Following Ethereum’s Footsteps, ENS Price Could Finally Increase By Over 300% to Land At $50. Is This Possible?

Ethereum Name Service (ENS) is on the rise, breaking away from a downtrend and surging past the $20 mark. So, as stability is secured by buyers, an increase in trading volume indicates growing investor interest. However, this positions ENS to surpass $25. So, with its current value at $23.51, showing an 11.16% gain, ENS appears ready for more growth.

Strength of ENS Bulls

Image from TradingView 

• Looking at daily charts, ENS shows a strong breakout above $15, supported by significant trading volume. Furthermore, the Relative Strength Index (RSI) holding above 70 indicates lasting bullish sentiment. Additionally, the MACD indicator’s bullish crossover suggests a continued upward trend. So, analysts are positive, expecting ENS to reach beyond $30 in the near future.

• However, weekly charts reveal a bullish story. This is  as a result of ENS forming a notable wave and a bullish marubozu candle disrupts the 100-day EMA. Thus, breaking through the descending trendline, accompanied by substantial volume, sets the stage for further gains. So, the momentum indicates that ENS would reach new heights.

ENS Price Outlook and Technical level 

• Currently, ENS encounters support at $20 and $18, facing resistance at $27 and $30. So, the community hopes ENS stays above $20, aiming for the coveted $50 milestone to continue its upward trend.
• ENS, an Ethereum-based naming system, simplifies transactions by turning readable addresses into machine codes. Thus, with a market cap of $706.06M and a trading volume surging to $480.75M, ENS gains momentum. Therefore, this solidifies its position in the crypto space. So, The ENS/BTC pair at 0.000538 BTC further cements its presence in the crypto industry.

• However, the connection between ENS and Ethereum is noticeable. So, as Ethereum grows, ENS benefits, reflecting Ethereum’s upward journey. Hence, this connection hints at a potential mutual boost, enhancing ENS’s value.

Market Dynamics

Image from TradingView 

• Looking beyond technical analysis, market dynamics are important. ENS’s breakout aligns with a broader crypto market rally. Thus, with the increasing adoption of blockchain technology, ENS could gain more. So, the dynamic nature of the crypto industry adds an extra layer of excitement to ENS’s journey.

The Role of Media and Community  

• When it comes to crypto, media attention and community involvement are key players. ENS is making waves in mainstream media and online communities, creating a buzz that could push it to new heights. So, this increased visibility leads to higher demand and positive feelings around ENS.

Challenges Ahead: Can ENS Overcome?

• Even though things look positive, there are obstacles to tackle. Crypto markets usually go up and down, and regulatory changes can affect ENS’s path. So, traders and investors need to navigate these challenges, staying alert to market shifts and possible triggers.

Conclusion

Ethereum Name Service (ENS) is riding the crypto wave, smashing through barriers, and aiming for a big surge. Hence, technical indicators, along with weekly and daily charts, all point to ENS having the potential to go beyond $50. So, as investors keep a close watch, the crypto community eagerly anticipates the next chapters in ENS’s upward journey.

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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.