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Home»ALTCOIN NEWS»ENS price surges 40% in 7 days: Do forecasts portend a correction?
ALTCOIN NEWS

ENS price surges 40% in 7 days: Do forecasts portend a correction?

By Crypto FlexsJanuary 14, 20244 Mins Read
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ENS price surges 40% in 7 days: Do forecasts portend a correction?
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  • The price of ENS has risen by more than 40% in the last 7 days.
  • As ETF overvaluation declined, there was a possibility of a decline.

According to data from CoinMarketCap, the Ethereum Name Service (ENS) token has seen significant gains, surging more than 40% over the past seven days.

The rise in value follows the impressive price increase of Ethereum (ETH) itself, helped by the recent approval of the long-awaited Bitcoin ETF.

At press time, ENS was trading at $26.21. The value of the altcoin has risen 40.27% in the past week, making it the highest-grossing cryptocurrency asset over the past seven days, according to data from CoinMarketCap.

Demand for ENS surge

Influenced by the overall rally in altcoin markets last week, the price rise of ENS was driven by real demand for the token, on-chain data from Santiment revealed.

According to the data provider, the number of daily active addresses in ENS observed on a 7-day rolling average has increased by 47% in the past week.

Likewise, the number of daily new addresses created for altcoin trading surged by 49% during the same period.

Source: Santiment

The positions of key momentum indicators observed on the daily charts confirmed the high demand for ENS. For example, the Relative Strength Index (RSI) was 82.02 and the Money Flow Index (MFI) returned a value of 82.19.

At these values, these indicators show that ENS accumulation has significantly exceeded selling among day traders.

Showing steady liquidity inflows into the ENS market, Chaikin Money Flow (CMF) maintains an upward trend and remains above the 0 line at 0.27 at press time.

A CMF value of 0.27 indicates market strength. This led to a large number of ENS trades executed last week, reinforcing the bullish mood in the market.

Additionally, ENS’ Awesome Oscillator has returned mostly green upward bars since the beginning of the year. This indicator is often used to track market momentum. An upper green bar indicates bullish market conditions.

Many traders interpret this as a buy signal because they expect the price of the asset to rise further.

Confirming the strength of the bullish trend, ENS’s Aroon Up Line (orange) was captured at 100% at press time.

This indicator is used to identify trend strength and potential trend reversal points in the price movements of crypto assets.

If the Arun up line is close to 100, it means that the upward trend is strong and that the recent high point was reached relatively recently.

Source: ENS/USDT on TradingView

The problem is right here

While the indicators evaluated above confirmed a bullish cycle for ENS, other indicators hinted at a possible price correction.

At the time of writing, the token’s 30-day MVRV ratio was 59.32%. An MVRV ratio of 59% means that, on average, holders who purchased the coin in the last month have seen their holdings increase in value by 59%.

As the hype surrounding the ETF begins to wane, traders may begin locking in these profits, putting downward pressure on the ENS price.

Source: Santiment

Additionally, ENS’s RSI and MFI hit overbought highs at press time. These levels are often marked by buyer fatigue as bulls struggle to sustain further price increases.

More than half of investors who bought ENS last month may be incentivized to sell at this level, as they have already made a profit.

An evaluation of ENS’s exchange activity showed that revenue-generating activities have already begun. According to data from Santiment, the supply of Alt on exchanges has increased since January 10th. Since then it has risen 5%.


Is your portfolio green? Check out the ENS Profit Calculator


At press time, there were 8.24 million ENS tokens on cryptocurrency exchanges. Conversely, supply outside exchanges has decreased by 0.43% over the past three days.

Source: Santiment

An increase in exchange supply of ENS indicates that holders have started selling their tokens. As bullish sentiment plummets, profit-taking activity will gain momentum, pushing the value of ENS to new lows.

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