As decentralized naming systems gain traction, Ethereum Name Service has seen ENS price double, leaving some FOMO investors asking is it too late to buy Ethereum name service – find out in ENS price analysis.
The bullish moves come after Ethereum founder Vitalik Buterin commented that ENS has layer-2 potential for DeFi applications.
ENS surged 96% this week – Vitalik is bullish on its application in DeFi.
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Revolut/Venmo use a mobile phone number to send value – ENS will become the decentralized… pic.twitter.com/Mlr93XVRt8
— s4mmy.moca (@S4mmyEth) January 15, 2024
Indeed, decentralizing naming systems are gaining traction as a web3 alternative to naming systems used by major payment facilitators Revolut and Venmo.
As price action reels from the dramatic pump, Ethereum Name Service is currently trading at a market price of $24.26 (representing a 24-hour change of +2.24%).
Consolidation is fighting to hold position above an immediate lower support level at $23.45, which is forming a bullish foothold for a further push high in the ongoing trading channel (yellow).
This comes after a major two-day skyrocket, which saw ENS gain a whopping +89% following Vitalik’s bullish tweet.
However, some warning signs emerge from the 20DMA, which while ascendant has seen ENS price action diverge +62% above the current moving average level at $14.99.
Meanwhile, the 200DMA remains low in the chart ($9.08) despite showing a glimmer of weakness in a quick test of support on January 3.
Ethereum Name Service’s over-extended position is worsened by a strong bearish signal from the RSI, which shows as overbought at 79.45.
Yet, the MACD continues to
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