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ENS Technical Analysis: Will This Naming Token Surge 70% This Year?

ENS Technical Analysis: Will This Naming Token Surge 70% This Year?


Cryptoknowmics
2022-09-29 10:18:53
ENS Technical Analysis: Will This Naming Token Surge 70% This Year?

The ENS Technical Analysis shows a bullish reversal possibility with the 50% Fibonacci level breakout at $17. But, will this uptrend sustain? The ENS price action pictures a double bottom reversal from the $11.5 support level coinciding with the 23.60% Fibonacci level. Furthermore, the price action displays a symmetrical triangle breakout increasing the possibility of an uptrend above the 200-day EMA. So, should you consider buying ENS at the current market price? Key Points: The Ethereum Name Service price action teases a breakout entry opportunity. The ENS price action shows the possibility of the 200-day EMA breakout. The intraday trading volume in Ethereum Name Service is $131 million. Source – TradingView ENS Technical Analysis The ENS price action displays a bullish turnaround from the $11.5 mark, coinciding with the 23.60% Fibonacci level leading to a symmetrical triangle breakout. Moreover, the price action displays a double bottom reversal from this support level with the neckline at the 50% Fibonacci level at $17. The uptrend accounts for a 25% jump in the last two weeks to the resistance confluence of the 200-day EMA and the 50% Fibonacci level. Currently, the daily candle shows a 2% decline to retest the triangle breakout, offering a post-retest reversal opportunity. Additionally, the spike in trading volume supports the recovery rally reflecting an improvement in the underlying sentiments. Upon successful trendlin...

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