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The Ethereum Name Service price surged 16% in the last 24 hours to trade at $26.08 as of 05:23 a.m. EST on trading volume that rose 26% to $288 million.
The pump comes after Consensys said that the US Securities and Exchange Commission is dropping its investigation into whether Ethereum is a security. After the announcement, the Ethereum price surged, breaching the critical resistance level at $3,500.
The surge seen in Ethereum was also evident in other ERC-20 tokens, as the Consensys news was seen easing recent concerns about potential securities law violations.
After @Consensys posted that the #SEC had closed its investigation into #Ethereum 2.0, the whale bought another 5,603 $ETH($19.6M).
The whale has withdrawn 16,604 $ETH($59M) at an average price of $3,600 from #Binance since May 30.https://t.co/NYbgSJevaT pic.twitter.com/N3vsISPeyX
— Lookonchain (@lookonchain) June 19, 2024
At the beginning of June, the ENS bulls failed to capitalize on the rounding bottom pattern to push the price of Ethereum Name Service over the $28.57 resistance, with the token retracing to the $19.67 support, according to data from GeckoTerminal.
However, the ENS price seems to be rebounding, forming the handle part of the cup and handle pattern, which could see the Ethereum Name Service price breach its resistance.
Ethereum Name Service Price Prediction
The Ethereum Name Service trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which is a confirmation of the bullish prospects.
Moreover, the Relative Strength Index (RSI) trades up as it hurtles towards the 70-overbought region, currently trading at 61, indicating intense buying pressure as the bulls remain optimistic.
The Moving Average Convergence Divergence (MACD) is also bullish, with the blue MACD line crossing over the orange signal line, a representation of a bullish crossover. A bullish crossover, with the green bars on the histogram beginning to form over the zero line, is a signal for investors to add to their positions, which could propel the token.
Ethereum Name Service Prediction
As per the Ethereum Name Service price analysis, ENS shows strong bullish prospects, as the bulls capitalize on the major technical indicators to buy more.
The 50-day SMA is also crossing above the 200-day SMA, forming a golden cross at $17.47, affirming the general upside potential.
In such a scenario, if the bulls take control of the token to push it over the $28.57 resistance, the long-term target is set at $45.
However, with the RSI and MACD showing that the token is being overbought, there may be an incoming price correction, which could drive the token down to the support zone around $20.05 and $18.29 (50-day and 200-day SMAs, respectively).
Even as the ENS price soars, some investors are diversifying their portfolios with a token that merges AI and blockchain technology.
It’s called WienerAI (WAI) and the 99Bitcoins YouTube channel says it could potentially soar 100X after its launch.
WienerAI Presale Surges Past $6 Million
WienerAI (WAI), a new AI-powered meme coin project, is surpassing expectations. Despite its humorous name, the token has already raised over $6 million in its limited-time token presale phase.
More Wieners every day – Our WienerAI family is growing fast! 🐾
More holders = More excitement for our launch!
Ready to join the pack? 🌭🚀 pic.twitter.com/TPFpsjLGFX
— WienerAI (@WienerDogAI) June 13, 2024
One reason behind its success is a plan to introduce an innovative trading bot that uses predictive technology and a user-friendly interface to give token holders advice on when to buy and sell crypto.
More than just a bot–WienerAI is your ultimate crypto trading companion.
We're delighted to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj
— WienerAI (@WienerDogAI) June 11, 2024
WienerAi is following in the paw prints of another recent token launch by the name of Scotty the AI (SCOTTY), which garnered over $10 million in its presale.
The WAI project also allows holders to earn passively through its staking function, which provides an annual percentage yield (APY) of 205%.
You can be part of the presale by buying WAI tokens for $0.00072 each. But hurry as the price will increase in a little more than two days.
Buy WAI tokens on the official website here using ETH, BNB, USDT, or a bank card.
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