ENS Coin Technical Analysis: Will Bulls Take the Power Back?

• Ethereum Name Service Coin (ENS) is currently trading at $8.94 with a decline of 0.56% in the 24 hours.
• The Ethereum Name Service Coin price is observing an increase of 13.15% in the last 7 days.
• The ENS market capitalization is $230539620.

Trend Evaluation

By evaluating the price data of the ENS coin, it is observed that it is in a downtrend currently. The price inclined by 13.15% in the last seven days and we can say that the Ethereum Name Service coin performed well last week. From its peak price of $83.40, it fell -89.31% in the last 1 year. The coin demolished the major investor’s wealth. The current market views are not so good about the coin. No huge volume is present in the Ethereum Name Service coin. As of now, there is no buyer interested in buying the Ethereum Name Service coin. There is bearish dominance in the market.

Ethereum Name Services (ENS) Technical Analysis

The price of the Ethereum Name Service coin (ENS) has slipped below 50 and 200 EMA, which suggests that the price is in a bearish trend. If the sellers continue to push the price down, the coin’s value may fall even further in the upcoming week.  The sellers are not in the mood to give power to buyers.

The technical indicator MACD is also in negative territory. The MACD line at -0.20 and signal line at -0.43  is below the zero line, suggesting that the MACD is in negative territory and is giving bearish signals.

The current value of RSI is 53.23 points. The 14 SMA line is currently below the median line, around 39.77  points which shows bearish sentiment in the market. The bearish trend is indicated by the 14-day SMA line below the median line. As the price is in oversold territory, the market is experiencing bearish sentiment.

Trendline Analysis:

The price has respected its significant trendline support and is heading for resistance When the price breaks the trendline, it will go to the next resistance and if it gets struck back by the resistance, then it will fall back to the recent support.

Volume Analysis:

Ethereum Name Service Coin (ENS)’s trading volume of 24 hours is $10938435, with a 24.10% increase in volume in the last 24 hours.  Ethereum Name Service coin’s volume has significantly decreased.

Technical Levels:

• Support – The current support level of ENS is $6.82.

• Resistance –The current resistance level of ENS is $14.53.

Conclusion

Ethereum Name Service Coin (ENS) is facing a tough time in the market. The price action shows that if the price breaks the recent support then it will go down more. ENS price shows a pessimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD give negative signals about the Ethereum Name Service coin. Fear is prevalent among investors due to the adverse performance of the coin. Ethereum Name Service Coin is not showing any recovery signs right now.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.