The Ethereum Name Service price continued its bullish rally as demand for the ENS token jumped. The token is now trading at $18.86, which is about 57% above its lowest level this year. As a result, the total market cap of the network has risen to over $442 million, making it the 164th biggest coin in the world.
Ethereum Name Service is a fast-growing platform that seeks to disrupt the giant industry of domain registry industry that is currently dominated by the likes of GoDaddy and Newfold, the parent company of BlueHost and Hostgator. ENS aims to make it easy for people to buy domains with the suffix of ETH. As a result, it aims to become the primary domain company for the decentralized industry.
Ethereum Name Service price jumped sharply as investors cheered the growth of its ecosystem. In a tweet this week, a staffer at the company said that there was a time when the firm was making $1 million in annual revenue. Today, it is making more than that in a single day, which is a sign that its business is growing fast. The ENS price is also rising after the platform’s four-digit domains sold out in 6 hours, signaling that there is still a lot of demand.
The daily chart shows that the ENS price has been in a strong bullish trend in the past few days. In this period, the coin has moved from a low of $13 to the current $19. As a result, it has formed what looks like a cup and handle pattern that is shown in red. It has also moved above the 25-day and 50-day moving averages while the MACD is above the neutral level. Other oscillators have kept rising as well.
Therefore, because of the cup and handle pattern, there is a likelihood that the Ethereum Name Service will keep rising as bulls target the important resistance at $25. C&H is usually a sign of bullish continuation. A drop below the support at $18 will invalidate the bullish view.
This post was last modified on %s = human-readable time difference 14:37