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Ethereum Name Service (ENS) has been making waves in the market, with notable mentions from Vitalik causing its price to. While the project has faced challenges in maintaining its value above $26, there have been occasional dips below this threshold.
Ethereum Name Service Comments
Over the past 10 days, the of ENS has experienced significant growth, indicating that more than 90% of its supply is. This suggests that we may have reached a market peak for ENS.
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Typically, market peaks occur when over 95% of the supply is profitable; however, for ENS, this threshold sits at 90%. Based on historical data analysis, corrections tend to happen when this threshold is breached. As it stands now, ENS remains at around 92%, hinting at a possible upcoming correction.
Considering the high in the current market conditions, there’s a chance that holding onto profits might become less likely for investors. According to the Global In/Out of Money (GIOM) indicator, approximately 5.56 million ENS tokens worth $144 million could transition into loss positions.
What Will Be the ENS Price?
Currently trading at $25.7 per token, Ethereum Name Service has fallen below the support level of $26 for the time this. During its previous drop below this level, it failed to sustain itself above $19.2 as.
Given these circumstances,
it’s possible that history may repeat itself once again.
Should ENS fail surpass $26,
it might experience further decline towards
$23 initially,
and potentially even lower to
$20. if it can’t hold onto that support.
In case investors rush to cash in their profits,
this could trigger larger sell-offs
and push down prices towards
$19. 2 per token.
Despite these pessimistic price expectations,
a rebound from any of its existing supports could pave way for an ascent beyond $26 as well as attempts to establish stability at that level.
If successful,
this bearish outlook would dissipate,
potentially leading to renewed bullish sentiment among traders and investors alike.
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Disclaimer: The information provided in this article does not constitute investment advice.
Investors need to exercise caution due to high volatility associated with cryptocurrencies and conduct their own thorough research before making any decisions or investments