What is Ethereum Name Service ENS/USD, and does it present an opportunity?

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Ethereum Name Service is an open-source naming system on the Ethereum blockchain.
Its native token has gained 8% previously day and 13% previously week
Although ENS is on a stable uptrend, it lacks the energy to maintain the momentum

Ethereum Name Service ENS/USD is a decentralised naming platform for wallets and web sites. It is a permissionless community that maps human-readable names to machine-perceivable identities.

Such identifiers embody crypto addresses, metadata, and content material hashes. Simply put, ENS domains are customised digital wallets with identifiable names. To personal one in all them, a person should pay a specific amount of payment.

ENS is a token utilized in facilitating the Ethereum Name Service DAO. The ERC-20 utility crypto is up 8% previously day, with a cumulative weekly achieve of 13%. The bullishness completely aligns with the current robust fundamentals of the community.

Data from ENS domains exhibits that new registrations shot 57% to 437,000 final month. A big a part of the domains got here from OpenSea. The NFT platform accounted for as much as 97% of the registrations, incomes $5.5 million in income. Still, Paradigm.eth stays the costliest area ever offered at $2 million.

Technically, ENS is wanting stable with a transparent uptrend. But how far can it go?

ENS rebounds from an ascending trendline

Source: TradingView

According to the every day chart above, ENS has bounced off the ascending trendline severally. The token is at present trying to beat $17 resistance. At press time, it was buying and selling for $17.47, virtually half a cent above the extent.

Of significance to notice, the MACD momentum indicator is wanting bullish with inexperienced histograms. However, the RSI is approaching the overbought zone, at present at 65. It means a consolidation or a full correction might happen earlier than a clearance above the resistance zone.

Bottom line

ENS basically occupies an necessary spot within the crypto house. A surge in area identify registrations might improve its worth in the long run. However, regardless of the bullish view, ENS lacks the energy to say increased ranges, a minimum of within the close to time period.

An alternative to enter can solely be known as above the resistance zone. Otherwise, there are probabilities the token might retest the ascending trendline.