Ethereum Name Service (ENS) Moves Silently With 20% Rise, Will Price Retest $27?
October 14 2022 - 2:00PM
NEWSBTC
ENS price outshines the market as price shows strength rallying to
a high of $20. ENS tops the crypto price as it cracks over 20% gain
in less than 24 hours despite the crypto bloodbath. The price
of ENS shows bullish signs as the price holds above the 50 and 200
Exponential Moving Averages (EMA) with good volume. Despite
the uncertainty that currently surrounds the cryptocurrency market,
the price of Ethereum Name Service (ENS) has been one of the dark
horses, rallying from $13 to $20. The crypto market suffered a new
setback when the price of Bitcoin (BTC) fell from around $19,000 to
$18,100 as the Consumer Price Index (CPI) indicated an increase in
inflation, negatively affecting the price of BTC with altcoins
affected but Ethereum Name Service (ENS) demonstrating incredible
strength. (Data from Binance) Related Reading: Ethereum Price Pumps
and Looks Ready For Another Leg Higher Over $1,400 Ethereum Name
Service (ENS) Price Analysis On The Weekly Chart Although the
crypto market experienced a sharp decline due to the CPI news, the
market appeared to be manipulated as Bitcoin’s (BTC) price dropped
from $19,200 to $18,200 in hours. The market quickly recovered as
most altcoins began to show strength, with ENS demonstrating how to
run the show. It remains to be seen whether the current bounce is a
sham or will be sustained as Bitcoin Dominance rises; this will
impact the price of altcoins, particularly when BTC retraces,
causing more retracement for altcoins. October began looking
promising for altcoins, as they had significant strength to rally.
Many traders are hoping that October will be a month of Uptober for
the crypto industry, which has had a difficult bear season. The
price of ENS rose from a low of $7.5 to a high of $16, but that
region quickly rejected the price, and ENS has struggled to hold
this rejection as the price fell to $11.4 to rekindle that bullish
run. The price of ENS showed tremendous strength, bouncing off
$11.4 and continuing its rally to $19.9. Weekly resistance for the
price of ENS – $20.5. Weekly support for the price of ENS – $16.7.
Price Analysis Of ENS On The Daily (1D) Chart The daily timeframe
for the price of ENS looks good, showing incredible strength as the
price holds above the 50 and 200 Exponential Moving Averages (EMA),
acting as support for ENS’ price on the daily timeframe. ENS’
price needs to overcome the resistance at $20.5, a break and close
above this region would send the price of ENS to a high of $25-$27.
If the price fails to break above, we could retest the support at
$16.77 Daily resistance for the price of ENS – $20.5. Daily support
for the price of ENS – $16.77. Related Reading: Dogecoin Can Regain
Losses If DOGE Extricates Itself From This Level Featured Image
From zipmex, Charts From Tradingview
Ethereum Name Service (COIN:ENSUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Ethereum Name Service (COIN:ENSUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024