Ethereum Name Service Suddenly Spikes by 21%, Here's Main Reason

Oct 18,2022
Ethereum Name Service Suddenly Spikes by 21%, Here's Main Reason

The price of tokens is tailored for one of the fastest growing projects in the cryptocurrency market. This project has suddenly soared by more than 21% in the past 24 hours, making it the most profitable asset among the top 100 largest data assets in the world.

According to the social network report on the official website of the project, there have been no basic upgrades or events related to the project in the past, and there are no plans in the future, which also makes the deep reason for the strong growth to be inferred.

ENS boycott market prospect

Although the current situation of the cryptocurrency sales market is worrying, ENS has only shown a proactive price performance in the past 100 years. Since the decline in June this year, its value has increased by more than 140%.

The asset successfully broke through all the existing technical friction resistance in the data chart, and now shows all the signs of reversal of the development trend: the 50 and 200 day moving average system will be crossed, the trading volume will increase, and the relative strength index value will move in Niucheng District.

ENS is moving with a relatively stable growth trend, and the support line of development trend is around 13.8 yuan. Although the previous 24 hours showed a strong performance, the asset will face the expected adjustment, because the pressure of selling will generally rise with the price.

The spread of holders in ENS shows that there is a sharp rise around the price threshold of $20, which is likely to turn into a point in the short term. Traders often sell assets at a loss at the point of entry, realize income and expenditure, and force the position to be closed, resulting in problematic trading positions.