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Cryptoknowmics 2022-10-06 07:28:23

ENS Technical Analysis: 200-Day EMA Breakout Starts Bull Run To $27

The ENS Technical Analysis shows a double-bottom breakout rally crossing the 50% Fibonacci level with a potential to reach $27. The ENS price action displays a 40% price jump in the last three weeks resulting in a successful double-bottom breakout. Furthermore, the uptrend exceeds the 50% Fibonacci level reflecting a recovery rally ready to reach the 78.60% level at $22.90. So, is this the best time to take a bullish entry? Key Points: The Ethereum Name Service price action shows a breakout rally exceeding the 200-day EMA. The increasing buying pressure projects a potential uptrend to $22.90. The intraday trading volume in Ethereum Name Service is $150.18 million. Source – TradingView ENS Technical Analysis As we mentioned in our previous analysis, the ENS price action shows a successful post-retest reversal from the broken resistance trendline of the symmetrical triangle. The retest rally breaks above the 50% Fibonacci level to give a double-bottom breakout, exceeding the 200-day EMA. Currently, the price action displays a 40% jump in the last three weeks, leading to multiple bullish engulfing candles. Moreover, the spike in trading volume supports the bullish breakout rally, increasing the possibility of an uptrend continuation. The daily candle shows a decline of 0.96% with a long wick to retest the bullish breakout, bringing an entry opportunity for retest traders. If the uptrend finds bullish momentum, the breakout rally ...

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