As a seasoned researcher with extensive experience in the cryptocurrency market, I must admit that witnessing ENS‘ impressive 37% surge within 24 hours is indeed a sight to behold. The altcoin’s performance makes it the top gainer among the top 100 cryptos, and its new year-to-date high of $37.29 is nothing short of spectacular.
The Ethereum Name Service’s native token, ENS, is experiencing a significant surge, jumping up by 37% over the last day. This impressive rise has positioned ENS as the top performer among the leading 100 digital currencies.
On Thursdays early Asian market hours, the altcoin hit a fresh peak for the year, reaching $37.29, then experiencing a slight retreat. Currently, it’s being traded at $34.17, with a significant increase in transaction activity also observed.
Ethereum Name Service Sees Spike in Trading Activity
A substantial increase in trading activity coincides with ENS experiencing a double-digit growth spike, reaching an unprecedented peak of $2.35 billion. This remarkable surge soared over 300% within the last day.
When an asset’s trading activity increases alongside its price, it suggests robust investor engagement. A surge in activity indicates that the price change is bolstered by active participation, which makes the rise more enduring. Conversely, a price increase without a corresponding boost in activity might imply a less solid uptrend that could potentially reverse.
Instead of just speculation, it’s the genuine demand for the token that has fueled ENS’ price increase.
As a crypto investor, I’ve noticed an impressive surge in the open interest of this altcoin, reaching a multi-month high of $132 million. This significant increase suggests a rise in trading activity. According to Santiment, this surge has risen by 7% over the past 24 hours, marking its highest level since July.
The open interest reflects the overall count of unresolved contracts (like futures and options). An increase in this figure during a price surge suggests that more investors are opening new positions, implying a high level of market involvement in the upward trend.
This suggests that the trend is likely to persist, since rising participation (open interest) indicates a growing belief among traders about the direction of price changes.
ENS Price Prediction: Buyers May Soon Witness Exhaustion
Currently, ENS is trading slightly higher than the support established at $31.57. If this support holds strong and the token successfully retests it, we can expect its price to regain its peak for the year so far, which was at $37.29.
However, readings from ENS’ Relative Strength Index (RSI) indicate that the market is overheated, and buyers may soon experience exhaustion. At press time, the indicator’s value is at 79.27.
The Relative Strength Index (RSI) tool assesses whether an asset’s market conditions are excessively bought or sold. This index varies between 0 and 100, with figures exceeding 70 indicating the asset might be overbought and could require adjustment. In contrast, RSI values below 30 indicate the asset is oversold and may be ready for a recovery.
A potential correction will push the ENS token price below support at $31.57 and toward $28.27.
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2024-11-28 14:20