Weekly
resistance for the price of ENS – $20. Weekly support for the price
of ENS – $15. Price Analysis Of ENS On The Daily (1D) Chart On the
daily timeframe, the price of ENS continues to look strong as the
price aims to rally to a high of $20 after a successful breakout
from a descending triangle creating a more bullish scenario for
traders to place more buy orders. The price of ENS currently trades
at $17.4 above the 8 and 20-day Exponential Moving Average (EMA).
The prices of $16.2 and $15.3 correspond to the prices at 8 and
20-day EMA for BNB on the daily timeframe. Daily resistance for the
ENS price – $20. Daily support for the ENS price – $15. Onchain
Analysis Of ENS The price of ENS, despite still down from an
all-time high of $83, the on-chain analysis shows a more decent
outlook for the past three months despite the market sentiment
still being bearish. ENS produced a reasonable three-month return
on investment (ROI) of 80%. Related Reading: SAND Has Just
Been Added On Binance US – Will It Hit $1 In The Coming Days?
Featured Image From Zipmex, Charts From Tradingview and Messari
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