Ethereum Name ServiceENSData shows that the tokens are overbought in this price range.
At the time this article was written, ENS has gained 15.62 % in the last 24 hours. It is now trading at $26.7. This is the second time this month that ENS has surpassed the $26 mark — a level last seen in January 2022.
Despite its price increase, ENS remains 69% below the all-time record high of $85.69 set in November 2021.
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.
The market intelligence platform has shown that the aggregated funding rate of ENS decreased in the past day from 0.009% – 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.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
