ENS Price Soars 9% Post-CUBE Exchange Support, Will the Rally Last?

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  • Ethereum Name Service (ENS) price hits $18.46 after CUBE exchange support.
  • Market cap and volume surged by 9% and 54%, showing growing interest in ENS.
  • Technical indicators point to a potential bearish reversal in the ENS market, raising concerns for investors.

Ethereum Name Service (ENS) has been on an uptrend over the previous 24 hours, having found support around the intra-day low of $16. This rise, triggered by the CUBE exchange’s announcement of supporting SNS and ENS domains, has sent the price of ENS to a new high of $18.46. This collaboration with the CUBE exchange is anticipated to improve the accessibility and usage of ENS domains, hence increasing demand for Ethereum Name Service.

At press time, the ENS token was trading at $17.92, up 9.93% from its 24-hour low. If the bullish momentum breaks over the $18.46 resistance, the next level to watch out for is around the $19.00 mark. This might attract additional buyers and lead to more price gains for ENS in the short run. However, if the negative trend regains control, the price of ENS may decline and could revisit support levels near $17.00.

ENS/USD 24-hour price chart (source: CoinStats)

During the upsurge, ENS market capitalization and 24-hour trading volume increased by 9.16% and 54.42%, reaching $547,665,788 and $149,618,299, respectively. This increase in market capitalization and trading volume implies rising interest and activity in ENS, which may contribute to price stability and future growth.

ENS/USD Technical Analysis

On the ENS/USD 24-hour price chart, the Relative Strength Index (RSI) has dropped below its signal line, with a rating of 53.85. This RSI pattern suggests that the ENS market’s bullish momentum may wane. If the RSI drops below 30, it might indicate that the ENS market is turning more negative.

Adding to the gloomy sentiment, the Moving Average Convergence Divergence (MACD) indicator has shown a bearish crossover, with the MACD line crossing below the signal line. This suggests a likely trend reversal in the ENS market and contributes to the weakening of bullish momentum. In addition, the MACD indicator’s histogram has turned negative, indicating a decline in bullish momentum and a probable increase in selling pressure.

ENS/USD 24-hour price chart (source: TradingView)

The Chaikin Money Flow (CMF) rating of 0 strengthens the pessimistic mood in the ENS market. A CMF rating of 0 implies that selling pressure is strong and there is little purchasing demand. This corresponds to the oversold 30 and the bearish crossing on the MACD indicator, presenting a grim picture for ENS market investors.

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