The ENS coin displayed a massive surge in its address during the years 2021 and 2022, but following the bear market in 2023, the price lost a major valuation.
Further, the ENS price has recently regained momentum, highlighting an increased buying pressure in the market.
The ENS coin price traded in a narrow space between $8 and $9.32 for a brief period, following which the market gained momentum and the price broke out of the range.
However, the rally was short-lived as the price faced rejection at $10.91, after which the coin traded sideways for over a week. As the altcoin hype grew, Ethereum Name Services recorded a jump of approximately 97% in its valuation.
Following this, the price traded sideways in a consolidated range between $10.91 and $15.74 for about a week. Recently, the price recorded a massive jump of 98%, indicating an increased bullish sentiment in the market.
The technical indicator, MACD, displays a decline in the green histogram, indicating a decrease in the buying pressure for the coin. Moreover, the averages show a bearish curve, suggesting a high possibility of a trend reversal in the coming days.
Will ENS Price Go Up?
If the bulls hold the price above the support level of $21.89, the ENS price will regain momentum and test its resistance level of $24.44. Further, if the bulls maintain the price at that level, the bulls will attempt to test its upper resistance level of $26 in the coming time.
Negatively, if the bears overpowered the bulls, the Ethereum Name Services will lose momentum and fall to test its support level of $19.02.
Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $15.74 over the weekend.
