ENS Technical Analysis Report | 13th-OCT-2022

ENS is an open, extensible, distributed naming system built on the Ethereum blockchain. The goal of the Ethereum Naming Service (ENS) is to make the Ethereum-based web more accessible and understandable for people similar to how the Internet Domain Name Service makes the Internet more accessible. Like DNS, ENS uses a dot-delimited hierarchical naming system called domains, in which domain owners have full control over their subdomains. The token price is up by 2% while there isn’t any marginal change in volume. Last month popular crypto exchange Coinbase integrated with Ethereum Name Service (ENS) to give their customers usernames to replace their traditional Coinbase crypto wallet addresses.

At the time of writing, ENS was trading at $16.9

ENS Chart | 13th October 2022
Ethereum Name Service (ENS) Chart

ENS after making a low of $ 7.35 showed good signs of recovery and rallied almost by 148% up to $18.2. Currently, on a daily time frame, the asset is trading in an ‘Ascending Triangle’ pattern and is facing multiple resistance around $18.5. Once ENS breaks and gives a daily closing above the resistance then the prices can further surge up to $29 levels. $13.5 will act as strong support for the asset.

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