Direction
Long
Published
October 14, 2024
Status
Token
ENS
Trigger
Technical IndicatorSupport/Resistance
Type
Trade Strategy
Updated
About + Tokenomics
CoinMarketCap Rank | 114 |
Market Cap | 583M |
Volume 24h | 48M |
Total Supply | 100M |
Circulating Supply | 33M |
Chain | Ethereum |
Chart Analysis
Contrary to many other tokens, Ethereum Name Service (ENS) had a massive rally between May and August. However, it broke out of the uptrend beginning of August. Afterward, the token entered a consolidation phase. During that time it formed a bottom at $16.
A few days ago, ENS bounced off the $16-bottom once again. It will be interesting to see if ENS can enter a fresh uptrend. ENS has a resistance at ~18.5. However, the more important level to watch is the previous local high at ~$21.
Technical Indicators
- MACD: Bullish 🟢
- RSI: Neutral 🟢
- VMA: Neutral 🔵
- Triple EMA: Price trades below all EMAs 🟢
- ADX: 14, indicating no trend 🔴
Chart
Trade Setup
Based on the current chart setup, I see two possible trades building upon each other.
Scenario 1 — Trading the reversal to the previous high
- Entry: Wait for the VMA trend to turn bullish on the daily chart.
- Target: $21
- Stop Loss: Depending on the entry. I would go for ~2% to get a proper R/R ratio.
Scenario 2 — Trading the trend
- Entry: Wait for the price to move above the previous high ($21) and confirmation.
- Target: $28
- Stop Loss: $19