Ethereum Name ServiceENSThe token has seen impressive growth, but data indicates that it is being over-bought.
The ENS stock is currently trading at $26.7, up 15.62 percent in 24 hours. This is the second time this month that ENS has surpassed the $26 mark — a level last seen in January 2022.
Despite a price hike, ENS has still fallen by 69% since its peak of $85.69 reached in November 2020.
ENS is now the 82nd biggest cryptocurrency. Daily value of the asset trading volume Currently, the total is $227 millions.
According to data provided by Santiment, the ENS total open interest increased by 27% over the past day — rising from $60.32 million to $76.45 million. Open interest increases can cause price fluctuations to increase due to an abrupt surge.
Market intelligence data shows that the funding rate total aggregated by ENS has declined in the last 24 hours from 0.009% down to 0.006%. The chart shows that the increased open interest mostly came from a surge in the amount of short positions — traders who are betting on ENS’ price fall.
Per Santiment ENS The relative strength index is hovering around 61. This indicates that the asset may be slightly overbought, and large whales could manipulate it.
If ENS is to stay in the bullish area, then its RSI must cool below 50.
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Source: crypto.news