The Ethereum Name Service’s (ENS) governance token has recently experienced a remarkable price surge, climbing by 32.5% from $17 to $22.7 within a three-day span. This increase stands out as the market at large grapples with uncertainty. The token’s price jump is part of a larger bullish pattern that suggests the possibility of future gains.
Surge in Trading Activity
ENS’s trading volume has spiked to $246.5 million, a significant 66% increase, even as the broader cryptocurrency market faces sell-offs in response to ETF developments. Despite a correction from a high of $27.5, where the price dropped by 43.75%, ENS found strong support at the $15.5 level, propelling it for another rise.
After bouncing back from the 50% Fibonacci retracement level, ENS’s price has rebounded to $22.78. The token saw a 13% rise following a partnership announcement with GoDaddy, which allows users to link Ethereum addresses to domain names, integrating with various web3 applications.
Optimistic Market Sentiment
Market experts are showing optimism for ENS, forecasting a potential 20% increase in its value, which could challenge the token’s recent peak. The weekly chart analysis indicates a ‘Cup-and-Handle’ formation, a bullish sign typically emerging after a bear trend. This pattern, along with the Exponential Moving Average trends, suggests that ENS’s price might break through the $27.5 mark, buoyed by additional support for cryptocurrency enthusiasts.