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The Ethereum Name Service price surged 12% in the last 24 hours to trade at $29.28 as of 5 a.m. EST on trading volume that skyrocketed 121% to $289 million.
While many cryptos among the top 100 largest by market capitalization are trading in the red, the ENS price pumped on the back of the launch today of spot ETH ETFs (exchange-traded funds) in the US.
The surge made ENS the top gainer among the biggest 100 cryptos by market cap.
Even Ethereum itself is down 0.53% in the last 24 hours, with some experts speculating that ENS is outperforming it because it is a cheaper alternative to ETH.
ENS is a project that converts Ethereum addresses into a human-readable form, turning a string of letters and numbers into something that people can read and memorize.
The project has been around for years, and its services have become highly required by all those seeking to simplify the use of ETH-based coins and tokens.
Ethereum Name Service Price Prediction
The Ethereum Name Service price participated in other smaller rallies that took place recently, een seeing a much larger surge at the start of July. Since then, its price was mostly held by a support at $25, while it attempted to breach resistance at $28.
However, it was unsuccessful until today, when the current surge pushed it up beyond this barrier. It is still unclear whether the token managed to fully breach it or if it will see a correction in hours to come, but several technical indicators show strong bullish sentiment associated with the token right now.
The project’s Bollinger bands, for example, have seen a major widening earlier today, only to suddenly narrow as the price started to briefly correct. However, a new wave of buyers stopped the correction, causing the price to surge once again, and the second price increase pushed the upper band up.
Meanwhile, the token’s Relative Strength Index (RSI) value entered the overbought zone earlier today, only to see a drop to the neutral zone once some traders moved in to take profit. However, as soon as the RSI dropped to 50, a new wave of buyers moved in to buy the dip, pushing the RSI, as well as the price, back up.
The project’s price is currently rapidly approaching the resistance at $30, and if the current momentum persists, it might finally breach this barrier for the first time since it corrected on July 4.
However, with rapid surges, and the RSI once again in the overbought zone, it is quite likely that the token could lose its momentum and see a strong correction instead, especially since it trades against the market, which is currently in the red.
With that in mind, traders should proceed cautiously, as this is a very volatile period for ENS.
Promising Alternatives to Ethereum Name Service
While the future of the ENS price remains to be seen, there are alternatives worth considering that are arguably currently more attractive for a number of reasons.
One such project is Shiba Shootout (SHIBASHOOT). Not only is the token in presale, making it immune to the current market volatility for the duration of the ICO, but popular YouTube channel Cryptonews has speculated that the project might have 100x potential after launch.
Shiba Shootout is a Shiba Inu-inspired meme coin with a P2E game. It places the popular dog coin into a Wild West setting, which is also where its game will take place.
Players will be able to encounter multiple characters, such as Marshal Shiba and Shiba Sharpshooters, while they explore the town of Shiba Gulch and outgun others.
With a basic version of the mobile game available on Google Play and the Apple App Store, Shiba Sharpshooter will soon receive a huge Web3 update that allows users to earn its utility-packed native token, $SHIBASHOOT.
Shiba Shootout is a project that treats the crypto industry as the Wild West frontier, ripe for exploration and full of opportunities. Also, being a meme coin, and one named after Shiba Inu, no less, holds great potential for its future price, since Shiba Inu is expected to be one of highest earners during the next big crypto rally.
If you would like to join investors who have already socked $736k into the project, you can buy SHIBASHOOT tokens now for only $0.0196 apiece. With a price hike due in about 22 hours, don’t wait too long or you’ll miss the best price.
Visit the official SHIBASHOOT website.to buy tokens here with ETH, USDT, BNB, or credit/debit cards.
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