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ENS, the governance token of the Ethereum Name Service is witnessing a significant inflow defying the current market uncertainty. Over the last three days, the token has seen a remarkable 32.5% increase, climbing from $17 to $22.7. Analysis of the weekly chart reveals that this upward movement is contributing to the formation of a broader bullish pattern, indicating the possibility of a more significant rally ahead.
Will ENS Price Ready for Bullish Trend?
- A cup and handle pattern will drive the potential bull run in the ENS price
- The current recovery may find high supply pressure at 27.5
- The intraday trading volume in ENS is $246.5 Million, indicating a 66% gain.
Amid the post-ETF sell-off in the crypto market, the ENS price rally reversed from $27.5 and entered a new correction. The bearish reversal plunged the coin 43.75% to hit the 50% retracement level at $15.5.
As the broader market witnessed renewed demand pressure at the January End, the ENS price managed to hold above the aforementioned support and recuperate the strength for the next leap.
This healthy retracement bolstered a new reversal from 50% FIB and pushed the price back to $22.78. The ENS Price is up 13% today growing on the recent partnership announcement with the domain registrar GoDaddy. Amid this collaboration, users can now directly link their Ethereum addresses to their domain names, ensuring seamless integration with numerous applications throughout the web3 ecosystem.
We're thrilled to announce our partnership with @GoDaddy 🎉
Millions of customers can now use their DNS domains in the ENS ecosystem!
Let's dive into what this means👇 pic.twitter.com/PyrZi4e5cV
— ens.eth (@ensdomains) February 5, 2024
With the positive reaction in price, the ENS token is likely to surge another 20% to challenge the last swing high of $27.5.
Bullish Reversal Pattern Sets ENS for New Rally
A look at the weekly time frame chart shows the recent recovery is part of a long bullish reversal pattern called the Cup-and-Handle pattern. In theory, this chart pattern is commonly found at the bottom of major bear trends signaling a period of accumulation. Under the influence of this pattern, the ENS price is likely to surpass the $27.5 barrier.
If the chart pattern holds true, the ENS price rally could chase a potential target of $48.
- Exponential Moving Average (EMA): The ENS price back above the 20-day EMA could offer additional support for coin buyers.
- Vortex Indicator: The VI+(blue) and VI-(pink) in a bullish crossover state reflect the recovery trend is still active.
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