Ethereum Name Service’s governance token ENS is witnessing a significant entry that defies the current market uncertainty. In the last three days, the token has shown a noteworthy increase of 32.5%, rising from $17 to $22.7. The analysis of the weekly chart indicates that this upward movement contributes to the formation of a broader bullish pattern, which could signal more substantial rises ahead.
ENS Trading Volume Increases
ENS’s intraday trading volume reached $246.5 million, marking a 66% increase. Amid sell-offs in the cryptocurrency market following ETF developments, the ENS price surge reversed from $27.5 and entered a new correction. The reversal of the downtrend brought the cryptocurrency down by 43.75%, reaching the 50% retracement level at $15.5. While the broader market experienced renewed demand pressure at the end of January, the ENS price managed to stay above the indicated support and gathered strength for the next leap.
This pullback supported a new rebound from the 50% FIB level and pulled the price back to $22.78. The cryptocurrency’s price increased by 13% today following the recent partnership announcement with GoDaddy. Through this collaboration, users can now directly link their Ethereum addresses to domain names and achieve seamless integration with numerous applications in the web3 ecosystem.
Positive Outlook for ENS
With the positive price reaction, experts predict that the ENS token could rise an additional 20% to challenge its recent high of $27.5. When considering the weekly timeframe chart, the recent recovery appears to be part of a long bullish trend called the Cup-and-Handle formation. This chart pattern is generally found at the bottom of significant bear trends, indicating a period of accumulation. Experts suggest that under the influence of this pattern, it is likely for the ENS price to surpass the $27.5 barrier. Additionally, the Exponential Moving Average (EMA) above the 20-day EMA could offer extra support for cryptocurrency buyers.
