ENS Technical Analysis
ENS (Ethereum Name Service) will have a coin-unlock 5 days later. 93% of the total supply is in circulation for the time being, and the new unlocking is only 1.46% of the total supply, which means that it might not have a serious impact on the price.
ENS has been trading within a descending trend since the beginning of this year, and the trend has been tested a few times so far as seen on the daily frame. An aggressive breakout of the price is highly possible as these tests have occurred in the daily time frame.
15.38$ – 15.88$ area can be said to be one of the safest price zones as a horizontal support. It is clear that the price has swiftly rebounded to the level of $19 after a pullback to this horizontal support. Also keep following the support area of $17.35, and the price will target trend test again so long as it holds above this level. 18.97$ – 19.58$ resistance area is working properly for the time being, and if broken above it, the descending trend and the horizontal resistance level of $21.18 could be tested and then a breakout is highly possible.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
