ENS surges 15%, reaching the overbought zone
Ethereum Identify Service (ENS) has recorded spectacular good points whereas information exhibits the token is overbought at this value level.
ENS is up by 15.62% prior to now 24 hours and is buying and selling at $26.7 on the time of writing. That is the second time this month that ENS has surpassed the $26 mark — a stage final seen in January 2022.
Regardless of the worth surge, ENS remains to be down by 69% from its all-time excessive of $85.69 in November 2021.
Following the worth rally, the whole market cap of ENS surged to $840 million, making it the 82nd-largest cryptocurrency. The asset’s every day buying and selling quantity additionally elevated by 39%, at present hovering at $227 million.
In response to information offered by Santiment, the ENS complete open curiosity elevated by 27% over the previous day — rising from $60.32 million to $76.45 million. A sudden surge in open curiosity often results in increased value volatility attributable to elevated liquidations.
Information from the market intelligence platform exhibits that the whole funding price aggregated by ENS declined from 0.009% to 0.006% prior to now 24 hours. The chart exhibits that the elevated open curiosity principally got here from a surge within the quantity of brief positions — merchants who’re betting on ENS’ value fall.
Per Santiment, the ENS relative power index (RSI) is at present hovering at 61, exhibiting the asset is barely overbought and may very well be manipulated by massive whales.
For ENS to stay within the bullish zone, its RSI would want to chill down under the 50 mark.
