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FxWirePro- ENSUSD (Chart of the day

Wed, 10 Jul 2024, 02:13 am UTC

The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain.ENS’s job is to map human-readable names to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata.

ENSUSD showed a massive jump in the past two weeks.

Any daily close above $35 confirms further bullishness.

ENSUSD gained more than 50% in the past three days. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $31.17 and is currently trading around $27.73.

The bullish invalidation can happen if the pair closes below $15. On the lower side, the near-term support is $25. Any break below the target is $20/$15. Any violation below $15 targets $12.50/$10.

The immediate resistance stands at around $35. Any breach above confirms bullish continuation. A jump to $40/$46.55 is possible. A surge past $50 will take it to $60.

It is good to buy on dips around $25 with SL around $20 for a TP $35.

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